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Santander offers £500 cashback and cuts rates

Written by: Antonia Di Lorenzo
The cash lump sum is available to first-time buyers taking selected products and is paid when the mortgage process completes and they get the keys to their new home
Santander offers £500 cashback and cuts rates

Santander Mortgages has offered first-time buyers £500 cashback and cut its rates by up to 0.10%.

The cashback is offered on completion of two and five-year fixed rate products, at 2.99% and 3.39% respectively.

They are both available up to 95% loan to value (LTV), so borrowers need just a 5% deposit.

The bank has also reduced its two-year fixed rates by 0.05% to 1.44% and 1.74%, with £999 and a £0 fee respectively, at 60% LTV, for both purchases and remortgages.

Its five-year fixed rate has been cut by up to 0.10% to 1.99% and 1.89%, at 60% and 75% LTV respectively, for both purchases and remortgages.

Additionally, Santander has introduced a new 60% LTV, 10-year fixed rate at 2.39%, £999 fee, for purchases and remortgages.

Miguel Sard, managing director of Santander Mortgages, said: “We know a lot of first-time buyers opt for two and five-year fixed rate mortgages.

“By offering free valuations and introducing £500 cashback, we hope to give customers a helping hand towards the cost of kitting out their dream home.”

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