Santander mortgage 'to be welcomed by consumers'

Date:Thursday 30th December 2010
Author: Max Freedman

Consumers worried about the effect the upcoming VAT hike will have on their household finances may welcome a reduction in fees on a selection of Santander mortgages.

The firm has announced that certain fixed-rate and tracker arrangements will have their fees reduced by £200, altering the price of the products from £995 down to £795.

Phil Cliff, director of mortgages at the company, highlighted how the organisation is aiming to become the "home of UK mortgages" and suggested this latest reduction could help counteract the effect of the VAT hike.

He said: "Our new initiative of reducing fees on selected products by £200 will hopefully come as welcome news to those homebuyers looking to save money."

Last week, Santander highlighted how Brits had to dig into their savings to find the money to pay for Christmas and the holiday season, with an average of £212 being withdrawn from such accounts.