Mortgage News
Santander for Intermediaries launches loyalty mortgage range
Santander for Intermediaries will launch a range of loyalty mortgages for its current account customers on Monday.
From 4 November 2013, current account holders may apply for two-year fixed-rate mortgages with rates starting at 1.94% for a 60% loan-to-value product. The lender will also release a two-year tracker at 2.09% for loans of up to 70% LTV.
Santander for Intermediaries managing director Miguel Sard said: “Offering intermediaries and their clients simple and clear products which provide ongoing value demonstrates our commitment to our intermediary partners.”
The two-year fixed-rate 60% LTV and 75% LTV products come with a £995 booking fee of £995. The 85% LTV product has no booking fee. The tracker comes iwth a £495 booking fee. Applicants must have possessed a Santander current account for at least 30 days.
The products come with a variety of incentives, including 1% cashback for 1|2|3 current account holders.
According to Santander’s Q3 results, it has attracted 183,000 current account customers from other providers in the first nine months of 2013.
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Moneyfacts financial specialist Rachel Springall said the deal reflected a market which favoured borrowers rather than savers.
She said: “At the end of the day when it comes to the current account business, when lenders get a customer to open a current account it opens up the chance to offer them a whole range of products.”