Santander cuts rates on fixed rate mortgages

Santander has reduced rates by up to 0.40 per cent across its 4-year fixed rate mortgages, further enhancing its market leading offering for borrowers looking for a longer term fix.  The new rates are as follows:

4-year fix at 4.49 per cent with a £995 fee, available up to 70 per cent LTV available to remortgage (free legals and free valuation) and homebuyer (free valuation and £250 cashback on completion) customers

4-year fix at 4.99 per cent with no fee, available up to 75 per cent LTV (homebuyer)

4-year fix at 5.29 per cent with no fee, available up to 75 per cent LTV (remortgage)

Santander has also reduced the fee on its 2-year tracker at 4.74 per cent by £500. The market leading product, which is available up to 85 per cent LTV, now has a fee of just £495, reducing the cost even further for borrowers with a smaller deposit.

Phil Cliff, Mortgage Director for Santander commented: "Our latest rate reductions mean borrowers can take advantage of even more competitive 4-year fixes, ideal for those looking for the peace of mind provided by a longer term fix. Those borrowers wanting the flexibility of a tracker rate and with a smaller deposit, such as first time buyers, can take advantage of the newly reduced fee available on our 2-year tracker."