Santander launches Newbuy mortgages
Santander has launched its range of NewBuy mortgages via intermediaries with established ties to Barratt Homes, Berkeley, Bovis Homes, or Persimmon. The new range of mortgages, available as part of the Government's NewBuy scheme, are designed to help borrowers trying to get their first step on the property ladder.
The NewBuy range offers competitive 3, 5 and 7 year fixed rates starting from 5.49%, with LTVs of 95% and a low fee of £99. All products come with the Homebuyer solution as standard which includes free valuation plus £250 cashback on completion, helping customers with the upfront costs of purchasing a property. The products, which are all 95% LTV, include:
3 year fixed at 5.49% with a £99 fee
5 year fixed at 5.49% with a £99 fee
7 year fixed at 5.99% with a £99 fee
Phil Cliff, Director of Santander Mortgages, Santander said: "Santander is delighted to be joining the NewBuy scheme and has launched a range of competitively priced products with low upfront fees which reflect our commitment to NewBuy and customers, particularly first time buyers looking to get a start on the housing ladder. The range will have wide appeal and is designed to meet the needs of both first-time buyers looking to buy their first home and existing homes owners who are considering moving house.
"Sales of new homes have suffered since the economic downturn in 2008 and borrowers with smaller deposits have found it more difficult to access funding to purchase new homes. NewBuy has collectively brought together lenders, builders and the Government to provide a solution to increasing the supply of affordable credit on new build homes. The NewBuy scheme provides a strong platform to help get the overall housing market going and will also have positive benefits on the wider UK economy."
For more information on the NewBuy mortgages customers should contact the sales office of their local Barratt Homes, Berkeley, Bovis Homes, or Persimmon new build development or one of their subsidiaries who will put them in touch with a Financial Adviser who can help identify the available options and decide which mortgage is best for them. Details of local sales offices can be found on newbuy.org.uk.