Santander is offering potential homebuyers an “outstanding” interest rate on mortgages, according to experts.
The bank recently announced a wave of rate reductions across its mortgage and remortgage products line.
Over the past year, interest rates have been on the rise as central banks have bolstered base rates in an attempt to control inflation.
Savers have benefited from this decision but it has led to homeowners being dealt with high mortgage rates.
However, Santander is among the financial institutions providing an “outstanding” mortgage rate which buyers are being told to take advantage of.
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Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, particularly highlighted the bank’s five-year fixed-rate mortgages.
She explained: “This week, Santander has reduced the rate on its five-year fixed rate deal by 0.29 percent, now priced at 5.15 percent, available to house purchase customers at 90 percent loan-to-value.
“Borrowers looking to secure a competitive rate and package will be glad to hear this offer also includes a free valuation incentive and a fair product fee of £999, which can also be added to the mortgage advance.
“This deal makes it an attractive choice to those looking to save on the upfront cost of their mortgage. Overall, this deal earns an Outstanding Moneyfacts product rating.”
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Here is a list of some other mortgage products from Santander which have had their rates slashed:
- 60 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.6 percent, down from 4.95 percent
- 75 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.74 percent down from five percent
- 90 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 5.15 percent, down from 5.44 percent.
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Here is a list of some of Santander’s remortgage products which have also been awarded with rate reductions:
- 60 percent LTV two-year fixed rate residential remortgage with a £999 product fee is now priced at 5.33 percent, down from 5.64 percent
- 75 percent LTV two-year fixed rate residential remortgage with a £999 product fee is now priced at 5.44 percent, down from 5.69 percent
- 85 percent LTV two-year fixed rate residential remortgage with a £999 product fee is now priced at 5.94 percent, down from six percent.
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