Santander slashes direct-only fees
Share
Santander is cutting fees on its direct-only two and three-year fixed mortgages by £500.
The deals included are two-year fixed rates at 3.19% up to 70% LTV and 3.74% up to 75% LTV, both with a £495 fee cut from £995.
And three-year fixed rates at 4.11% up to 70% LTV and 4.35% up to 75% LTV also with a £495 fee cut back from £995.
The £500 cut also applies to the Loyal Mover two-year fix at 3.09% up to 70%.
But the Flexible Offset fee is being slashed by £1,250 to £245 at 3.49% and up to 75% LTV.
Phil Cliff, mortgage director for Santander, says: “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 so we’ve reduced our fees by up to £500 on many of our great fixed rate deals.”
All products include free basic valuation and £250 cashback.
View results 10 per page | 20 per page | 50 per page
Readers' comments (22)
Anonymous | 30 Jul 2010 10:16 am
Anyone got a gun?...
Unsuitable or offensive? Report this comment
John Tidswell | 30 Jul 2010 10:20 am
I will continue to avoid using Abbey/Santander whilst they continue to duel price. The more brokers that adopt this position perhaps they will get the message.
Unsuitable or offensive? Report this comment
Anonymous | 30 Jul 2010 10:39 am
Yes Phil Cliff we all know fees can be a hurdle for borrowers.So why can not brokers have the same products as your branch network
Before you say it costs more to process a broker case than a branch case this is not true, since both are submitted online via your systems and you have to support you branch costs and staffs salary.
We understand you are trying to support your branchs howver have you been in one lately the service is terrible, and there is always long waits you would be better supporting the brokers not alienating them further
Unsuitable or offensive? Report this comment
Anonymous | 30 Jul 2010 10:41 am
It appears that the Mortgage Broker's back has got in the way of Abbey's knife yet again.
Glad I made the decision long ago not to use them at all due to the shabby way they treat brokers in general, particularly their underwriters in their ivory tower.
Unsuitable or offensive? Report this comment
Gary D | 30 Jul 2010 10:46 am
Interesting news from Santander, to qoute Phil Cliff:: “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 so we’ve reduced our fees by up to £500 on many of our great fixed rate deals.”
Upfront costs can sometimes be a hurdle for many customers can it?, so they keep them higher on broker deals because........?
Unsuitable or offensive? Report this comment
Roland Millward | 30 Jul 2010 10:47 am
Banks are making the predicted move of driving out brokers from the mortgage chain. Next move will be the total end of procuration fees.
Unsuitable or offensive? Report this comment
Anonymous | 30 Jul 2010 10:52 am
More proof that major lenders would be happy to wipe out the broker.
Unsuitable or offensive? Report this comment
Tim Lynch | 30 Jul 2010 11:08 am
Does Phil assume that upfront costs are only a hurdle if you apply direct?
Clearly we cant use them now so atleast we do not have to put up with their absymal service!
Unsuitable or offensive? Report this comment
Chris | 30 Jul 2010 11:11 am
I would like to see the FSA target the lenders who use dual pricing with rates and arrangement fees and question their TCF policy. It does not cost the lender these huge differences in fees and rates to allow a new borroweer to come via a broker. In fact it was always stated that it cost tyhe lender less to process a broker introduced case as most of the work was already done and the broker is covering his own overheads. The broker community would not suffer as much if all lenders rates were the same irrespective of the application route. This therefore is a manipulation of the market by the banks and should be addressed by the government and FSA. Unfortunately however I feel it may be to late to rectify, especially when on top of everything else we have the likes of Martin Lewis promoting comparison sites for everything under the sun and giving clients the impression that its all very easy, you do not need quality advice, just get the cheepest you can. Is he FSA registered ? why is he allowed to mention financial products. We have to undergo training and exams and prove ongoing CPD and complete pages of paperwork when we do any business and then be liable for the advice and take out PI cover even when we have retired, yet our mere existence and worth is belittled by people like him. No one should be allowed to buy protection cover unless they receive advice, full stop.
Unsuitable or offensive? Report this comment
colin | 30 Jul 2010 11:13 am
don t you just love the Abbey......LOL...i have to say that I hate them with a passion.....their holier than thou attitude to underwriting is a derisory. Brokers will always have a place in the market and try as they might, they will never replicate the service brokers provide.......but sadly they will always hold the whip hand due to them knowing we will have to sue them if the product and rate is best for the client.....
Unsuitable or offensive? Report this comment