Santander announces new two-year mortgages

Santander has launched new two year tracker and fixed rate mortgage products, and has reduced the rate on its five year fixed rate mortgage.

The two year mortgages are available to both first time buyers and home-owners at up to 70% loan-to-value (LTV)

Interest on the fixed-rate mortgage is 3.44%, while interest on the tracker mortgage is 2.49%.

The five year mortgage is available at an LTV of up to 75% with an interest rate of 5.44%.

“Now is a great time to take advantage of the low mortgage rates available, whether customers are looking to fix or for a tracker, we have a variety of market-leading deals available,” said Phil Cliff, mortgage director at Santander.

Chris Eagle of consumer advice site creditchoices.co.uk said the interest rate on the new mortgages is “attractive”.

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