Santander cuts rates on 80% mortgages

Date:Wednesday 3rd March 2010
Author: Susanna Kavka

Santander has announced that it is to cut the rates on its 80 per cent loan-to-value (LTV) mortgages, creating new best buy deals.

A reduction of 0.75 per cent is set to be seen across its range of high LTV products, with a 3.25 per cent two-year tracker now on offer, with a free valuation and cash-back on completion with a fee of £995.

Remortgaging customers can also benefit from the deal, with changes being that they have a fee of £1,496 but will have their legal fees and valuations paid for by the institution.

There is also a two-year tracker with a rate of 4.95 per cent on offer with a £995 fee.

Phil Cliff, mortgage director for Santander, commented: "We have consistently offered our customers some of the best deals and these latest products are no exception."

Santander is also offering its customers the chance to have their mortgages paid for a year by requesting a full home insurance quote from the bank.