The new range of mortgages, available as part of the Government’s Help to Buy Equity Loan scheme on new build properties, demonstrates Santander’s commitment to providing a choice of affordable housing options for customers and are designed to help borrowers trying to get their first step on the property ladder or move up the property ladder.
The Help to Buy range offers competitive fixed and tracker rates starting from 3.29%, with a minimum deposit of 5% of the purchase price and no booking fees on new build properties. All products come with the Homebuyer solution1 as standard which includes a free valuation plus £250 cashback, helping customers with the upfront costs of purchasing a property. The products, which are all 75% LTV, and would be part financed up to a maximum 20% by an equity loan from the Homes and Communities Agency include:
- 2 year fixed at 3.29%
- 5 year fixed at 3.49%
- 2 year tracker at 3.29%
Santander’s Help to Buy Equity Loan products are the latest initiative from the bank to provide customers with a range of affordable housing options, with a minimum deposit starting from 5%. Santander’s other affordable housing products include NewBuy and Shared Ownership ‘exclusive’2 mortgages.
Phil Cliff, Director of Santander Mortgages, Santander said:
“Santander is delighted to be joining the Government’s Help to Buy Equity Loan scheme, which we believe will play an important role in helping both first time buyers and homemovers looking to buy new build properties. Our new Help to Buy range offers competitively priced products with no upfront booking fees, extending the affordable housing options we can offer to customers who have a deposit from 5%; where they can also choose from our range of NewBuy and Shared Ownership ‘exclusive’ mortgages.
“Plus any customer who pays their monthly mortgage direct debit payment from their Santander 123 Current Account will receive 1% cashback on maximum monthly mortgage payments of £1,000. This, coupled with our Homebuyer Solution, sets our mortgage products apart from all other UK mortgage lenders.”
Andy Frankish, New Homes Director at MAB, said:
“It’s great news for customers that Santander has launched Help to Buy products. Since launch, Help to Buy has been an overwhelming success in the new homes market. Santander coming into this market gives brokers more choice, which in turn gives more options for their customers and reinforces the importance Help to Buy plays in the present economy."
