Santander UK will launch more than 50 new mortgage products to its sales range on May 6.
The new product includes 43 new build-specific mortgages with a loan-to-value (LTV) range of 60% to 95%, two- and five-year fixed interest rates, and two-year tracking rates.
The cash back for new builds is £250, ranging from 85% of LTV to 90% of first-time home buyers, while the LTV for home movers is 90%.
Additionally, Santander will increase its fixed-rate product for three years and lower interest rates on existing mortgage products, including its home movers, first-time buyers, cashing out, purchases, and large loan scope.
Additional new fixed products include 60% LTV’s two-year fixed rate at a cost of £999 at 3.89% and LTV’s five-year fixed rate at 60% LTV’s five-year fixed rate at a cost of £999 at 3.92%.
For first-time home buyers, lenders have introduced 60% of LTV’s two-year fixed interest rate at £999, at 3.94%, and LTV’s five-year fixed interest rate at 95%, no fees, and £250 cashback at 4.99%.
Santander’s new tracker build includes 60% LTV two-year tracker for a fee of £999 and a 4.64% home mover.
It also adds a biennial tracking rate of 90% for first-time buyers, with no fees of 5.59%.
The new three-year fixed rate includes a three-year fixed fixed fee for Home Mover 90% LTV, which costs £999 and a cashback of £250, at 4.75%.
The lender also launched a first-time buyer product, 85% LTV, three-year fixed interest rate, with a fee of £999 and a cashback of £250, at 4.75%.
“The government ambitiously highlights the new construction market, which is the government ambitiously creating 1.5 million new homes through new towns,” said Graham Sellar, head of the Santander agency.
“We are excited to strengthen our new build products, along with a new three-year restoration and higher reduction rates to support our brokers and clients to access more options to help them on their home ownership journey.”
