Santander UK slashes mortgage rates and offers the first two-year fixed-rate deal under 4%
Santander UK has reduced its mortgage rates and become the first lender this year to offer a two-year fixed-rate deal below 4%.
The new two-year fixed-rate mortgage has a rate of 3.99% and is available for loans up to 60% of the property value. It also comes with a £999 fee.
Santander UK has also reduced rates on its other two-year fixed-rate mortgages. The rate on its two-year fixed-rate mortgage for loans up to 75% of the property value has been reduced from 4.24% to 4.19%, while the rate on its two-year fixed-rate mortgage for loans up to 90% of the property value has been reduced from 4.49% to 4.39%.
The move by Santander UK is likely to put pressure on other lenders to reduce their mortgage rates.
In recent months, a number of lenders have increased their mortgage rates in response to rising interest rates. However, the move by Santander UK suggests that the mortgage market may be starting to cool.
If you are looking to take out a mortgage, it is important to compare rates from a number of different lenders to get the best deal. You can use a mortgage comparison website to compare rates from a range of lenders.
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