Santander pulling 3.99% five-year fix while Nationwide and Halifax lower rates
Santander for Intermediaries has announced it is withdrawing its 3.99% five-year fixed rate mortgage eight days after launching it. The rate will be withdrawn on Friday 21 February at 10pm.
Banks and building societies are making a range of price increases and rate reductions, so while lenders like Santander and The Co-operative Bank have raised their prices, Halifax and Nationwide are lowering theirs.
From tomorrow, Friday 21 February, Nationwide is reducing selected fixed rates across our New Business and Existing Customers Moving Home product ranges by up to 0.33%. Halifax is also making rate reductions of up to 0.20% on selected fixed-rate products and lowering some remortgage rates by 0.15%.
Aaron Strutt, product director at Trinity Financial, says: "Santander has been receiving a huge amount of applications for its sub-4% rates and given the rise in funding costs over the last couple of days, it was only a matter of time until the bank was going to withdraw some of its products.
"Santander is keeping its 3.99% two-year fix, and Barclays still has the 3.99% five-year rate, although they may not be around much longer. There is still time to secure Santander’s best buy deal, but borrowers will need to be quick."
Barclays representative example: A capital and interest mortgage of £400,000 payable over 30 years, initially on a fixed rate basis at 3.99% until 03/06/2030 and then 1.99% over the Bank of England base rate currently 6.49% for the remaining 28 years. The 3.99% rate would require 63 monthly repayments of £1,430.52 followed by 297 payments of £1,826.77. The total amount repayable would be £633,813.45 made up of the loan amount, plus interest (£332,674.10) and £899 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 5.7% APRC representative.
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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