Santander has launched three-year fixed rate exclusive mortgages for new-build purchases up to 95 per cent loan to value (LTV).
The new products include an option at 90 per cent LTV with a £999 fee and a rate of 4.97 per cent, the fee-free option has a rate of 5.15 per cent. At 95 per cent LTV, there is a fee-free product which offers £250 cashback and has a rate of 5.39 per cent.
All new-build exclusive products have a nine-month completion deadline.
Santander has also lowered the rate of its three-year fixed exclusive mortgage for residential new build at 85 per cent LTV. This has gone down from 5.18 per cent to 5.1 per cent. This has no fee.
The lender is also withdrawing the three-year fixed purchase deal for standard residential properties with no fee.
Changes apply from 1 March.
This follows the bank’s decision to increase the maximum LTV for standard residential new-build houses and flats from 85 per cent to 95 per cent, which was announced earlier this week.
At the time of the announcement, Graham Sellar, Santander’s head of development of mortgages, said the change would get buyers onto the housing ladder faster and support the transition to greener homes.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
