Santander launches large loan mortgage range

On Monday, Santander for Intermediaries is launching a range of new mortgages for larger loans of up to £2.5m, increasing the maximum loan size on a selected range of products to £1.5m, and introducing new products to its range.

Related topics:  Mortgages
Amy Loddington
25th October 2013
Mortgages

The intermediary lender, which has seen a 30 per cent increase on new business in the last six weeks, is extending its large loans range with the view of increasing its market share of this high-net worth segment.

The new large loans range includes:

- 2 year Fix at 70 per cent LTV with a 2.34% rate and  £1995 fee (£1.5m to £2.5m) with Remortgage or Homebuyer Solution
- 5 year Fix at 70 per cent LTV with a 3.24% rate and £1995 fee (£1m to £2.5m) with Remortgage or Homebuyer Solution
-  Lifetime Tracker at 70 per cent LTV with a 2.59% rate and £1995 fee – ERC free (£1m to £2.5m)

Alongside the large loan products there are some changes to the main range, including the following 2 year products:

- 2 year Fix at 70 per cent LTV with 2.14 per cent rate and £995 fee
- 2 year Fix at 70 per cent LTV with 2.59 per cent rate and NO fee
- 2 year Fix Current Account Exclusive at 70 per cent LTV with a 2.09 per cent rate and £995 fee
- 2 year Fix at 75 per cent LTV with a 2.39 per cent rate and £995 fee
- 2 year Fix at 75 per cent LTV with a 2.89 per cent rate and NO fee
- 2 year Fix at 75 per cent LTV with a 2.34 per cent rate and £995 fee – available exclusively to Loyal Movers
- 2 year Tracker at 70 per cent LTV with a 2.19 per cent rate and £495 fee – ERC free
- 2 year Tracker at 70 per cent LTV with a 2.14 per cent rate and £495 fee – ERC free

Santander for Intermediaries Key Account Exclusives include:
- 2 year Fix at 70 per cent LTV with a 2.39 per cent rate and NO fee – Remortgage only
- 2 year Fix at 75 per cent LTV with a 2.74 per cent rate and NO fee – Remortgage only
- 2 year Fix at 70 per cent LTV with a 2.04 per cent rate and £1249 fee (£200k - £1m)

Miguel Sard, Managing Director of Santander for Intermediaries, said: 

“Market conditions continue to remain buoyant, so on Monday 28 October we are making some exciting changes to our mortgage range to continue our support of intermediaries and the UK housing market.  We are launching a very competitive range of new products for customers looking for a larger loan of up to £2.5m, extending the maximum loan size on selected standard mortgages to £1.5m, and adding some new standard products with great rates to our already competitive range. In addition, the new Large Loans proposition will provide intermediaries with access to dedicated Lending Relationship Managers and underwriters, offering a tailored service to meet their needs for loans of over £1 million.

“The recent revitalisation of our mortgage range, offering customers highly competitive, yet flexible, product options has resulted in a 30 per cent increase on new business in the last 6 weeks – up 66 per cent year on year.  We believe these latest changes provide a fantastic opportunity for us to grow our business in the larger loans segment of the market while demonstrating our continued commitment to intermediaries.”

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