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Santander ups rates on mortgages for borrowers with large deposits

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Written by: Shekina Tuahene
18/02/2020
But the lender has reduced the cost of mortgages for those borrowers with just 5% upfront
Santander ups rates on mortgages for borrowers with large deposits

Santander has increased rates on its lower loan to value (LTV) products and cut rates on its 95 per cent LTV offering in the latest changes to its mortgage range.

There has been a 0.5 per cent rate increase among purchase and remortgage fixed and tracker loans with borrowing amounts of up to £3m and £5m at the 60 per cent and 75 per cent LTV tiers.

These changes include a 60 per cent LTV two-year fixed with borrowing up to £3m. This now has a rate of 1.49 per cent and a £2,499 fee. The five-year equivalent has seen its rate increased to 1.74 per cent.

The 75 per cent LTV two-year fixed, also with a maximum borrowing amount of £3m and a £2,499 fee, has seen a rate increase to 1.84 per cent while the five-year fixed offering has a rate of 2.14 per cent.

Rates reduction for small deposit borrowers

Meanwhile, the lender has reduced rates by 0.15 per cent at the upper tier, with its two-year fixed purchase product now at 2.99 per cent and the five-year fixed equivalent at 3.34 per cent. Both products are fee-free.

Santander has also reduced the loan size on its standard residential mortgage range from £2m to £1.5m.

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