Santander 80% Mortgages Slashed By 0.74%

Santander has announced yet another reduction in the cost of its mortgage rates, this time for its 80 per cent loan to value deals.

The Spanish banking giant, which bought Abbey and Alliance & Leicester, represented one in every five mortgages taken out in 2009, accounting for one of the highest market shares in the country.

Having already cut its rates several times this year, from today, Santander mortgages will be even cheaper.

Its two year tracker mortgage with an LTV up to 80 per cent for house purchasers will cost 3.25 per cent, with a free valuation, £995 fee, and £250 cashback upon completion.

Remortgage customers can get exactly the same mortgage with the same rate, including free legal fees and valuation, but with a fee of £1,495.

Another option is the two year fixed rate mortgage with a rate of 4.95 per cent, up to 80 per cent LTV and with a fee of £995.

Commenting on the new rates, Phil Cliff, director of Santander mortgages, said “We are committed to offering our customers the most competitive rate. Where borrowers can, saving a bit extra for their deposit is definitely worth it as they will benefit from a much lower rate on their mortgage.”

“Our competitive rates and variety of products meant that in 2009, we lent one in five mortgages. We have consistently offered our customers some of the best deals and these latest products are no exception.”

© Fair Investment Company Ltd