Santander reduces rates on its mortgages

Date:Friday 29th January 2010
Author: Susanna Kavka

Santander has announced it is cutting the rates on two of its tracker products, which are on offer for new and existing customers.

The institution has reduced the rates on two of its tracker mortgages, available through branches of Santander and Alliance & Leicester.

Individuals looking to remortgage their properties can now take out a two-year tracker loan with a rate of 2.63 per cent with a loan-to-value (LTV) of and a fee of £995.

Remortgaging customers also have the choice of a 75 per cent LTV two-year tracker, with a rate of 2.89 per cent plus a £995 fee, which is also available for homebuyers.

Phil Cliff, mortgage director for Santander, commented that this has been the institution's third consecutive week of mortgage rate cuts as it attempts to provide the best deals for its customers.

There has already been a 0.5 per cent reduction on some tracker mortgages with Santander so far this year.