Santander offering 1.69% two-year fix for mortgages up to £3 million
Santander for Intermediaries is offering a highly competitive two-year fixed rate for mortgages between £250,000 and £3 million.
It is fixed at 1.69% until 2 September 2017 and the overall cost for comparison is 4.2% APR.
After the fixed rate period the mortgage will revert to Santander’s standard variable rate, which is currently 4.74%.
There is a £1,995 arrangement fee and the mortgage is available to borrowers providing they have a 40% deposit.
Aaron Strutt, product manager at Trinity Financial, says: “Santander is trying to attract wealthier borrowers by offering better rates and training more specialist large loan underwriters to get cases through quicker.
“The bank still offers to lend up to five times both single and joint salaries as well as being one of the most generous interest-only lenders.
“If you are looking for additional payment security the bank has a large loan five-year fixed rate but it is 0.96% more expensive.”
Santander will pay for the property valuation if clients are buying a home or remortgaging, they also pay for the legal fees for if you are switch lenders.
If you wanted to borrow £3 million over a 25 year term, the monthly payments on Santander’s two-year fix would be £4,225 on interest-only or £12,267 on full capital repayment.
For help to secure a large mortgage loan, call Trinity on 020 7016 0790 or complete the form below.
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