Boost for first time buyers and existing customers from Santander

Santander is demonstrating its continued commitment to helping first time buyers get a foot onto the property ladder by offering reduced rates for shared ownership customers. The new deals mean mortgage customers can borrow up to 95 per cent loan to value (LTV) on between a 25 and 75 per cent share of the property.

Santander is building on its partnership with affordable housing providers to help support shared ownership. Borrowers make monthly repayments on the share of the property purchased and subsidised rent on the share they don’t own to the Housing Association.  Santander is the only mainstream lender to support the Shared Ownership market with a 95% LTV product.

Santander is introducing a number of new deals for existing customers. These are:

a range of Fix and Tracker discounted rates for existing mortgage customers moving home

a new 70% 2–year fix with a discounted rate and £995 fee for existing current account customers who are looking to move home or remortgage their property. 

In addition, Santander is also reducing rates on key Fixed Rate and Tracker products for new business homebuyer and re-mortgage deals.

Phil Cliff, Director of Santander Mortgages, said:  “Shared ownership helps first time buyers get a foot on the property ladder and plays a vital role in supporting the creation of more affordable housing across the UK.  Santander is committed to supporting the UK housing market by providing innovative products.  Whilst housing market conditions may not have improved overall, mortgage rates remaining low does help homebuyers.”

For more information, visit santander.co.uk.