Santander slashes NewBuy mortgage rates

Thursday 9th August 2012

Santander has cut the rates on its fixed rate NewBuy mortgages, which are available only via brokers (Abbey for Intermediaries), by up to 0.7%.

The reductions include a three-year fixed rate reduced from 5.49% to 4.99%, five-year fix reduced from 5.49% to 5.29% and a seven-year fix reduced from 5.99% to 5.29%.

All products are up to 95% LTV and come with a £99 fee attached, plus a ‘homebuyer solution’ which includes free valuation plus £250 cashback.

Phil Cliff, director of Santander mortgages, said: “These NewBuy product rate reductions demonstrate Santander’s continued commitment to helping customers get on the housing ladder.

“This reduction in rates, coupled with low upfront fees of £99, make our NewBuy mortgage range the best-value products available exclusively via the intermediary market.”

* Developers Kier Homes have become the latest builders to join the NewBuy mortgage guarantee scheme.

It is partnering with Halifax.

The scheme will be available on all Kier Homes developments in England.