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Santander launches NewBuy products

Santander has launched a range of 95% LTV products through the government’s NewBuy guarantee scheme.

The bank will only offer the deals to specialist new-build brokers who are on the panels of builders Barratt Homes, Berkeley, Bovis Homes or Persimmon.

All products come with the Homebuyer Solution, which includes a free standard mortgage valuation plus £250 cashback on completion.

The range includes three and five-year fixes at 5.49% and a seven-year fix at 5.99% which all come with a £99 fee.

Miguel Sard, managing director of Abbey for Intermediaries, says the range is designed to help both first-time buyers and movers with smaller deposits,

John Wakefield, manager of New Home Mortgage Services, says Santander is coming in with good rates and incentives.

He says: “It is pleasing to see another major lender getting involved with NewBuy and it is great to see such good rates. The free survey and cashback make it even more attractive so fingers crossed it will give the scheme a boost.”

Mike Fitzgerald, sales and marketing director at the Emba Group, says NewBuy rates are too high and need to come down.

He says: “The more lenders that are involved the more competition there will be. These rates from Santander will make other lenders sit up and take notice.

“It could encourage smaller mutuals to get involved which will drive better rates again and lead brokers to recommend the scheme.”

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  • Phil 15th May 2012 at 2:14 pm

    the last specialised broker i came up against lied to the client and said wooliwich offers were valid for more than 6 months. Some specialist. Client now in deep s**t.

  • Fran brogan 14th May 2012 at 11:12 am

    Abbey told me it was the builders who nominated the brokers so you should be thanking them – you can’t be a specialised broker or you would be on their list?

  • Tom Cleary 14th May 2012 at 10:12 am

    Only available through specialist New Build brokers?? Why? Great, another way to squeeze out smaller brokers. Thanks Santander. Thanks very much…

  • lewiszfosdick 13th May 2012 at 6:59 am

    If I refinance now I’m not sure I can afford a 15-year mortgage. Isn’t the payment a lot more? but glad I found the 123 Refinance and I was able to refi