Santander has opened up its 3.94 per cent 10-year fixed rate to intermediaries.
The deal is available to 60 per cent loan-to-value through the lender’s intermediary brand, Abbey for Intermediaries.
The product, which has a £995 fee and a maximum loan size of £1m, is available to homebuyers and remortgagers and comes with the lender’s homebuyer solution or its remortgage solution. The homebuyer solution includes free standard valuation and £250 cashback on completion and the remortgage solution offers free standard valuation and either free legals or £250 cashback.
Santander launched the same product on a direct-only basis last month.
Abbey for Intermediaries managing director Miguel Sard says: “We are pleased to extend our intermediary product range with the launch of our lowest ever 10-year fix.
“We are committed to supporting the market with great rates and offering a wide range of products to meet the needs of intermediaries and their clients.”
The last three months has seen HSBC, Yorkshire Building Society and Barclays all launch sub-4 per cent 10-year fixed rates.
London & Country associate director of communications David Hollingworth says: “If you are looking to lock in for a longer period of time then obviously it makes sense to lock in at the bottom of a rate cycle.
“A 10-year fix at under 4 per cent is pretty appealing for borrowers looking to lock in for longer. I think lenders are seeing this and testing the market to see if there is much appetite. However, our experience is that this is still quite a niche area and people are tending to go for five-year fixes.”