Santander's fixed-rate mortgages lowered

Date:Wednesday 7th October 2009
Author: Max Freedman

Santander has reduced the interest rates on its fixed-rate mortgages to make them more "affordable" for borrowers.

Nici Audhlam-Gardiner, director of mortgages at Abbey, one of the organisation's UK brands, made her comments following the decision to lower the interest on its 70 per cent and 80 per cent loan-to-value mortgages to 3.88 per cent and 5.88 per cent respectively.

She pointed out that interest rates are currently at the lowest they have ever been, so many people are looking to find a fixed-rate deal.

"We expect that these reductions to our fixed-rate product range will help more people find an affordable mortgage," added Ms Audhlam-Gardiner.

The financial services provider has also brought down the interest on its tracker rate mortgage deal to 2.94 per cent.

Alliance & Leicester, another of Santander's UK brands, will also be offering these deals.

This week, Santander has also launched a new range of guaranteed investment products, which offer up to 11 per cent gross return on a five-and-a-half year venture.