Santander UK is introducing more than 50 new mortgage products to its range.
Available from Tuesday 6th May, the new products include 43 new build specific mortgages up to 95% LTV, two and five-year fixed rates, as well as two-year tracker rates. Cashback of £250 is also being introduced for new build products from 85% LTV up to 90% LTV for first-time buyers and 95% LTV for home movers.
At the same time, Santander is introducing three-year fixed rate products and reducing interest rates across existing mortgage products including its home mover, first-time buyer, remortgage, buy-to-let and large loans range.
As a result, Santander has introduced new products below 4%.
In its new build range, new products for homemovers include two-year fixed rates from 3.89% and five-year fixes from 3.92%, available at 60% LTV with a £999 fee.
For first-time buyers, two-year fixed rates start from 3.94% at 60% LTV, with an 85% LTV two-year fix launching at 4.29% with a £999 fee and a five-year fix at 95% LTV starting from 4.99% with no fee.
New three-year fixed rates for home movers and first-time buyers are available from 4.49% at 85% LTV and 4.75% LTV at 90% LTV, both with a £999 fee.
Recent research from Santander found that nearly three quarters of potential first-time buyers and more than half (57%) of next-time buyers would consider moving to a new build property in one of the proposed new town sites. Within the industry, more than four fifths (83%) of mortgage brokers believe that the new towns initiative will transform the homeownership market in the next 12 months.
Graham Sellar, head of Santander for Intermediaries, said: “There’s a renewed focus on the new build market spurred on by the Government’s ambition to create 1.5 million new homes, in part through new towns. We’re pleased to bolster our new build offering, alongside new three-year fixes and broad reaching rate reductions, to support our brokers and customers access more options to help them on their homeownership journey.”
