Santander launches 10-year fixed rate mortgage

Santander has launched what it calls its “lowest ever” 10-year fixed rate mortgage at 3.44 per cent, available up to 60 per cent loan-to-value and with a fee of £995.

Additionally, the bank has made some reductions to three and five year fixes. Its five-year fix is at 4.45 per, cent up to 90 per cent LTV, reduced by 0.54 per cent.

Its three-year fix is at 2.54 per cent, reduced by 0.15 per cent, available up to 70 per cent LTV for homebuyers and remortgagers with a £995 fee.

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Santander said that remortgagers can continue to take advantage of its two-year remortgage fixed rate, at 1.84 per cent available up to 60 per cent LTV with a £995 booking fee.

Finally, the bank has arranged for customers in the Santander 1,2,3 Current Account who pay their monthly Santander mortgage payment by direct debit to receive 1 per cent cash back on maximum monthly mortgage payments of £1,000.

Miguel Sard, managing director of mortgages at Santander UK said: “With the launch of our new ten year fix we are widening our range of mortgage options on offer.

“Whether you want the security of a ten year fix, or simply the reassurance of a shorter - term deal, we are currently offering some of the lowest fixed rates on the market.”