Santander to launch sub-4% fixed rate mortgages
Santander for Intermediaries is about to boost the market by launching sub-4% mortgage rates.
The new sub-4% two- and five-year fixes will be available from Thursday, 13th February, to borrowers either purchasing a property or remortgaging, providing they have a 40% deposit.
As part of Santander's mortgage reprice, most of its new business fixed rates will be lowered by up to 0.40%, making its products more appealing to borrowers.
Aaron Strutt, product director at Trinity Financial, says: "It is great to have sub-4% fixed rates available again because they are the new benchmark for cheap mortgages. There is a need for more competitively priced rates with so many first-time buyers keen to get on the property ladder this year, and a reported 1.8 million homeowners need to remortgage.
"If Santander can launch sub-4% fixes, then other lenders can do it, too, so this is hopefully the start of the much-anticipated price war. Santander has had a tricky time lately with all the talk of exiting the UK market so this is positive news. These cheap mortgages will be very popular particularly as they are stand-out best buys."
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The information contained within was correct at the time of publication but is subject to change.
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