by Mark Johnston
Abbey for Intermediaries, part of the Spanish Santander group, reduced its mortgage rates by up to 0.2% and have reviewed some of their products and make some great enhancements.
Home owners looking for a new mortgage can access Abbey for Intermediaries through a qualified mortgage advisor. One of the revamped mortgages is Abbey’s Flexi Offset mortgage which enables borrowers to add the £1250 fee to the overall cost of the loan. Their home buyer product which is part of the Flexi Offset ranges has a fantastic rate of 3.39%, it also offers a free mortgage valuation although only a basic one together with £250 cash back.
Abbey for Intermediaries have made rate cuts across their fixed and tracker ranges which include their two year tracker mortgage which following the cut is 2.85% with a loan to value of 70% so a 30% deposit would be required; together with a £99 fee. They have also reduced their two year fixed rate mortgage by 0.11% to 3.42% which has a loan to value of 75% and a 1% fee.
Abbey’s parent company Santander also reduced their two year fixed rate mortgage last month by 0.16 percent which has a loan to value (LTV) of 75% meaning a £100,000 home would require a deposit of £25,000. The new rate works out at 3.89% with a very reasonable fee of £99.
At the same time they also reduced their 70% loan to value (LTV) product by 0.1 percent bringing the cost down to 3.15% for the 2 year term.
They also reduced one of their three year fixed rate mortgages by 0.08 percent to 3.79%. The loan has a 70% loan to value and a £995 fee.
Phil Cliff, Santander’s director of mortgages, said: “As the ‘Home of UK Mortgages’, we want to ensure we offer a range of highly competitive mortgages. As well as cutting rates by up to 0.16 per cent, we have also launched a new exclusive first-time buyer mortgage to support borrowers trying to buy their first home, demonstrating our commitment to supporting the UK housing market.”
Borrowers should also look out for Santander’s new three year fixed rate mortgage for first time buyers. It has a more manageable loan to value of 85% for a fixed rate of 5.69% and a £495 fee. All of Santatnder’s mortgages offer a re-mortgage deal which offers a free valuation together with a choice of either free legal services or £250 cashback.
Earlier last month the banking giant Santander reduced its tracker and fixed rate mortgages to take an even larger proportion of the UK market. As well as reducing many of their mortgage rates, they have also launched a brand new two year fixed rate mortgage.
Their new two year fixed rate mortgages is priced at 4.15% for a loan to value (LTV) of up to seventy five percent which would mean borrowers would need a 25% deposit. Those looking to take out a £100,000 home loan would require £25,000 to be able to apply for this mortgage. The great news is that unlike many competitors the arrangement fee is only £99, which is good news for struggling home movers.
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