Mortgage rates reducing at Santander

From today (Wednesday 10 February), Santander is reducing the rates on its 5-year fixed mortgages by up to 0.25 per cent.  The new market-leading rates are as follows:

4.99% up to 70% LTV with a £995 fee for purchase only including the Homebuyer Solution (free valuation and £250 cashback on completion)

5.15% up to 70% LTV with a £995 fee for remortgage including the Remortgage solution (free valuation and free legals)

Santander is also reducing the rates on its 3-year tracker mortgages.  The new rates include two deals that are fee-free.

3.09% up to 75% LTV fee-free for purchase only including the Homebuyer Solution
3.14% up to 75% LTV fee-free for remortgage only including the Remortgage solution
2.54% up to 70% LTV with a £995 fee for purchase only including the Homebuyer Solution
2.59% up to 70% LTV with a £995 fee for remortgage only including the Remortgage solution

The latest figures from our February Santander Remortgage Index shows that fixes are definitely the most popular choice for people planning to remortgage in the next six months.  Fifty-nine per cent of people would opt for a fixed rate deal next time around and of those, almost half (48 per cent) would choose a 5-year fix.  That's almost double the number opting for a 2 or 3-year fix.

Phil Cliff, Mortgage Director for Santander commented: "Once again, we are reducing the rates on our market-leading fixed and tracker mortgages.  Our research shows that customer demand for longer term fixed rates has increased and we've responded by reducing the rates on our 5-year fixed deals."