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Santander cuts NewBuy rates by up to 0.7%

Santander has cut its NewBuy mortgage rates by up to 0.7 per cent.

The lender’s three year fixed rate has been reduced from 5.49 per cent to 4.99 per cent, while its five-year fixed rate has been cut from 5.49 per cent to 5.29 per cent and its seven-year fixed rate has been reduced from 5.99 per cent to 5.29 per cent. All three products come with a £99 fee and are 95 per cent LTV. The lender’s NewBuy products are only available through intermediaries.

Under the scheme, announced in the government’s housing strategy last November and launched in March, lenders will offer 95 per cent LTV mortgages for new-build properties against a mortgage indemnity guarantee funded jointly by house builders and the government.

Santander director of mortgages Phil Cliff says: “These NewBuy product rate reductions demonstrate Santander’s continued commitment to helping customers get on the housing ladder. Our 3 year fixed is now a market leading 4.99 per cent while our 5 and 7 year fixed remain highly competitive at 5.29 per cent.

“This reduction in rates coupled with low upfront fees of £99, make our NewBuy mortgage range the best value products available exclusively via the intermediary market.”

The lender has also cut a number of its key account exclusives by up to 0.2 per cent.

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