Santander Cuts Rates by up to 0.20 Per Cent & Introduces Two New Two Year Fixed 80 Per Cent LTV

LONDON, Jan. 21, 2011 /PRNewswire/ -- From Friday 21 January, Santander will introduce a selection of changes to its current range of mortgages including the reduction of its two year tracker rates and the introduction of two new two year fixed 80 per cent LTV deals:

• Rate reduced by 0.20 per cent on two year tracker at 75 per cent LTV, now 2.69 per cent with 995 pounds Sterling fee
• Rate reduced by  0.10 per cent on two year tracker at 75 per cent for homebuyers, now 2.69 per cent with 995 pounds fee

All the above come with either a Homebuyer or Remortgage Solution. The Homebuyer Solution offers borrowers the added benefits of a free basic mortgage valuation and 250 pounds cash-back on completion, while the Remortgage Solution offers a free basic mortgage valuation, and either free legal's or 250 pounds cash-back on completion.

In addition to this, the Home of UK Mortgages has also improved its higher LTV offering by adding the Homebuyer Solution to two of their 90 per cent LTV deals:

• Three year fixed for First Time Buyers at 5.99 per cent, 90 per cent LTV and 799 pounds fee
• Two year tracker at 4.99 per cent, 90 per cent LTV and 495 pounds fee

Phil Cliff, Director of Santander Mortgages said: "We're pleased to offer our latest range of competitive deals which includes not only another reduction in the rates on offer but also the introduction of the Homebuyers Solution for a selection of our 90 per cent deals.  We continue to look at ways to support first time buyers and believe this change will do just that, helping them to manage costs from the outset.  As the 'Home of UK mortgages', we want to ensure we can provide customers with a good variety of products to suit their needs, demonstrating our ongoing support of the UK housing market."

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:

1. The Current Account mortgage range is available to existing customers who have held their main bank account with Santander for more than three months. All Investment customers qualify except those with Cash ISAs only.

About Us

Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with presence in 10 main markets. Services include personal bank accounts, insurance and loans. At the close of June 2010, Santander was the largest bank in the euro zone by market capitalization and, at the end of 2009, fourth in the world by profit. Founded in 1857, Santander had EUR 1,365 billion in managed funds. Santander has more than 90 million customers, 13,671 branches – more than any other international bank – and 170,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. In the first half of 2010, Santander registered euro 4,445 million in net attributable profit.

In the UK, Santander was formed out of the Abbey, Bradford & Bingley and Alliance & Leicester retail networks. It has over 1300 branches, around 4,500 cash machines and provides a full range of retail and corporate banking services to 25 million customers.

SOURCE Santander UK