Santander fixed-rate mortgages 'show commitment'

Date:Friday 3rd December 2010
Author: Max Freedman

A new raft of reductions on Santander fixed-rate mortgage interest rates are an indication of the company's commitment to the UK housing market, a source from the firm has claimed.

Phil Cliff, director of the company's mortgages division, explained that the cuts have been introduced to help the financial services provider stay competitive.

The reductions in interest rates were brought in on Thursday (December 2nd) and apply to several Santander fixed-rate mortgages on terms of two and three years.

Mr Cliff said: "As well as cutting rates by up to 0.16 per cent, we have also launched a new exclusive first-time buyer mortgage to support borrowers trying to buy their first home."

The first-time buyer deal he refers to is available at up to 85 per cent loan to value, with an administration fee of £495 and interest at 5.69 per cent.

Last month, the organisation cut the interest rates on a variety of two, three and five-year mortgages by up to 0.2 per cent.