Santander launches new Lifetime Tracker mortgage

In its latest step to support the housing market, Santander is to introduce a third tracker mortgage to its product range – a Lifetime Tracker at 2.69 per cent (75per cent LTV, with a £495 fee, minimum loan £25,000) on Friday 5 July 2013.  This offers a very competitive deal with a low fee to homebuyers and those looking to re-mortgage. 

The rate of the Santander Lifetime Tracker will track the Bank of England Base Rate (currently 0.5 per cent) plus 2.19 per cent, so the rate at launch is 2.69 per cent.

From Friday 5 July 2013, this competitively priced product will be available from Santander Mortgages for those with a 25 per cent deposit and a £495 fee. 

Phil Cliff, Director of Santander Mortgages, said: “We’re introducing this Lifetime Tracker, which compares well with current competition, to meet our customers’ needs when buying a home or re-mortgaging their current property.  It fills a gap in our mortgage portfolio and underlines our commitment to lending, including meeting a wide range of customers’ requirements.  For mortgage customers looking for extra value, the 1|2|3 Current Account pays 1 per cent cashback on Santander mortgage direct debits.”