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Santander launches direct-only five-year fix at 2.99%

Santander has launched a direct-only five-year fixed rate mortgage at 2.99 per cent up to 60 per cent loan-to-value.

The product is only available to customers existing current account and mortgage customers looking to purchase a new home. It does not come with any other added benefits, like a free standard valuation, free legals or any cash back options, like with some of the lender’s other products.

The lender has also launched new three- and five-year fixed rates available up to 60 per cent LTV for intermediaries.

The three-year fix is available for 2.99 per cent and a £1,495 fee and the five-year product is available for 3.49 per cent, also for a £1,495.

Both products are available to purchase and remortgage customers and come with the lender’s homebuyer and remortgage solutions, respectively. The homebuyer solution gives borrowers a free standard valuation and £250 cash back on completion, while the remortgage solution gives borrowers a free standard valuation and either free legals or £250 cash back on completion.

The two products are available to selected key account partners, including Intrinsic, Tenet, Sesame Bankhall, Countrywide, SimplyBiz, LSL and London & Country.

Abbey managing director Miguel Sard says: “We are very pleased to support the intermediary market with these market-leading deals, which are available exclusively through selected Key Account partners. We expect these great rates to be very well received by borrowers looking for the peace of mind of a fixed rate deal in today’s challenging market conditions.”

Last week, HSBC launched a five-year fixed rate up to 60 per cent LTV at 2.99 per cent.



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  • Luke Atkinson 24th July 2012 at 10:43 am

    @ Anon 23/07 10:14.

    Just to confirm your application for admission to the BBA has been received.

  • B Carr 24th July 2012 at 8:10 am

    Price is one factor but what happened to advice? I see brokers clambering to use the cheapest deal, quoting TCF of course, then complaining about the way they are treated and how slow the service is. More focus on whether the customer can actually afford a mortgage in the first place, producing the correct paperwork and fighting fraud is what brokers should be focusing on.Let’s clean up this once great industry and help lenders to get their trust of intermediaries back.

  • shock horror 23rd July 2012 at 10:14 pm

    Why quote TCF, then create your own version of TCF? That’s like me ringing Camelot, saying I won the lottery at the weekend……using my own numbers that i picked myself. It’s either TCF or it isn’t, AND PRICING ISN’T!

    The other thing which annoys me greatly is dual price moaning. The alternative is banks offer the same rates in branches as they do through brokers, customers then don’t come to brokers as they get the same deal direct without a broker fee, they get insurance at the bank too, brokers are finished. Brokers expect banks to offer more to them than the customer, then cry TCF at every available opportunity when it’s not in the brokers favour. On topic, you can’t get BTL in a Santander branch, it’s broker only. You never hear a peep about that!

    It’s TCF (when it suits)
    It’s Dual Pricing (when it suits)
    It’s boring

  • Dazed & Confused 23rd July 2012 at 12:23 pm

    Why oh why don’t other brokers:
    1) READ what the lender is proposing as a direct proposition
    2) COMPARE what we brokers can offer from said lender
    3) DO THE SUMS
    4) Come to the realisation that what WE can offer is in fact a better proposition than that offered DIRECT!

    BTW I am no great lover of Abbey/Santander but lets get our facts straight chaps!!

  • Chris Gardner 21st July 2012 at 12:31 pm

    Many brokers appear to believe that they owed a living. Simply put, lenders offering direct deals superior to the broker deals must be finding it a better way to do business. Lenders are not simply doing to aggravate brokers. Its simply a business decision.

    Brokers should not be berating lenders for this, they should be asking th question of themsleves as to the viability of being a broker. And i think in our heart of hearts we all know the answer to that one.

  • AJK 21st July 2012 at 7:53 am

    All thoses Anon should have the balls to reveal themselves- why hide- I agree Jon T _re the TFC- The Farcical Serices Authority won’t do anything they are useless- TCF is a vague rule that should be scrapped- Why complicate matters Migel offer the same terms to both sectors and see who does better- fact is branch based mortgage selling is nothing more than kids selling whatever they can with as many add ons – No advice or knowledge just pressurised selling whilst taking cash over the counter! OAO

  • James 20th July 2012 at 4:13 pm

    @ Anonymous | 20 Jul 2012 3:48 pm

    How is this for “their” own purposes and network? The “funding” which by this I’m guessing you mean from the government, is to help lend more money regardless of whether it is via an intermediary or direct. Either way, there is some cracking deals for intermediaries with rates at 2.99%. Either embrance the new products and welcome new business, or reject them and potentially see your business go elsewhere.

  • Phil 20th July 2012 at 3:48 pm

    Are Santander using there funding money for there own purposes and network ?

    Since they have recently seen RBS doing this and know they to can get away with it

    Is this acting in a fair and responsible manner ?

  • Peter 20th July 2012 at 3:43 pm

    I’m not quite sure why this article leads on a direct deal we can’t access, I’m much more interested in the Abbey product at 2.99%! This should go down a storm, good to see an intermediary lender supporting the market with rates below 3%. Let’s hope others follow suit.

  • James 20th July 2012 at 3:10 pm

    I think the people on here with the negative comments are most likely the brokers who aren’t performing. You can either continue viewing things in a negative light, or do something different and see things positively. HSBC launched 5yr fixed direct at 2.99%, and there was nothing in the intermediary market to compete with this. Abbey launch the same direct, but also launch 3 different products for intermediaries, which also include a free valuation and £250 cashback or free legals, for purchases and remortgages. They are sourcing better than any other products out there at the moment, and Abbey values its intermediaries as over 70% of business comes from intermediaries. If you simply sell on rate you are living in the dark ages. Up your skills and sell on your own merits and why the majority of the UK look at using an intermediary rather than growing direct.

  • Jon T 20th July 2012 at 2:43 pm

    Anon @ 1.15pm:

    I am well aware of the TCF definitions, vague as they are. My point was in the context of dual pricing, that being that clients who, for whatever reason, choose not to make direct enquiries with the lender but seek independent advice with their broker, will be punished for this with more expensive deals. Fair assessment, or not? You tell me.

    The TCF guidelines make no mention of pricing because, they are, of course, defined by the FSA. “Treating Customers Fairly”, the face value of the actual phrase notwithstanding, means what the FSA want it to mean, doesn’t it? In this context, my personal view is that the term “Treating Customers Fairly” is incompletely defined from a regulatory point of view.

    But what do I know? Many of my clients agree on this point (some of whom did, in fact, end up doing direct deals), but funnily enough none of them remember the FSA asking for their views on the matter.

  • James 20th July 2012 at 1:55 pm

    There’s a saying “what goes round, comes round”. The intermediary mortgage business chain will be needed again in the future by these big organisations with very short memories and I just hope these things are remembered?

  • shock horror 20th July 2012 at 1:15 pm

    Pricing has nothing to do with TCF

    Why don’t some broker read, digest and understand TCF before quoting it incorrectly all the time?

  • Fran 20th July 2012 at 12:59 pm

    Some of these comments are just wrong – agree with Anon at 12.13 –
    They are not the same…….
    Ours is better – if we cannot sell at 299 with a package on both purchase and remortgage then we should give up and apply to be put down!!!!

  • Mark Stroud 20th July 2012 at 12:32 pm

    We are pleased to support the intermediary market with a deal thats 0.5% cheaper direct, great!!
    I have not dealt with this shambles for over a year now, can’t see that changing!

  • Fran 20th July 2012 at 12:13 pm

    What sort of reporting is this ? The branch product has no free survey , no money to towards legal fees and you need to be a active current holder while the exclusives we have are priced at 2.99% for 3years and 3.49% for 5 years without the current restriction , with free survey and with monies towards the remortgage – when aendinf supports us in the intermediary channel surely we should be pushing that message rather than this negative reporting that gets us all down?

  • Lara Anderson 20th July 2012 at 12:13 pm

    Can anybody explain to me why I would go to a broker when I can get a better deal going direct? Surely this is another blow for intermediaries

  • Jon T 20th July 2012 at 12:03 pm

    0.5% between the direct 5 year deal and the intermediary offered 5 year deal. Totally TCF says the regulator!