Santander mortgage rates are cut for NewBuy.
Low deposit buyers are to benefit from lower Santander mortgage rates.
Santander has announced a cut to its NewBuy rates. The lender joined the NewBuy scheme 2 months after its March launch offering rates from 5.49% and now they are reducing the cost of their mortgage deals.
Under the government NewBuy mortgage indemnity scheme launched earlier in the year, UK lenders are offered an indemnity guarantee for 5% deposit deals offered through the scheme. The scheme is available on new-build homes and the indemnity is provided by both the government and the builder.
Several lenders are now signed up to and to date around 750 new build homes have been reserved.
Santander has now announced that its mortgage rates for NewBuy have been cut by as much as 0.70%.
Its 3 year fix has been cut from 4.49% to 4.99%, its 5 year fix has been cut from 5.49% to 5.29% and its 7 year fix has been cut from 5.99% to 5.29%. All Santander NewBuy mortgage deals have a £99 arrangement fee.
A Santander spokesperson commented saying that its NewBuy rate reductions prove it is continuing to support smaller deposit buyers in their effort to get a foot on the UK housing ladder.
Santander believe its 3 year fixed rate is market leading and its low rates and fees make its NewBuy mortgage range good value for money.
If you are looking to compare the most competitive rates on offer against Santander NewBuy mortgage offers contact Deal Direct.
Call one of our advisers today for a cheap mortgage quote.
