Santander launches its lowest ever 10-year fixed rate mortgage
Santander has launched its lowest ever 10-year fixed rate mortgage. It is priced at 3.44% and it has an APR of 2.9%.
It is available to borrowers with a 40% deposit and it has a £995 arrangement fee. The maximum loan size is £1 million.
Aaron Strutt, product manager at Trinity Financial, says: “Over the last few months the lenders have started to offer decent ten-year fixes again.
“One issue with many some of the ten-year rates is the high early repayment charges payable if the loan is repaid early. For example, Santander charges a hefty six percent of the outstanding mortgage balance.”
If you would like to remortgage away from your current lender to lock into this deal, Santander will pay for the standard property valuation and legals fees, keeping the cost of switching deals to a minimum.
After the fixed rate period the mortgage will revert to the lenders standard variable rate, currently 4.74%.
If you would like help to secure a longer term fixed rate mortgage, call Trinity on 020 7016 0790.
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