Santander cuts rates by 0.20 per cent

Santander has announced plans to cut some of its mortgage rates by up to 0.20 per cent, which is good news for borrowers looking for the best mortgage rates.

From Tuesday December 21st, Santander's range of two and three-year tracker and fixed-rate mortgages will offer improved rates.

A two-year tracker at 70 per cent loan-to-value LTV for homebuyers will now be available at 2.85 per cent with a £99 fee after a rate reduction of 0.20 per cent.

The rate was also reduced by 0.20 per cent on the bank's two-year fix at 75 per cent LTV, with the product now on offer at 3.39 per cent with a £995 fee.

Phil Cliff, director of Santander mortgages said: "Whether they're looking to remortgage or purchase a house, we have some extremely competitive product deals.

"As well as cutting rates by up to 0.20 per cent, we are also rewarding customer loyalty by extending our Homebuyer and Remortgage Solutions to all products in the Current Account Exclusive range."

Recently-released data from the Mortgage Advice Bureau MAB found that the percentage of people looking for fixed mortgage rates increased from 63.6 per cent in October to 65.7 per cent in November.
 

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2010-12-20 13:46:53 © Moneyextra.com