Money News

Santander cuts 4-year mortgage rates

Santander is pushing mortgage competition with new cuts to its four-year tracker mortgages.

Santander has announced its sixth cut in mortgage rates this year.

The lender today shaved up to 0.4% off its range of 4-year fixed-rate mortgages.

At 70% loan-to-value (LTV), Santander is offering a rate of 4.49%.

The deal comes with a £995 fees and free legal and valuation for remortgages to £250 cashback for homebuyers.

At 75% LTV, there is a 4.99% deal for home buyers and for remortgages there is a 5.29% fix, both come with no fees.

Phil Cliff, Santander mortgage director, said: "Our latest rate reductions mean borrowers can take advantage of even more competitive 4-year fixes, ideal for those looking for the peace of mind provided by a longer term fix.”

The bank - which has now replaced Abbey and Bradford & Bingley on the high street - is also cutting the fees on its two-year tracker.

The tracker - at 4.74% available up to 85% LTV - now has fees of £495

Mr Cliff said the tracker was aimed at borrowers with smaller deposits wanting flexibility.