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Santander and Newcastle cut rates; Secure Trust, Bath BS – product roundup

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  • 24/09/2018
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Santander and Newcastle cut rates; Secure Trust, Bath BS – product roundup
Santander and Newcastle Intermediaries have cut fixed rates, Secure Trust Bank has extended its distribution of 90% Loan to Value (LTV) mortgages and Bath Building Society has joined the Legal and General Mortgage Club panel, in our product latest.

 

Santander for Intermediaries has cut its residential and buy-to-let (BTL) fixed rates, available from 25 September.

The lender has reduced its residential two and five year fixed rate products at 95% LTV by 0.20% and 0.25% at 3.49% and 4.04% respectively, only for purchases.

Its buy-to-let five year fixed rate has been cut by 0.15% at 2.59% with a £1,499 product fee at 75% LTV for purchases and remortgages.

 

Newcastle Intermediaries

Newcastle Intermediaries has also reduced its buy-to-let rates by up to 0.64% across its full range.

The reductions include a two year remortgage deal as well as a number of fixed rates available from two year to five year for remortgages and home movers.

The largest reduction has been on the five-year fixed rate product now available at 3.05%.

The remortgage deal, for those who already have a buy-to-let mortgage, is a two year fixed rate at 2.82% available with no product fees and comes with free standard valuation and a £500 cashback or free legal fees.

Another five-year buy-to-let deal is offered at a fixed rate of 3.05% with fees of £999 and a 10% per annum overpayment option.

This deal is available both to future investors and those looking to remortgage at a slightly lower rate.

Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “At a time when buy-to-let mortgage rates are increasing and the buy-to-let market continues to readjust itself to the taxation changes made last year, we’re pleased to announce a reduction in our rates to give landlords and other potential investors the chance to save some money.”

 

Secure Trust Bank

Secure Trust Bank Mortgages has introduced 90% LTV products as part of its core range, with rates available from 3.74%.

The products, which were previously available only through specialist distribution partners of Secure Trust Bank, can be used for purchase and remortgage.

There is a £0 product fee option available from 3.99% and the maximum loan size is £500,000.

Tony Hall, sales and marketing director at Secure Trust Bank Mortgages, said: “Demand has been high and we are really pleased to be able to introduce these mortgages as part of our core range.

“The 90% LTV products also provide a £0 product fee option, which is particularly useful for brokers as clients looking for a high LTV mortgage would often prefer to pay a slightly higher rate than find the money for an upfront fee.”

 

Legal and General Mortgage Club adds Bath BS to panel

Legal and General Mortgage Club has added Bath Building Society to the panel, bringing the total number of lenders to over 80.

Members of Legal and General Mortgage Club will now be able to access the building society’s residential and buy-to-let offerings.

Under Bath’s buy to let proposition, offerings for British expats living abroad and holiday lets will be available to Legal and General Mortgage Club members, as well as limited company and portfolio lending.

Products include a 100% loan-to-value (LTV) parent-assisted mortgage, suiting those who may wish to help their children onto the property ladder but do not have additional funding.

Other products include an interest-only retirement mortgage, with a maximum LTV of 50% and loan size of £500k.

Members can see a ‘rent a room’ offering, allowing an applicant to increase borrowing by renting out a spare room and ‘buy for university’ product, aimed at students wishing to purchase during their university term.

Applications can be made in the sole name of the student, or jointly between the student and their parents.

Danny Belton, head of lender relationships at Legal and General Mortgage Club (pictured), said: “We are delighted to announce our latest partnership with Bath Building Society, a very welcome addition to Legal and General Mortgage Club’s lender panel.

Ben Hutchings, mortgage sales manager at Bath Building Society, said: “At Bath Building Society we work tirelessly to create products that meet the individual demands of today’s customers. Following the successful introductions of our niche mortgage range we are excited to expand our reach further by joining the Legal & General lender panel.”

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