Santander raises maximum mortgage large size targeting larger loans
Santander for Intermediaries has increased its maximum mortgage loan size for residential property purchases and remortgages.
The maximum loan size is increasing to £1.5m on many of its most competitively priced products available to borrowers with a 25% deposit.
Santander has also introduced new, larger two and five-year fixed rates with a maximum loan size of £3 million. The lowest large loan two-year fixed rate is priced below 4% for borrowers with a 40% deposit and the products have a £2,499 arrangement fee. The banks is offering a two-year fix at 3.75% at the moment.
Aaron Strutt, product director at Trinity Financial, says: "Santander initially lowered its maximum mortgage loan size to £250,000 when the coronavirus hit and it was gradually increased to £1 million.
"If you are looking for a larger mortgage some of the lenders offer their cheapest rates to clients looking for £1 million+ loans. They have £999 arrangements fees and often come with a free basic property valuation."
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The information contained within was correct at the time of publication but is subject to change.
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