Mortgage News Santander Launches 4 Year Fixed Rate Mortgage For Loyal Customers 18471311
Santander launches 4 year fixed rate mortgage for loyal customers
27 September 2010 / by Rachael Stiles
Santander has announced that it is launching a new mortgage exclusively for existing borrowers.
The new deal is a four year fixed rate mortgage, and is only available to existing Santander mortgage customers.
The “market leading” mortgage, available now, comes with a rate of 4.75 per cent, and customers can use it to borrow up to 75 per cent of the property value.
Santander has also reduced the booking fee on this mortgage by £500 to £495, to reward its existing customers.
The mortgage comes with Santander’s Homebuyer Solution, which includes a free basic valuation and £250 cashback upon completion.
Commenting on the new product, Phil Cliff, director of Santander mortgages, said: “At a time when many borrowers are looking for the peace of mind provided by a fixed rate mortgage, we are delighted to reward our existing customers and support them with this new Best Buy product.”
He added: “As the ‘Home of UK mortgages’, we want to ensure we can reward our loyal customers and this product certainly does fit a gap in the market.”
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Santander Mortgage Deal Selection – Call Direct
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Provider
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Type
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Initial Rate
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Initial Term
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Overall Cost for Comparison
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Max LTV* | Product Fee | |
|---|---|---|---|---|---|---|---|
 |
5 Fixed Rate |
2.35% |
5 Years |
4.10% |
60% |
More Info > | |
| £995 fee. |
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Representative Example:
A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.
The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).
In this example the overall cost for comparison is 3.7% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.