Santander 'offering cheaper mortgages for first-time buyers'

Santander remains committed to providing cheaper mortgages for first-time buyers, it has been claimed.

The high street bank says it was the first to increase its maximum first-time buyer loan-to-value LTV ratios on apartments and houses to 80 per cent and 90 per cent respectively after the recession.

And according to Santander, this move "demonstrated its commitment" to the UK's first-time buyer market.

The bank is currently offering a three-year fixed rate product at 5.99 per cent, up to 90 per cent LTV with £495 fee, plus a 4.99 per cent two-year tracker at up to 90 per cent with a £499 fee.

Phil Cliff, director of mortgage marketing at Santander UK, said: "The first few months of 2010 have seen rents start to climb which has meant that the savings to be made for potential first-time buyers have grown considerably.

"We hope the new government honours the last's pledge on stamp duty to continue support for the first-time buyer market and help those considering getting on the housing ladder."

Earlier this month, Santander launched what it described as "a highly competitive" three-year tracker at three per cent with a £333 fee at 75 per cent LTV.

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2010-06-16 13:28:34 © Moneyextra.com