Santander cuts fixed-rate mortgage charges

Thursday, 15 September 2011 02:03

Santander is cutting the interest rates on many of its two, three, four and five-year fixed mortgage products by as much as 1.10 per cent.

The Spanish bank is also launching a new three-year fixed-rate deal on a 70 per cent loan-to-value-ratio (LTV) at 3.19 per cent with no fee.

Several mortgage deals have seen their rates reduced, the largest of which is the four-year fixed loan at 85 per cent LTV, which has dropped 1.10 per cent.

Meanwhile, on three and five-year fixed agreements at the same LTV, the rate is down 0.60 per cent and 0.94 per cent respectively.

On the two-year fixed, the interest charged has dropped by 0.56 per cent at 90 per cent LTV.

Phil Cliff, director of Santander Mortgages, said the bank is always looking for ways to deliver better value to homeowners.

"Cutting rates on a number of our fixed rate products is one of the ways we can achieve this; helping those homebuyers, whether they are first time buyers, movers or remortgagers, who need the added reassurance that a fixed monthly payment can offer over the short and longer term," he explained.

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