Santander enters Help to Buy market

Santander launched its range of Help to Buy Equity Loan mortgages, including both fixed rate and tracker mortgages, via its intermediary channel today (22 July).

New fixed rate and tracker mortgages launched by Santander will be made available as part of the government’s Help to Buy equity loan scheme on new build properties.

The Help to Buy range offers fixed and tracker rates starting from 3.29 per cent, with a minimum deposit of 5 per cent of the purchase price and no booking fees on new build properties.

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All products come with Santander’s Homebuyer solution as standard, which includes a free valuation plus £250 cashback.

The products, which are all 75 per cent LTV, and would be part financed up to a maximum 20 per cent by an equity loan from the Homes and Communities Agency include a two-year fixed rate at 3.29 per cent, a five-year fixed rate at 3.49 per cent and a two-year tracker at 3.29 per cent.

Phil Cliff, director of Santander Mortgages, said: “Santander is delighted to be joining the government’s Help to Buy Equity Loan scheme, which we believe will play an important role in helping both first time buyers and homemovers looking to buy new build properties.”

Andy Frankish, new homes director at the Mortgage Advice Bureau, said: “It is great news for customers that Santander has launched Help to Buy products. Since launch, Help to Buy has been an overwhelming success in the new homes market.

“Santander coming into this market gives brokers more choice, which in turn gives more options for their customers and reinforces the importance Help to Buy plays in the present economy.”