Santander for Intermediaries is offering one of the most competitively priced five-year fixed rate mortgages.
The broker-exclusive 1.84% rate is fixed until 02 October 2023. At the end of this period, it reverts to the lender's variable rate currently of 3.75%. The overall cost for comparison is 3.10% APRC representative.
The mortgage has a £1,499 arrangement fee, and applicants will need a 40% deposit to qualify. Early repayment charges apply for the fixed period and the maximum loan is £1 million.
Santander will pay for the property valuation if you are purchasing or remortgaging a property, and cover the cost of the standard legal fees if you are remortgaging.
The bank provides interest-only mortgages if applicants have an acceptable source of funds to repay the capital at the end of the mortgage. The sale of the mortgaged property is acceptable providing the applicants has £150,000 equity at the time of application.
Aaron Strutt, product director at Trinity Financial, says: “The lenders have increased the cost of their five-year fixes recently but they are still very competitively priced. To make it easier for wealthier borrowers earning £100,000 to qualify the lender has raised its maximum income to 5.5 times salary.”
Santander for Intermediates is currently taking an average of 12.4 days to produce a residential mortgage offer, rising to 14.1 days for buy-to-let applications.
The bank recently increased the maximum loan to £2 million on a selection of its fixed and tracker rates for borrowers with a 25% deposit.
Representative example: A mortgage of £250,000 payable over 25 years, initially on a 1.84% fixed rate until 02/10/2023 and then on a variable rate of 3.75% for the remaining 23 years, would require 61 monthly repayments of £1,040.27 followed by 239 monthly repayments of £1,236.83. The total amount repayable would be £360,943.84 made up of the loan amount, plus interest (£109,058.84) and fees of £1,499. The overall cost for comparison is 3.10% 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