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Lenders put up cost of five-year fixed rate deals

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03/02/2014
NatWest and Santander are the latest lenders to have hiked upp the cost of their five-year fixed deals.
Lenders put up cost of five-year fixed rate deals

Santander has increased its 70% loan-to-value (LTV) five-year fix to 3.09%, its 75% LTV product to 3.29% and the 80% LTV mortgage to 3.79%. All three come with a £995 fee. A trio of the lender’s three-year fixes have also increased by 0.1%.

NatWest has also increased a pair of its five-year fixed residential rates. Its 60% LTV product has jumped to 2.95% from 2.88% for customers paying a £995 product fee and risen from 3.19% to 3.25% for those fee-free.

Barclays increased some of its five-year fixed rate products at the end of January while other lenders including Yorkshire BS, Norwich & Peterborough BS and Chelsea BS have also raised rates in this on medium-term mortgages.

A Santander for Intermediaries spokesperson said the changes were down to market conditions:

“Santander regularly reviews its mortgage range to ensure competitive positioning in the market.

“In line with market conditions we have re-priced a selection of three and five-year fixed products. We believe these products remain competitive and offer homeowners good value for money.”

Mark Bullard, head of sales at NatWest Intermediary Solutions added:

“These changes enable us to achieve a good balance of business in terms of LTV and volume.”

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