Santander offering new build mortgages
Santander for Intermediaries has a selection of mortgages available to borrowers purchasing new build properties providing they have a 15% deposit.
The bank defines a new build as a property being sold by a builder or developer that has been built or converted within the last 12 months.
Aaron Strutt, product manager at Trinity Financial , says: “If the property is a conversion, it should not have been occupied since the refurbishment works were completed.
“Santander’s new build mortgage offers are valid for six months and the lender will consider a three-month extension if there is a good reason. Borrowers may need to pass another credit search and affordability assessment to qualify.”
Builder’s incentives
Santander will accept up to 5% cash back towards the purchase price as a builder’s incentive. They will also allow a payment towards the legal and stamp duty fees.
New build mortgage rates
Trinity Financial has access to Santander for Intermediaries most competitively priced new build mortgage. It is a 2.09% rate which is fixed until 31 October 2016.
At the end of the fixed period, the mortgage reverts to the lender’s standard variable rate, which is currently 4.74%. The overall cost for comparison is 4.5% APR.
There is £995 arrangement fee and applicants will need a 20% deposit to qualify.
The maximum loan size is £1 million and there is a free property valuation.
For help to secure a new build mortgage call Trinity on 020 7016 0790.
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