Santander mortgages: More rate cuts and new deals

Santander mortgages: More rate cuts and new deals

13 May 2010 / by Rachael Stiles

Santander has once again cut its mortgage rates and introduced new products to its range of home loans.

In a move that Santander believes will further enhance its already "market leading offering" for borrowers, a number of its mortgage rates will be cut across its range, and it is launching new 'high' and 'low' fee options.

Following a number of rate cuts since the start of the year, the cost of Santander's two year fixed rate mortgages has been cut by up to 0.14 per cent, for homebuyers and remortgage customers.

Some of these Santander mortgages are available with free legal fees and valuations, or cashback of £250 upon completion.

The new 'high' and 'low' fee options offer borrowers more flexibility, according to the mortgage provider. On mortgages of up to 70 per cent loan to value, borrowers can choose a £495 fee at a rate of 2.73 per cent, or a £1,495 fee at 2.53 per cent.

This is aimed at borrowers who want to take out a larger loan who will benefit from paying a lower rate over the long-term in return for a higher up-front cost, while those looking to borrow less who might be nearing the end of their mortgage, can opt for the low fee and pay a higher rate for a shorter period.

For a fee of £995, high value homebuyers can also now borrow £1million on a two year tracker mortgage up to 70 per cent LTV – this has been increased from £500,000.

Commenting on the new rates and extension of its product range, Phil Cliff,  director of Santander Mortgages said: "Our latest rate reductions mean borrowers can take advantage of even more competitive 2-year fixes, ideal for those looking for the peace of mind provided by a value-for-money fixed rate deal. Those borrowers wanting the flexibility of a tracker rate can take advantage of the new fee options."

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