Santander UK is re-launching its mortgage range, pushing the strap line ‘freedom’.
The range includes products with different features including no booking fees, no ERC, overpayment options and cashback.
Initial ERC free products are:
- ERC free Lifetime Tracker with a rate of 2.49% and £495 fee, available up to 75% LTV
- ERC free two-year fix with a rate of 2.84% and £995 fee, available up to 75% LTV
- ERC free three-year fix with a rate of 3.29% and £995 fee, available up to 75% LTV
- ERC free Flexi Offset with a rate of 3.59% and £495 fee, available up to 75% LTV
Phil Cliff, director of Santander Mortgages, said: “As one of the UK’s leading lenders, Santander wants to be front of mind for all homebuyers. Great rates, great value and great service have always been at the heart of what we do. We’re re-launching our mortgage product range designed to give our customers the freedom to choose a mortgage that has features to meet their needs now and in the future.
“Our ERC-free range offers customers freedom not normally associated with mortgage products. Our 2 and 3 year fixed rates provide customers with the stability of knowing what their monthly payment will be but with the added freedom of being able to overpay and flexibility to switch to another mortgage dependent on their needs or change in circumstance, with no additional fees attached. Alternatively customers can also benefit from being ERC-free with our market-leading Lifetime Tracker at 2.49% and our Flexi Offset at 3.59%, both up to 75% LTV.
“New mortgage regulation (MMR) will come into force next April bringing with it new requirements around mortgage affordability. The regulation is designed to protect customers and ensure they get a mortgage they can afford. Santander new mortgage range complements this, putting our relationship with our customers at the heart of our business and ensuring they get the right mortgage for them – one they can afford and which meets their needs.”
The range includes a five-year fix at 70% LTV 2.99% with £995 fee, two and three-year fixed and two-year tracker products plus reductions across its Help to Buy range also.
Santander said the majority of its new products come with a free valuation and £250 cashback for those buying a new home and a free valuation and £250 cashback or free legals for those re-mortgaging.
Cliff added: “We’re focused on rewarding our customers and our new market-leading three-year fix at 70% LTV, available exclusively to our Current Account customers, does just that, offering the security of a great rate on a mid-term product. In addition to a great mortgage rate, all 1|2|3 Current Account customers also benefit from 1% cashback on their Santander direct debit mortgage payments too – whatever Santander mortgage they have.
“We have a strong heritage in the mortgage market, focused on providing a competitive and extensive mortgage range. Buying a home remains one of life’s biggest expenses and we remain committed to helping customers across the UK get the mortgage product that’s right for them. Our aim is to be as clear as possible, offering a range of value-for-money products that are flexible, easy to understand and suited to individual customers’ needs and changing circumstances, via our UK-wide network of branches, over the telephone or online.”
The Current Account Exclusives mortgage range includes:
- Two-year fix with a rate of 1.99% and £995 fee, available up to 60% LTV to homebuyers and remortgagers
- Three-year fix with a rate of 2.29% and £995 fee, available up to 70% LTV to homebuyers and remortgagers
- Five year fix with a rate of 3.09% and £995 fee, available up to 75% LTV to homebuyers and remortgagers
For ‘Help to Buy’, a new range of ‘no booking fee’ products including::
- Two-year fix with a rate of 3.24%
- Five-year fix with a rate of 3.44%
- Two-year tracker with a rate of 3.24%
The new deals on offer within the standard range include:
- Two-year tracker with a rate of 2.09%, with a £995 fee, available up to 60% LTV to homebuyers and remortgagers
- Two-year tracker with a rate of 2.14%, with a £995 fee, available up to 70% LTV to homebuyers and remortgagers
- Two-year tracker with a rate of 2.69%, with no fee, available up to 70% LTV to homebuyers and remortgagers
- Two-year tracker with a rate of 2.39%, with a £995 fee, available up to 75% LTV to homebuyers and remortgagers
- Two-year fix with a rate of 2.04%, with a £995 fee, available up to 60% LTV to homebuyers and remortgagers
- Two-year fix with a rate of 2.24%, available up to 70% LTV to homebuyers and remortgagers
- Two-year fix with a rate of 2.69%, with no fee, available up to 70% LTV to homebuyers and remortgagers
- Two-year fix with a rate of 3.29%, with no fee, available up to 80% LTV to homebuyers and remortgagers
- Two-year fix with a rate of 3.74%, with no fee, available up to 85% LTV to homebuyers and remortgagers
- Five-year fix with a rate of 3.69%, with no fee, available up to 80% LTV to homebuyers and remortgagers
