Santander unveils new five-year fixed rate mortgage at 3.19%

Santander has announced further cuts to mortgage products and fees today including two-year tracker and fixed rate mortgage deals that are down to 2.79 per cent.

The bank is also launching a new five-year fixed rate mortgage deal for homeowners with a 40 per cent deposit. The product charges 3.19 per cent and is available to all qualifying borrowers.

It previously launched a five-year fixed rate mortgage at 2.99 per cent  in July but it was only available to existing customers.

The lender is cutting is two-year fixed rate mortgage deal for borrowers with a 70 per cent loan-to-value (LTV) ratio by 0.20 per cent to 2.79 per cent. This comes with a £995 fee and is available through its Homebuyer or Remortgages Solution product.

Its two-year tracker deal is also down by 0.20 per cent to 2.79 per cent with the same fees and product options as above.

For borrowers with less equity, Santander has its two-year fixed rate deal for 75 per cent LTV borrowers available at 3.59 per cent with a limited offer on a reduced fee down from £995 to £495.

Borrowers with just a 15 per cent deposit are also catered for in the new range. Its three-year fixed rate deal has been cut by 0.10 per cent to 4.79 per cent with a £995 fee.

Santander have a three-year fixed First Time Buyer deal at 4.79 per cent with a fee of just £99 available as part of the Homebuyer Solution range.

For borrowers looking to fix for a longer period, the bank has a five-year fix at 4.79 per cent with a £995 fee.

Phil Cliff, Director of Santander Mortgages, said: "Our new 2 year fixed at 2.79% and 70% LTV is market leading whilst our competitive new 3.19% 5yr at 60% LTV is available to all homebuyers and remortgagers.”