Santander has announced that it is launching a new mortgage exclusively for existing borrowers.
The new deal is a four year fixed rate mortgage, and is only available to existing Santander mortgage customers.
The "market leading" mortgage, available now, comes with a rate of 4.75 per cent, and customers can use it to borrow up to 75 per cent of the property value.
Santander has also reduced the booking fee on this mortgage by £500 to £495, to reward its existing customers.
The mortgage comes with Santander's Homebuyer Solution, which includes a free basic valuation and £250 cashback upon completion.
Commenting on the new product, Phil Cliff, director of Santander mortgages, said: "At a time when many borrowers are looking for the peace of mind provided by a fixed rate mortgage, we are delighted to reward our existing customers and support them with this new Best Buy product."
He added: "As the 'Home of UK mortgages', we want to ensure we can reward our loyal customers and this product certainly does fit a gap in the market."
© Fair Investment Company Ltd
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