High loan to value and offset five year fixed rate mortgage

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Santander has launched a range of high loan to value (LTV) products, as well as a selection of new large loan products for mortgages up to £3 million. As part of the lender’s latest range, new high LTV products now available include a two year fixed rate at 1.64% up to 80% LTV and five year fixed rates from 2.44% at 80% LTV. Mortgages up to 85% LTV are also available with a rate of 2.54%, or 3.14% up to 90% LTV, plus £250 cashback on the whole package.

On top of this, Santander has launched additional fixed rate products exclusive to Key Account holders within the intermediary market, now including two year fixed rates from 1.39% at 75% LTV and 2.35% at 90% LTV.

As far as large loan products are concerned from the lender, rates now start from 1.74% at 70% LTV for a two year fixed rate, while five year fixed rates are available at 2.09% up to 60% LTV or 2.29% up to 70% LTV.

Elsewhere, Scottish Widows, the subsidiary of Lloyds Banking Group, has been expanding its specialist mortgage range, which will now include an offset five year fixed rate mortgage product. 

Focusing largely on professional and flexible mortgages, the lender is now offering up to 90% LTV and offset at no extra cost for borrowers interest in this product, which is available to first time buyers, home movers and those on standard mortgages.

Professional mortgage rates will start at 2.29% or 2.39% for flexible mortgage rates, which both come with a £1,499 fee. The peace of mind of a long-term competitive rate, combined with the flexibility of an offset, means customers can now use their savings to reduce monthly payments or the term of their mortgage.

This follows the news earlier in the year that Scottish Widows had widened its interest-only mortgage criteria, now allowing borrowers to use the sale of a main property as a repayment vehicle.