Banking group Santander has cut interest rates on some of its leading home loan deals by as much as 0.74 per cent. In a sign that the economy and the housing market may be improving, the interest rate cuts signify a return of competition to the market. The interest rate reductions have been made on Santander’s 80 per cent loan to value mortgages, meaning the banks two year tracker, available with up to 80 per cent loan to value, will be available with a 3.25 per cent interest rate, and a £995 initial fee. That deal is only available to purchasers; those looking for a remortgage deal must pay a higher initial fee of £1,495 though they will receive a free valuation and legal advice .
Despite commentators predicting the Bank of England will hold the base rate at its current level for a while longer, those looking for a fixed deal can now get a two year deal with an interest rate of 4.95 per cent, with a £995 fee.
Recent months have seen more lenders offering high loan to value products, and interest rates subsequently declining. Borrowers will be hoping for a similar level of competition on other forms of credit such as personal loans and credit cards as they look to repay debts .
Bank Cuts Interest Rates on 80 per cent Home Loans
Bank Cuts Interest Rates on 80 per cent Home Loans
Fri, 05 Mar 2010
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