LONDON, May 14, 2012 /PRNewswire/ --
New competitive 3, 5 and 7 year fixed rates available at 95% LTV
Low upfront fees of £99 plus free valuation and £250 cashback on completion
Products available exclusively via Abbey for Intermediaries
Today (Monday 14 May 2012), Santander will launch its range of NewBuy mortgages via intermediaries with established ties to Barratt Homes, Berkeley, Bovis Homes, or Persimmon. The new range of mortgages, available as part of the Government's NewBuy scheme, are designed to help borrowers trying to get their first step on the property ladder.
The NewBuy range offers competitive 3, 5 and 7 year fixed rates starting from 5.49%, with LTVs of 95% and a low fee of £99. All products come with the Homebuyer solution as standard which includes free valuation plus £250 cashback on completion, helping customers with the upfront costs of purchasing a property. The products, which are all 95% LTV, include:
- 3 year fixed at 5.49% with a £99 fee
- 5 year fixed at 5.49% with a £99 fee
- 7 year fixed at 5.99% with a £99 fee
Phil Cliff, Director of Santander Mortgages, Santander said: "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 homes owners who are considering moving house.
"Sales of new homes have suffered since the economic downturn in 2008 and borrowers with smaller deposits have found it more difficult to access funding to purchase new homes. NewBuy has collectively brought together lenders, builders and the Government to provide a solution to increasing the supply of affordable credit on new build homes. The NewBuy scheme provides a strong platform to help get the overall housing market going and will also have positive benefits on the wider UK economy."
For more information on the NewBuy mortgages customers should contact the sales office of their local Barratt Homes, Berkeley, Bovis Homes, or Persimmon new build development or one of their subsidiaries who will put them in touch with a Financial Adviser who can help identify the available options and decide which mortgage is best for them. Details of local sales offices can be found on http://www.newbuy.org.uk.
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The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to Editors
The NewBuy scheme was launched by the Government on 12 March 2012. It is designed to help people who only have a deposit of 5-10% to buy a newly built home in England.
Santander's range of 95% LTV NewBuy mortgages on newly built houses and flats are available from the following developers:
- Barratt Homes (including David Wilson Homes, Ward Homes, & Wilson Bowden)
- Berkeley (including St George, St James, & St Edward)
- Bovis Homes
- Persimmon (including Charles Church, & Westbury)
Santander NewBuy mortgages require minimum loan size £6k, maximum loan size £475k.
About Us
Santander UK plc is a full-service retail and commercial bank providing services to 25 million customers, with more than 1,400 branches and 28 regional business centres. It is a wholly owned subsidiary of Banco Santander. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance. Over 85% of the assets on Santander UK plc's balance sheet are UK based and it is subject to full supervision of the Financial Services Authority (FSA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Sovereign exposures to Europe (excluding UK) as at September 2011 are not significant at less than 1% of total assets and primarily relate to Swiss government. Total exposure to periphery countries is c. 0.5% of total assets.
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone and is among the fifteen in the world by market capitalization. Founded in 1857, Santander had EUR 1.383 trillion in managed funds, more than 102 million customers, 14,760 branches - more than any other international bank - and 193,000 employees at the close of 2011. It is the largest financial group in Spain and Latin America. Furthermore, it has significant positions in the United Kingdom, Portugal, Germany, Poland and the U.S. northeast. Santander Consumer Finance operates in the Group's core markets as well as in the Nordic region. In 2011, Grupo Santander registered EUR 7,021 million in recurring net profit.
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