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Santander for Intermediaries is offering one of the cheapest five-year fixed-rate mortgages.

The rate is priced at 1.49% and it is fixed until 2 May 2025. Once the deal expires, it reverts to the lender’s 4% standard variable rate. The overall cost for comparison is 3.1% APRC representative.  

There is a £999 arrangement fee, and applicants will need a 40% deposit to qualify. The maximum loan size is £1 million and if you are remortgaging to the bank there is a free property valuation and free legal fees.

Aaron Strutt, product director at Trinity Financial, says: “More of the lenders are offering sub-1.5% five-year fixes and they are available for property purchases and remortgages.

“If you are purchasing a property Santander’s five-year fix is the same price and there is a free basic property valuation.”

Santander is currently taking an average of nine days to produce a residential mortgage offer.

Call Trinity Financial on 020 7016 0790 to secure a fixed-rate mortgage

FAQs

Does it make sense to take a five-year fixed rate mortgage?

More of the lenders are telling us that borrowers are turning to longer-term rates and in some cases, up to 50% of the banks and building societies applications are for five-year fixes. 

If you are thinking about taking a five-year fix, it is important to try to plan ahead and work out if it makes sense to lock in for such a long time. We regularly speak to clients whose personal or financial circumstances have changed and they have fixed rates that they can’t get out of.

Longer-term fixes tend to be popular with clients with families looking for payment security but lots of first-time buyers are taking them when a shorter-term mortgage or early repayment charge-free product maybe more suitable.

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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.

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