Santander launches 1.18% two-year fix and 1.30% five-year fix for mortgages between £350,000 and £1.5 million
Santander for Intermediaries has made it cheapest two and five-year fixed rates available to borrowers looking for mortgages between £350,000 and £1.5 million.
The bank's lowest remortgage rate is 1.14%, and it is fixed until 2 March 2023. Once the deal expires, it reverts to the lender’s 3.35% standard variable rate. The overall cost for comparison is 3% APRC representative, and if you are purchasing a property, the rate increases marginally to 1.18%.
Both of these two-year fixes have a £1,499 arrangement fee, and applicants will need a 40% deposit to qualify. The bank provides a free property valuation.
Aaron Strutt, product director at Trinity Financial, says: “Some of the lenders are starting to lower the cost of their cheapest rates and Santander is trying to attract borrowers looking for larger mortgage loans.
"If you would prefer longer-term security, Santander has a 1.30% five-year fix for purchases and a 1.38% five-year fix for remortgages. The arrangement fee is £999, and applicants will need a 40% deposit to qualify."
Santander is currently taking an average of 24 days to produce a residential mortgage offer.
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