Santander has become the fifth lender to join the NewBuy scheme, launching a choice of three mortgages for those with a 5-10% deposit buying a new build property.
The bank will offer loans with fixed rates for 3, 5 or 7 year periods. The 3 and 5 year mortgages have a fixed rate of 5.49%. The 7 year mortgage has a fixed rate of 5.99%. Santander is currently the only lender offering a NewBuy loan over a seven year period.
The builders that Santander will provide NewBuy mortgages for are Barratt Homes, Berkeley Homes, Persimmon and Bovis Homes.
Phil Cliff, Director of Santander Mortgages commented:
“Santander is delighted to be joining the NewBuy scheme and has launched a range of competitively priced products with low upfront fees which reflect our commitment to NewBuy and customers, particularly first time buyers looking to get a start on the housing ladder.
“The range will have wide appeal and is designed to meet the needs of both first-time buyers looking to buy their first home and existing home owners who are considering moving house.”
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