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Santander slashes rates on first-time buyer mortgages

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  • 21/08/2015
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Santander slashes rates on first-time buyer mortgages
In a boon to first-time buyers, Santander has cut rates on three of its high loan to value (LTV) fixed mortgage loans for purchase only to market-leading lows.

The lender is offering its 85% LTV two-year loan at 2.09% with a £995 fee and 3.39% at 90% LTV with no fee.  The loyalty rate is 3.29% with no fee.

On the buy to let side, the Spanish-owned lender has also refreshed rates with a two-year 60% LTV loan now offered at 2.59% with a £1,995 fee for purchase and remortgage and a five year fix, 75% LTV at 4.09% with the same fee.

Miguel Sard, managing director of mortgages, Santander UK said: “Securing a property can be difficult for first time buyers or those with smaller deposits. The new changes in our product portfolio are not only best in the market but we hope they will enable more people, with lower deposits to access their dream home.

“As a prudent lender, we regularly review the make-up and balance of our mortgage portfolio. From time to time this means we will make pricing changes to control volumes and ensure our book continues to have appropriate levels of different types of lending.”

Santander 1|2|3 Current Account customers who pay by direct debit get 1% cash back on maximum monthly mortgage payments of up to £1,000.

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