Santander reduces fixed and tracker mortgage rates

High street lender Santander has reduced the rates on its five-year fixed mortgages by up to 0.25 per cent.

Aiming to offer cheap mortgage rates, the firm has made its 70 per cent loan-to-value LTV product available at 4.99 per cent with a £995 fee and its Homebuyer Solution, which includes a free valuation and £250 cashback upon completion.

Santander has also re-launched its 70 per cent LTV product, with a free valuation and free legal services, at 5.15 per cent.

At the same time, the mortgage rates charged on the bank's three-year tracker range have been reduced.

Phil Cliff, mortgage director for Santander, said: "Once again, we are reducing the rates on our market-leading fixed and tracker mortgages.

"Our research shows that customer demand for longer term fixed rates has increased and we've responded by reducing the rates on our five-year fixed deals."

Earlier this week, the ever-expanding Spanish bank claimed to possess a 69.1 per cent share of the UK mortgage market.

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2010-02-12 09:17:18 © Moneyextra.com