Santander for Intermediaries is offering some of the most generous income multiples and the cheapest mortgage rates across the market.
Santander's lowest rate is 1.14% and it is available to borrowers remortgaging to the bank, the price rises marginally to 1.18% if you are purchasing a property. Both rates are fixed until 2 April 2023 and once the deals expire they revert to the lender’s 3.35% standard variable rate. The overall cost for comparison is 2.9% on the remortgage deal and 3% APRC on the purchase rate.
There is a £1,499 arrangement fee for both products, and applicants will need a 40% deposit to qualify. The maximum loan size is £1.5 million and if you are remortgaging Santander will pay for property valuation and legal fees or provide £250 cashback if you opt for your own solicitor.
Aaron Strutt, product director at Trinity Financial, says: “Over the last few weeks the lenders have improved their rates so borrowers with the largest deposits can secure two-year deals at just over 1%. The leading five-year fixes are available from 1.35%.
"Santander has one of the best interest-only policies, and it provides part interest and part capital repayment mortgages to help borrowers reduce their costs. The bank also offers five-times income to those earning between £45,000 and £99,000 and 5.5 times salary to those earning over £100,000. To qualify for the more generous income multiples, applicants will need to have a 25% deposit."
Santander is currently taking an average of 22 days to produce a residential mortgage offer although other lenders are offering similar rates with faster processing times.
Call Trinity Financial on 020 7016 0790 to secure a fixed-rate mortgage or book a consultation