Santander’s fixed rate withdrawal creates rush to submit mortgage applications before the deadline
Santander for Intermediaries made some big increases to its cheap mortgages earlier this week creating a rush of applications to secure the rates.
Mortgage brokers are likely to have submitted thousands of applications on Wednesday to ensure borrowers avoided rates hikes of up to 0.55%.
Trinity Financial received notification on Wednesday afternoon that Santander was increasing its mortgage rates and acted quickly to submit applications. There was more of a rush than normal because the bank had been significantly undercutting many of its competitors.
Aaron Strutt, product director at Trinity Financial, says: “One of our clients mentioned that he wanted to wait until the weekend to decide if he wanted to take one of Santander’s mortgages. Once we found out the rate he was considering was going up, we alerted him, and he gave us permission to submit his application. His mortgage would have been 0.5% more expensive if his application was not submitted that day.”
NatWest also made some big changes to its mortgage rates on Wednesday, increasing some of its property purchase rates between 0.35% and 0.40% on selected two and five-year fixed. The bank also raised some first-time buyer products by 0.76%.
Call Trinity Financial on 020 7016 0790 to secure a fast mortgage offer or book a consultation