skip to main content

Request a call back

Leave your contact details and one of our expert advisers will call you back shortly.

You can also complete our mortgage questionnaire for a more accurate initial response.

Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

Menu

Back to Mortgage News

Santander launches 0.99% 18-month fixed rate mortgage

Santander for Intermediaries has launched an 18-month fixed rate mortgage priced at 0.99%.

At the end of the fixed period, which expires on the 2 December 2018, the mortgage reverts to the bank’s 4.49% standard variable rate. The overall cost for comparison is 4.10% APRC representative.

The 0.99% rate has a £1,499 arrangement fee and 3% early repayment charges until 2 May 2022. Applicants will need a 40% deposit to qualify and the maximum loan is £1 million. Interest-only is available to 

Aaron Strutt, product director at Trinity Financial, says: “Most lenders offer two, three, five and ten year fixes, it is unusual to see an 18-month fixed rate. Interest-only is available to certain clients.

“If you are looking for a short-term rate then it is a good option, but if you are planning to stay in the property it will probably make more sense to lock into a longer term fix.” 

After the 18-month period Santander will potentially provide another rate through its product transfer system although if rates are higher in two-years times it maybe more expensive.

Representative example: A mortgage of £250,000 payable over 25 years, initially on a fixed rate until 02/12/2018 at 1.89% and then on a variable rate of 4.49% for the remaining 23 years, would require 21 monthly repayments of £941.05 followed by 279 monthly repayments of £1,355.29. The total amount repayable would be £397,887.96 made up of the loan amount, plus interest (£147,887.96) and fees of £999. The overall cost for comparison is 4.10% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

To secure a fixed rate mortgage call Trinity Financial on 020 7016 0790.

Get in Touch

Get in touch

To arrange a meeting with one of our expert mortgage advisers complete our enquiry form and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

Need some advice today?

Book a Consultation Mortgage Questionnaire