Santander has revealed it will be reducing its rates by up to 0.35% this week on a selection of its existing 2 and 5 year fixed rate mortgage deals, as well as launching a host of new products available up to high loan to values (LTV) of 80% and 90%.
New 2 year fixed rates from the lender now include 1.89% at 60% LTV, 2.04% at 75% LTV and 2.34% up to 85% LTV, which all come with no booking fee. A range of competitive 5 year fixes are also now available, including rates of 2.79% up to 75% LTV and 3.19% at 85% LTV.
Not only this, the lender has added 3 new products to its high LTV range, which is aimed at borrowers with deposits of between 10 and 20%. Borrowers can now access a 2 year fixed rate at 1.84% up to 80% LTV, 2.59% for a 2 year fix at 90% LTV and 5 year fixed rate of 3.49%, also up to 90% LTV. All these products are available for both purchase and remortgages and come with a £995 booking fee.
This, alongside reductions on the above mentioned fixed products and removing the booking fees entirely, all comes as part of Santander’s current aim to improve their zero fee options and help customers reduce upfront costs yet still be able to secure their dream home.
In line with this, Coventry for Intermediaries has now launched a new range of 10 year fixed rate mortgages at 65% loan to value (LTV), including a new 10 year fixed offset mortgage, likely to find itself in strong demand.
The offset loan is now offered at a rate of 3.19% up to 65% LTV, which is currently the only 10 year fixed offset product of its kind on the market, offering both the security of a competitive rate and the benefits of an offset product. A new residential 10 year fix is also now available at 2.99%, also for 65% LTV from the lender.