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Santander fixed rate mortgage fees cut by £500 Go compare with our comparison table

Santander fixed rate mortgage fees cut by £500

30 July 2010 / by Rachael Stiles

Santander has announced that it has slashed the fees on some of its fixed rate mortgage range by up to £500.

The rates on selected two and three year deals from the Santander fixed rate mortgage range will be cut, effective from today Friday 30 July.

The Santander mortgages which now have a fee of £495 instead of £995 include: the two year fixed rate mortgage at 3.19 per cent for up to 70 per cent loan to value; a two year fix at 3.74 per cent for up to 75 per cent LTV; a three year fix at 4.11 per cent for up to 70 per cent LTV, and a three year fix at 4.35 per cent up to 75 per cent LTV.

Santander has also cut the fees on two of its other mortgages – the Loyal Movers two year fixed rate at 3.09 per cent up to 70 per cent LTV, and the Flexible Offset mortgage at 3.49 per cent and up to 75 per cent LTV, which has had its fee cut from £1,495 to £1,250.

All of these deals are available through Santander's Homebuyer Solution which includes a free basic valuation and cashback of £250 upon completion.

Commenting on the reduction in fees, Phil Cliff, director Santander mortgages, said: "We continue to offer an attractive range of mortgages to borrowers, and today's fee reductions are no exception."

"We know that upfront costs can sometimes be a hurdle for many customers," he added.

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"Credit repair mortgage service to help you get back to a high street mortgage deal - If you have suffered a one off event such as divorce, redundancy, serious illness which has resulted in a "bad" credit entry on your credit file over 12 months ago this service will help you get back on track".

Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

In this example the overall cost for comparison is 3.7% APRC representative.