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Post Office and Santander cut mortgage rates on fixed deals

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30/05/2019
Both lenders have reduced the cost of their five-year fixed rate mortgages for borrowers with modest deposits
Post Office and Santander cut mortgage rates on fixed deals

Post Office Money has chopped selected rates in its mortgage range, including its five-year fixed rate mortgage, which is now priced at 2.37%.

This deal is available to borrowers who want to borrow from £25,000 at 90% of the property’s value. The mortgage is fee-free and comes with a free valuation.

Financial information provider Moneyfacts noted that, ‘unlike other mortgages that may be priced lower in its sector, this package includes a free valuation and charges no product fee’.

Santander snips rates

Santander has also reduced the rate on its five-year fixed rate mortgage, which is now priced at 2.34%.

This deal is for first and second-time buyers who wish to borrow up to £550,000 at 85% of the property’s value. Again the deal is fee-free with a free valuation, and it comes with £250 cashback. This product allows overpayments of up to 10% of the outstanding balance.

Moneyfacts said: “Borrowers searching for a competitively priced mortgage with a well-known high street brand will be pleased to find this newly priced deal from Santander. First or second-time buyers with the required deposit of 15% will find its incentive package of free valuation and its £250 cashback highly appealing – perfect for those looking to save on the upfront cost of their deal.”

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