Last week, Spanish owned Santander joined the race to offer the lowest fixed rate contractor mortgages.
As from last Friday, it lowered the rate on some of its fixed rate mortgage products, with terms ranging between two and five years, by as much as 1.10%.
As well as reducing the rates on its fixes, the bank also launched a 70% LTV three year fix at 3.19%. And homebuyers don’t have to pay a fee if they want to take out this particular mortgage.
Phil Cliff, the director of Santander Mortgages, said the bank remained committed to supporting the housing market in the UK and as such were always on the lookout for ways to deliver value to homebuyers. Cutting rates is one way to achieve this and Santander hopes the reassurance of a fixed rate will help first time buyers, remortgagers and people moving home.
Santander is keen on cashback offers and its new three year fix provides £250 cashback upon completion.
The bank has also launched a new current account which provides up to £300 cashback to people who switch their primary current account to them. Furthermore, switchers who avail of the new 123 Cashback Credit Card will be rewarded with cashback on their everyday purchases. Supermarket spending will earn 1% cashback, department store spending – 2% and fuel spending will be rewarded with 3%. The bank expects this will yield £176 cashback annually for the average card holder.
© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.
