Santander has introduced its lowest ever fixed rate mortgage.
The new 60% loan to value (LTV) is fixed for 18 months and is priced at 0.99%.
It comes with a £1499 product fee.
In addition, Santander has added a £250 cashback to its lowest ever 60% LTV five-year fixed rate 1.89% with £999 product fee, available on purchase and remortgage.
Santander has reduced the rate on the 90% LTV two-year fixed, first time buyer exclusive, to 2.24% with a £999 product fee.
Alongside this, Santander for Intermediaries has new rates across its range of Help to Buy: equity loan products:
- 75% LTV 2 year fixed 1.54%, with a £999 product fee
- 75% LTV 2.5 year fixed 1.64%, with a £999 product fee
- 75% LTV 2.5 year fixed 2.04%, with a zero product fee
In addition, Santander 1|2|3 Current Account customers who pay their monthly Santander mortgage payment by direct debit will receive 1% cashback on maximum monthly mortgage payments of up to £1,000.
Miguel Sard, managing director of mortgages at Santander UK, said: “I am very pleased to announce our lowest ever short term fixed rate mortgage. We appreciate that in todays interest rate environment, some customers like to lock into a rate and value knowing the certainty of their monthly re-payments.
“This new rate completes our competitive range of fixed rate products, built to offer customers greater choice. These products are designed to support all segments of the market, whether customers are looking to get a foot on or move up the housing ladder.”