Santander launches its lowest ever five-year fix at 1.89%

Aaron Strutt Image

Santander for Intermediaries has launched its lowest ever longer term fixed rate mortgage priced at 1.89%.

At the end of the fixed period, which expires on the 2 May 2022, the mortgage reverts to the bank’s 4.49% standard variable rate. The overall cost for comparison is 3.55% APRC representative.

The 1.89% rate has a £999 arrangement fee and 5% early repayment charges until 2 May 2022. Applicants will need a 40% deposit to qualify and the maximum loan is £1 million. 

Aaron Strutt, product director at Trinity Financial, says: “There are currently five lenders offering 1.89% five-year fixes and three with even cheaper rates.

“If you are looking for a longer term fixed rate, there is a huge amount of choice at the moment. Santander is one of the lenders still offering up to five times salary mortgages and it still provides interest-only.”

Representative example: A mortgage of £150,000 payable over 25 years, initially on a fixed rate until 02/05/2022 at 1.89% and then on a variable rate of 4.49% for the remaining 23 years, would require 62 monthly repayments of £627.78 followed by 238 monthly repayments of £791.20. The total amount repayable would be £227,227.96 made up of the loan amount, plus interest (£77,227.96) and fees of £999. The overall cost for comparison is 3.55% 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 Started

Get started today

Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.

Google Reviews
Trustpilot
Book a Consultation Talk to an Expert
As seen in
Sunday Times Telegraph Financial Times BBC News The Express The Times