From 6 May, Santander will offer 43 more new-build mortgages between 60% and 95% loan to value (LTV), including two- and five-year fixes as well as two-year tracker rates.
The lender has also introduced £250 cashback to new-build products from 85% LTV up to 90% for first-time buyers and 95% LTV for homemovers.
This includes a 60% LTV two-year fix for homemovers with a £999 fee and a rate of 3.89%, while the five-year fixed alternative has a rate of 3.92%.
At 85% LTV, the five-year fixed new-build product with a £999 fee will be priced at 4.28% and comes with £250 cashback. There is also a fee-free option at 95% LTV, fixed for five years, with £250 cashback and a rate of 4.9%.
For first-time buyers purchasing a new-build property, there is a two-year fix at 60% LTV priced at 3.94% and an option at 85% LTV with £250 cashback, a £999 fee and a rate of 4.29%. At 95% LTV, Santander has released a five-year fix with no fee and £250 cashback, priced at 4.99%.
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Its new-build tracker products for homemovers include a two-year deal at 60% LTV with a £999 fee and rate of 4.64%, an equivalent option at 75% LTV priced at 4.9%, and a fee-free deal at 90% LTV with a rate of 5.54%.
For first-time buyers, Santander will offer a two-year new-build tracker at 60% LTV with a £999 fee and rate of 4.69%, and the corresponding 75% LTV product is priced at 4.95%. At 90% LTV, the fee-free two-year tracker has a rate of 5.59%.
The new-build products have a nine-month completion deadline.
Three-year fixed additions
Santander has also launched three-year fixes for homemovers and first-time buyers, all with a free standard valuation and £250 cashback, while the 85% and 90% options have a £999 fee.
The products are priced the same for homemovers and first-time buyers. The 85% LTV deal has a rate of 4.49% and the 90% LTV option has a rate of 4.75%. Meanwhile, the fee-free 95% LTV product is priced at 5.23%.
Graham Sellar, head of Santander for Intermediaries, said: “There’s a renewed focus on the new-build market, spurred on by the government’s ambition to create 1.5 million new homes, in part through new towns.
“We’re pleased to bolster our new-build offering, alongside new three-year fixes and broad reaching rate reductions, to support our brokers and customers [to] access more options to help them on their homeownership journey.”
Santander cuts rates
Santander will also lower most of its standard residential first-time buyer fixed rates by as much as 0.12% and homemover rates by up to 0.2%. Most of its two-, three- and five-year fixed remortgages will be cut by up to 0.14%, while all two- and five-year fixes across its large loan rates at 60% LTV will go down by 0.1%.
In its new business buy-to-let (BTL) remortgage range, Santander has released two- and five-year fixes at 70% LTV. It will withdraw BTL purchase options at 65% LTV, fixed for two or five years.
Selected BTL fixed rates for purchases will go down by as much as 0.05%, and most remortgages by up to 0.12%.
Across its product transfers, Santander will lower residential fixed rates by up to 0.13% and BTL fixed rates by up to 0.12%.
