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Santander for Intermediaries has launched a market-leading five-year fix mortgage undercutting Barclays and HSBC.

The mortgage is priced at 1.65% and fixed until 2 December 2024. Once the deal expires, it reverts to the lender’s 4% standard variable rate. The overall cost for comparison is 3.14% APRC representative.  

The mortgage has a £999 arrangement fee, and applicants will need a 40% deposit to qualify. The maximum loan size is £1 million.

Aaron Strutt, product director at Trinity Financial, says: “The top lenders are really putting the squeeze on the smaller providers and offering super-cheap fixed rates. They are still busy undercutting each other because they have huge lending targets to hit.

“If you are looking for a longer-term fixed rate you are spoilt for choice at the moment. The lenders provide free property valuations and legal service, reducing the cost of remortgaging.”

According to data from Moneyfacts.co.uk the average five-year fixed-rate mortgage has fallen from 2.84% to 2.79% in the last three weeks after the five-year swap rate dipped below the two-year rate for the first time in 11 years. The latest two-year swap rate is 0.66%, while the five-year swap rate is 0.60% - the last time this happened was on 7th October 2008.

Representative example for Santander 1.65% rate: A mortgage of £250,000 payable over 25 years, initially on a fixed rate of 1.65% until 02/12/2024 at 1.75% and then on a variable rate of 4% for the remaining 20 years, would require 62 monthly repayments of £1,017.56 followed by 238 monthly repayments of £1,257.75. The total amount repayable would be £363,818.22 made up of the loan amount, plus interest (£112,433.22) and fees of £999. The overall cost for comparison is 3.14% APRC representative.

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

Call Trinity Financial on 020 7016 0790 to secure a mortgage

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