Santander mortgages launches new large loan option

From Friday 4 February, Santander, the ‘Home of UK Mortgages' is launching a new large loan option for customers seeking to beat the new 5 per cent Stamp Duty rate (up from 4%) on properties that exceed £1m which is effective from 6th April 2011. The option, which is suitable for £1m to £2m loans, is available on Santander's new two year fixed Homebuyer at 70per cent LTV with a 3.49 per cent rate and £1,995 fee.

In addition, Santander is also reducing rates by up to 0.4 per cent on selected two year fixed products at 80 per cent LTV:

Two year fixed Homebuyer at 80 per cent LTV reduced by 0.40 per cent to 3.98 per cent with a £995 fee

Two year fixed Remortgage at 80 per cent LTV reduced by 0.20 per cent to 4.18 per cent with a £995 fee

All the above come with either our Homebuyer or Remortgage Solution. The Homebuyer Solution offers borrowers the added benefits of a free basic mortgage valuation and £250 cash-back on completion, while the Remortgage Solution offers a free basic mortgage valuation, and either free legals or £250 cash-back on completion.

Phil Cliff, Director of Santander Mortgages said: "As the ‘Home of UK Mortgages' Santander provides competitive deals for our new and existing customers. Whether they are looking for a large - or small - loan we have great value-for-money deals available to suit all homeowners.

"Our new two year fixed Homebuyer at 70per cent LTV with a 3.49 per cent rate and £1,995 fee has been especially created for buyers who require large loans and wish to beat the 5% stamp duty increase at the start of April.  While the reduced rates on our two year fixed 80 per cent LTV products are aimed at those customers looking for smaller loans. Whether you're property is worth over £1m or not, prospective buyers and those remortgaging need to ensure they get a fair deal on their house and mortgage."