Santander slashes cost of fixed-rate mortgages

Santander has reduced rates by up to 0.40 per cent across its four-year fixed-rate mortgages, increasing the options available to homeowners.

The bank is now offering a four-year fix at 4.49 per cent with a £995 fee, available up to 70 per cent loan-to-value LTV.

For homebuyers wishing to avoid a fee, a rate of 4.99 per cent is available, rising to 5.29 per cent for those seeking to remortgage.

Santander has also reduced the fee on its two-year tracker at 4.74 per cent by £500, available at up to 85 per cent LTV.

Phil Cliff, mortgage director for Santander, said the latest rate reductions mean borrowers can take advantage of "even more competitive four-year fixes - ideal for those looking for the peace of mind provided by a longer term fix".

"Those borrowers wanting the flexibility of a tracker rate and with a smaller deposit, such as first time buyers, can take advantage of the newly reduced fee available on our two-year tracker," he added.

The lender recently launched a new range of fixed-rate bonds, paying up to 3.75 per cent gross AER.

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2010-03-12 08:34:02 © Moneyextra.com