On Thursday 9 January 2014, Santander is launching its range of Help to Buy: mortgage guarantee products via its Direct and Intermediary channels. The new range of mortgages, available as part of the Government’s Help to Buy initiative helping people with smaller deposits to buy a home up to the value of £600,000, further demonstrates Santander’s commitment to the UK housing market, helping meet the borrowing needs of its customers.
The Help to Buy: mortgage guarantee range offers competitive fixed and tracker rates starting from 4.99%, with a minimum deposit of 5% of the purchase price and no booking fees on properties up to the value of £600,000. All products come with the Homebuyer Solution² as standard, which includes a free valuation plus £250 cashback, helping customers with the upfront costs of purchasing a property. As Santander currently already offers products up to 90% LTV in our standard mortgage range, it will only be taking part in the greater than 90% up to 95% LTV band.
The products include:
• 4.99% 2 year Fixed rate NO fee
• 5.49% 5 year Fixed rate NO fee
• 4.99% 2 year Variable rate tracker NO fee
Santander’s Help to Buy: mortgage guarantee 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; Help to Buy: equity loan, NewBuy, and Shared Ownership ‘exclusive’³ mortgages.
Miguel Sard, Head of Santander Mortgages, said: “We’re pleased to be joining the second phase of the Government’s Help to Buy scheme. These latest products have no upfront fees and come with our unique Homebuyer Solution keeping down the cost for customers looking to buy with a 5% deposit and further extending our product offering to borrowers with smaller deposits, helping to achieve our aim of becoming the lender of choice for UK homeowners.
“The first phase of the Government’s Help to Buy scheme has already helped improve the flow of credit to good quality customers, and played an important role in helping both first time buyers and homemovers looking to buy new build properties. This has seen a welcome return of some confidence back into the market. Santander is committed to helping consumers get on, and move up, the property ladder, and our new Help to Buy: mortgage guarantee range is the latest addition to our competitively priced range of products.
“Santander 1|2|3 Current Account customers who pay their monthly mortgage payment by direct debit also benefit from receiving 1% cashback on maximum monthly mortgage payments of £1,000.”
From 9 January 2014, Santander’s Help to Buy: mortgage guarantee products will be available in branches and over the telephone. They will also be available to all registered mortgage intermediaries.
For further information on Santander’s Help to Buy: equity loan mortgages, customers should contact the sales office of their local new build development who will put them in touch with a Financial Adviser who can help identify the available options and decide which mortgage is best for them.