LONDON, April 8, 2013 /PRNewswire/ --
- Reduced rates on Shared Ownership mortgage products
- New deals for existing mortgage customers moving home and existing current account holders
- Reductions across Fixed Rate and Tracker products
- All with effect from Tuesday 2 April 2013
Santander is demonstrating its continued commitment to helping first time buyers get a foot onto the property ladder by offering reduced rates for shared ownership customers. The new deals mean that customers with mortgages from Santander can borrow up to 95 per cent loan to value (LTV) on between a 25 and 75 per cent share of the property.
Santander is building on its partnership with affordable housing providers to help support shared ownership. Borrowers make monthly repayments on the share of the property purchased and subsidised rent on the share they don't own to the Housing Association. Santander is the only mainstream lender to support the Shared Ownership market with a 95% LTV product.
Santander is introducing a number of new deals for existing customers. These are:
- a range of Fix and Tracker discounted rates for existing mortgage customers moving home
- a new 70% 2-year fix with a discounted rate and £995 fee for existing current account customers who are looking to move home or remortgage their property.
In addition, Santander is also reducing rates on key Fixed Rate and Tracker products for new business homebuyer and re-mortgage deals.
Phil Cliff, Director of Santander Mortgages, said: "Shared ownership helps first time buyers get a foot on the property ladder and plays a vital role in supporting the creation of more affordable housing across the UK. Santander is committed to supporting the UK housing market by providing innovative products. Whilst housing market conditions may not have improved overall, mortgage rates remaining low does help homebuyers."
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to Editors
New 2yr Fix - 60%, 2.29% with £995 fee, for HomeBuyers & Re-mortgages
2yr Fix - 75%, 3.44% No fee, for HomeBuyers & Re-mortgages
2yr Fix - 80%, 3.24% £995 fee, for HomeBuyers & Re-mortgages
2yr Tracker - 70%, 2.44% £995 fee for HomeBuyers & Re-mortgages
2yr Tracker - 70%, 2.99% No fee, for HomeBuyers & Re-mortgages
2yr Tracker - 75%, 2.79% with £995 fee, for HomeBuyers & Re-mortgages
2yr Tracker - 75%, 3.29% No Fee, for HomeBuyers & Re-mortgages
Existing customer exclusives:
New 2yr Fix - 70%, 2.39% with £995 fee - Current Account Exclusive*
New 2yr Fix - 75%, 2.74% with £995 fee, for Homebuyers - Existing Mover exclusive
New 5yr Fix -75%, 3.34% with £995 fee, for Homebuyers - Existing Mover exclusive
New 2yr Tracker -75%, 2.74% with £995 fee, for Homebuyers - Existing Mover exclusive
* Must be an existing Current Account holder who has held the Current Account for a minimum of 30 days and the mortgage Direct Debit must be paid from it.
Santander UK plc is a full-service retail and commercial bank providing services to 25 million customers, with almost 1,200 branches and 35 regional business centres. It is a wholly owned subsidiary of Banco Santander. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance. Santander UK is firmly focused on the UK with c. 99% of customer assets UK-related and c. 85% of customer loans consisting of prime residential mortgages to UK customers. The total balance sheet remains UK focused, with a minimal net exposure after collateral to eurozone periphery countries only amounting to c. 0.4% of total assets. Santander UK is subject to the full supervision of the Financial Services Authority (FSA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had EUR 1.388 trillion in managed funds, 102 million customers, 14,392 branches - more than any other international bank - and 187,000 employees at the close of 2012. It is the largest financial group in Spain and Latin America. It also has significant positions in the United Kingdom, Portugal, Germany, Poland and the northeast United States. Santander had a pre-provision profit of EUR 23.559 billion in 2012, an increase of 2% from the previous year.