Santander cuts NewBuy mortgage rates by up to 0.70 per cent

Santander is cutting rates on its 3, 5 and 7 year fixed rate NewBuy mortgages by up to 0.70 per cent. The new rates, which are available exclusively via Abbey for Intermediaries, are as follows:

3 year fixed reduced from 5.49% to 4.99% with a £99 fee
5 year fixed reduced from 5.49% to 5.29% with a £99 fee
7 year fixed reduced from 5.99% to 5.29% with a £99 fee

The products, which are all 95% LTV, 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.

Santander's range of NewBuy mortgages, available as part of the Government's NewBuy scheme, will continue to be available via intermediaries with established ties to Barratt Homes, Berkeley, Bovis Homes and Persimmon.

Phil Cliff, Director of Santander Mortgages, Santander said: "These NewBuy product rate reductions demonstrate Santander's continued commitment to helping customers get on the housing ladder. Our 3 year fixed is now a market leading 4.99% while our 5 and 7 year fixed remain highly competitive at 5.29%. 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."

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.