Santander Fixed rate mortgage 2.99%

Wizzler_2

Hello,

I have just been into my local branch of Santander, and have been told that a new mortgage will be available from them on Tuesday.

A 4 year fixed mortgage at 2.99% with no fees.

I thought people might want to know.

Neil

beecher2

Their present 4 year deal with no fees is 4.99% so that sounds unlikely. Maybe a tracker?

edit: sounds like it is a 2 year tracker

http://www.mortgage.org.uk/santander-highlights-benefits-of-loyalty-with-new-mortgages-19732104.html

The no-fee two-year agreements are available up to 75 per cent loan to value (LTV), with interest rate standing at 2.99 per cent for the tracker mortgage and 4.24 per cent for the fixed-rate product.

ultramagnetic_commuter

Highly unlikely!

Hopejack

Agree that it will be a tracker. We've just secured a 2 year 2.99% fixed rate with HSBC and I felt like we had to jump through hoops to get it - even the mortgage manager told us outright that they 'cherry pick' who they want to lend to and give the best rates to! This product had a whopping £999 arrangement fee so I couldn't see anyone doing that rate for a free fee!

I would have loved a slightly longer fix but on that rate it's just not available.

property.advert

How material a £999 arrangement fee is, is totally dependent upon the size of the mortgage. Quite a lot on a £100k advance and largely immaterial on a £1m advance.

Excel is your friend in such situations but over 2 years, the fee represents £41.63 per month which at 2.99% is the same as the interest on a £16,700 mortgage, so someone owing £50k would be paying about 33% over the top.