Santander launches new first-time buyer deals
Mortgage lender Santander has launched a new range of products exclusively for first-time buyers, aimed at helping those who want to take their first step onto the housing ladder.
There are four brand new first-time buyer deals for those with a deposit of between 10% and 40% of the property’s value, and all are two-year fixed rate mortgages.
- If you have 10% upfront the rate is 3.04% with no booking fee
- If you can put down a deposit of 15% the rate falls to 1.99%, with a £995 booking fee
- First-time buyers who can muster 25% upfront can access a rate of 1.64%, with a £995 booking fee
- Those who have a large 40% deposit or higher can get the cheapest rate in the range – 1.49% – with a £995 booking fee.
The lender has also refereshed its high loan-to-value range, for customers who want to buy a property but have a low deposit of 5% of the property’s value (but less than 10%). These products also come with a zero booking fee and a free valuation.
There is a 2-year fixed rate at 3.99%, a 5-year fixed rate at 4.74% and a 2-year tracker at 3.99%.
Brad Fordham, Santander’s managing director of intermediaries said: “This new suite of products we’ve introduced are specially designed to support first-time buyers and those with limited deposits, enabling them to get a foot on the housing ladder.
“We hope these competitively priced products, coupled with our strong service levels will help customers secure a mortgage and purchase their dream home.”