Santander will launch three exclusive fixed-rate mortgages for first-time buyers.
The bank today sent a note to brokers saying that from tomorrow it will launch the following products:
- 85 per cent LTV five-year fixed rate of 3.14 per cent
- 90 per cent LTV two-year fixed rate of 2.59 per cent
- 90 per cent LTV five-year fixed rate of 3.49 per cent
All three products have a £995 booking fee, though Santander says this can be capitalised on the two 90 per cent products.
The new mortgages also include free valuations on properties worth up to £2.5m and £250 cashback on completion as part of Santander’s HomeBuyer Solution.
The bank will also be adding the £250 cutback deal onto its following existing first-time buyer mortgages:
- 80 per cent LTV two-year fixed 1.84 per cent with £995 booking fee
- 85 per cent LTV two-year fixed 1.99 per cent with £995 booking fee
Santander will also be withdrawing its 90 per cent LTV two-year fixed zero fee first time buyer exclusive mortgage.
Last week, Santander sent a note to brokers saying it would cut its maximum loan-to-income cap on residential loans of more than 80 per cent LTV.
Santander had not responded to calls for comment by the time of publication.