Santander for Intermediaries (SFI) will tomorrow cut the rates on certain two-year trackers, which includes its Help to Buy: mortgage guarantee tracker, by up to 45bps.
The standard residential tracker range will also now offer the additional benefits of SFI’s Homebuyer and Remortgage Solutions. These will complement the current Core products so customers will be able to choose from either Core – a totally ERC-free tracker product, or Homebuyer/Remortgage Solution, an ERC free Tracker product with an ERC on the Homebuyer or Remortgage benefit solution that has to be repaid if the mortgage is redeemed within the first two years.
The new products are:
- Two-year tracker at 70% LTV, reduced from 2.19% to 2.14% with Core, Homebuyer & Remortgage Solutions, with a £495 fee;
- Two-year tracker at 80% LTV, reduced from 3.29% to 2.84% with Core, Homebuyer & Remortgage Solutions, with a £495 fee;
- Help to Buy two-year tracker, at 95% LTV, reduced from 4.99% to 4.74% with NO FEE
Within its fixed range, SFI is launching a new five-year fixed current account exclusive at 75% LTV and 3.24% rate with £995 fee. This product offers the added benefit of Homebuyer or Remortgage Solution.
SFI is also reducing rates on its selected Existing Mover Exclusives by up to 0.25 percentage points:
- Two-year fixed at 75% LTV, reduced from 2.29% to 2.24% with a £995 fee
- Three-year fixed at 75% LTV, reduced from 3.04% to 2.79% with a £995 fee
- Two-year tracker at 70% LTV, reduced from 2.14% to 2.09% with a £495 fee
Brad Fordham, managing director of Santander for Intermediaries, said: “We’ve listened to feedback and are reintroducing our popular Homebuyer and Remortgage Solutions to a number of products within our standard residential two-year tracker range giving customers even more flexibility and choice. We’re now leading the market with our 80% LTV tracker product. Plus we’re reducing the rate on our unique fee-free Help to Buy: mortgage guarantee tracker, which will certainly prove to be a popular choice for homebuyers looking to secure a property through the scheme.
“Furthermore, as well as reducing rates on our Existing Mover exclusives, existing mortgage customers moving home benefit from more flexible lending decisions via Introducer Internet and brokers will also receive a full proc fee on the total balance. We want to be the intermediary partner of choice and these latest improvements to our range support our commitment to the market by offering good value to their clients. As we move towards MMR, we want to reassure intermediaries that they can continue to expect great rates and quality service from SFI.”