Santander has today announced it is making further cuts to interest rates of low-deposit products, targeting customers who are looking to buy their first home.
The bank has made cuts to fixed rates of two-year mortgages in the 90-95 per cent loan-to-value (LTV) range. It has also lowered rates for two-year fixes for higher deposit mortgages in the 60-70 per cent LTV range.
Santander now offers a two-year mortgage at 95 per cent LTV and with £0 booking fee at a fixed rate of 4.49 per cent (reduced by 0.4 percentage points).
At 90 per cent LTV, customers can get a 3.69 per cent two-year fix (cut by 0.3 percentage points). It offers lower rate for its loyalty scheme customers, of 3.59 per cent) and a £0 booking fee.
Clients who are able to afford a higher deposit can now make use of a 0.1 percentage point cut to Santander’s two-year fixed mortgages at 70 per cent LTV and the five-year fixed products at 60 per cent LTV. The products are available for both standard and loyalty customers.
Miguel Sard, head of mortgages at Santander, commented:
“We know that taking that first step towards purchasing a property can be difficult, and for those people that have managed it, climbing up the property ladder can also be tough. We hope these high LTV products and reduced rates will go towards helping people secure their ideal home.
“For customers who want a high LTV product, these now come with free valuation and don’t have a booking fee, it’s another way we hope to support our customers and provide them with the best mortgage deal.”
