Santander launches new first time buyer mortgages
Santander has launched a range of first time buyer mortgages, to help borrowers trying to get their first step on the property ladder. The new range of mortgages, offers 3 and 5 year fixed rates starting from 4.89%, with LTVs of 85% and 90% and fees as low as £99 instead of the usual £495 or £995 standard fee. All products come with the Homebuyer solution as standard which includes free valuation and £250 cashback on completion, helping customers with the upfront costs of purchasing a property. The products include:
85% LTV 3 year fixed at 4.89% with a £99 fee
90% LTV 5 year fixed at 5.99% with a £99 fee
Phil Cliff, Director of Santander Mortgages said: "Getting a foot on the ladder is a tough task for first time buyers against the backdrop of a sluggish property market. Now that the Stamp Duty holiday has ended, first time buyers are finding it even harder. Our new range of mortgages is designed to help them, with very low fees and some of the most competitive rates available."
As the latest figures show, the number of first time buyers purchasing their first home in February 2012 has increased with 14,100 loans worth £1.7 billion taken out by first-time buyers, up 8% by number and 6% by value from January 2012 and up 18% by number and 21% by value on last February.
Santander Mortgages research suggests that first time buyers have saved an estimated £319 million as a result of the stamp duty holiday which came into play in March 2010 and is estimated to have benefitted roughly 170,000 new home owners.
For more information on the new first time buyer mortgages, visit santander.co.uk.