Santander increases competition for million plus mortgages

by Aaron Strutt

Feb 07 2015

Santander for Intermediaries has improved its range of fixed rates for mortgages between £250,000 and £3 million.

The bank has launched a two-year fix at 1.69% and it is available to borrowers with a 40% deposit. The overall cost for comparison is 4.4% APR.

For wealtheir clients looking for longer term payment security, Santander is also offering an excellent 2.75% five-year fix providing they have a 40% deposit. The overall cost for comparison is 4% APR.

Both of these mortgages have £1,995 arrangement fees and early repayment charges that apply for the fixed rate period. 

Aaron Strutt, product manager at Trinity Financial, says: “Santander has made substantial improvements to its mortgages and has really stepping back into the large loan market.

“The lender does have rates for larger loans if borrowers have a 30% deposit although they are approximately 0.35% more expensive.

One additional benefit is that they will also potentially lend up to five times both single and joint incomes, providing borrowers have good credit score. This makes them more attractive than many of the other lenders.  

Mortgage incentives

If you are looking to purchase a new home, Santander will provide a free property valuation (for properties value up to £2.5 million) and £250 cash back on completion. 

For borrowers looking to remortgage, the lender will also gives a free property valuation (for properties value up to £2.5 million) and a free standard remortgage service.   

After the fixed rate period, both of these mortgages will revert to the Santander’s standard variable rate, currently 4.74%.

If you would like help to secure a large mortgage loan, call Trinity on 020 7016 0790.