Santander removes the early repayment charges on their tracker rates

Santander for Intermediaries has removed all of the early repayment charges on their tracker rate mortgages in a bid to lend more money. Santander is offering one of the most competitively priced lifetime tracker mortgages at 2.49%. It tracks the Bank of England base rate plus a margin of 1.99%. This mortgage is available to a maximum of £1 million and, providing borrowers can put down a 25% deposit, they should be able to access the rate. The arrangement fee is competitively priced at £495. Aaron Strutt, product manager at Trinity Financial, says: "One additional benefit is that up to 50% of the mortgage is available on interest-only providing you have £100,000 equity in the property." September 27, 2013