Santander launches 3.99% five-year fixed mortgage available for property purchases
Santander for Intermediaries has lowered the price of most of its new business fixed and tracker mortgages by up to 0.34%.
The bank has launched a 3.99% rate which is available for property purchases as well as remortgages. It is fixed until 02 July 2028, and applicants will need a 40% deposit to qualify. The maximum loan size is £1.5 million.
After the fixed period, the mortgage reverts to Santander's current 7.25% standard variable rate unless borrowers take action and refinance.
Aaron Strutt, product director at Trinity Financial, says: "Santander was already offering a 3.99% five-year remortgage rate, so the new purchase product is a welcome addition. Not many of the lenders are offering sub-4% fixed rates at the moment.
"Santander's most competitively priced mortgages are available to borrowers taking a five-year fix, these deals are cheaper than all of the lender's two and three-year fixes, plus the trackers."
More banks and building societies improvising their rates
Halifax for Intermediaries, HSBC, Virgin Money and Leeds Building Society have announced mortgage rate improvements over the last few days.
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