Santander has launched its first mortgage range specifically aimed at first time buyers, which comes as great news to those eager to take the first jump onto the property ladder.
Now including a 90% loan to value (LTV) product with no booking fee, the lender has refreshed its high LTV range by ridding the booking fee and instead offering free valuation to customers.
All products in the new Santander first time buyer mortgage range will be fixed for two years, ranging from 1.49% for its 60% LTV mortgage to 3.04% for its 90% LTV deal – perhaps even more reassuring news for customers amidst the current rumours of interest rate rises.
The lenders high LTV range at 95% has also been transformed, with products now starting at 3.99% for a two year fixed rate, as well as a 5 year fixed rate at 4.74% and a two year tracker at 3.99%.
If that wasn’t all – Santander has made further improvements to its buy to let and residential deals, reducing selected rates across the residential range and extending product completion deadlines into 2016.
The lender has introduced a new set of fixed and tracker products, which are now available with a £1995 booking fee. This comes alongside news that the lender has released updated large loan products at 60% LTV.
Finally, product and rate reductions have been applied to the help to buy options available from the lender: introducing the equity loan scheme of a 2 year fixed 1.74% product at 75% LTV.
By revamping such a diverse range of products, it comes as no surprise that Santander’s mortgage applications are currently up by 2% to £19.6bn. However, competition is set to remain rife over the build up to Christmas, with many banks pulling out their best rates yet to meet targets before years end.
Mortgage fixes have become a hot topic amidst rumours of interest rate rises, with many lenders altering their rates accordingly. Elsewhere in the market, intermediary lender Mortgage Trust has also released its latest product range which includes:
- 2 year fixed rate until 2018 at 75% LTV with a £995 product fee at 3.15%
- 3 year fixed rate until 2019 at 75% LTV with no product fee at 3.75%
- 2 year fixed rate until 2018 at 80% LTV with no product fee at 4.45%
- 5 year fixed rate until 2021 at 75% LTV with a £1995 product fee at 3.75%