Santander for Intermediaries has launched its lowest ever fixed rate.
Their remortgage-only rate is fixed for two-year at 1.59% and it is available to homeowners with at least 40% equity in their property.
This rate is available for mortgages between £200,000 and £1 million and it has a £1,495 arrangement fee.
For borrowers with a £500,000 mortgage the monthly repayments would be £662.50 on an interest-only basis and £2,020.89 over a 25 year term on a capital repayment mortgage.
Aaron Strutt, product manager at Trinity Financial, says: “If you are on a standard variable rate or thinking about switching lenders there is a huge choice of rates at the moment.”
After the fixed rate period, the mortgage will revert to Santander’s standard variable rate, currently 4.74%. The APR is 4.3%.
For help to switch to secure a leading mortgage rate, call Trinity on 020 7016 0790.