Santander mortgage rates cut again Go compare with our comparison table

Santander mortgage rates cut again

01 October 2010 / by Rachael Stiles

Santander is cutting the cost of its mortgages, and adding a new one to its product range, effective from today.

As part of what has become a monthly range of mortgage rate cuts, Santander is reducing the rates on its range of five year fixed rates, which will be up to 0.26 per cent cheaper.

The new range of five year fixed rate mortgages include one at 4.49 per cent, reduced from 4.75 per cent, offering up to 70 per cent loan to value, and one at 4.99 per cent, reduced from 5.15 per cent, offering up to 75 per cent LTV, both with fees of £995.

The bank is also adding another product to the Santander mortgage range, a 'market leading' two year tracker mortgage, with a rate of 3.29 per cent, and up to 75 per cent loan to value; it has no fee, and is available to all borrowers.

Commenting on the lower rates and new product offering, Phil Cliff, director of Santander mortgages, said: "Santander is committed to offering competitive deals and we continue to offer a variety of products to meet borrowers' needs.

"This is why we have further improved our deals by cutting the rates on our existing 5-year fixes at 70 and 75 per cent LTV.  And for borrowers seeking a more short term deal, our new, market leading, two-year fee free tracker is an excellent option."

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Santander Mortgage Deal Selection - Call Direct

Provider

Type

Initial Rate

Initial Term

Overall Cost for Comparison

Max LTV*Product Fee 
5 Fixed Rate

2.35%

5 Years

4.10%

60%

 More Info >
£995 fee.

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.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.