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- Among its other new rates is a five-year fix at 5.17percent (85percent LTV), also with an 899 fee.
The two-year fixed rate is cut by 0.24 percentage points to 4.88percent – at 75percent LTV. At the same time buy to let deals have been cut by 0.12 percentage points. The lender is offering a five-year fixed rate for remortgage or purchase customers at 5.1percent – this is at 75percent LTV with a 1,495 fee.
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The findings are based on first-time buyer households with outstanding mortgages at 80percent of the property value. Monthly mortgage payments are taking a larger bite out of typical first-time buyer household outgoings, writes Laura Howard. Again, the six-month average for remortgages is 45,938 approvals at a value of 9.4 billion. A homeowner with a 200,000 repayment tracker mortgage over 25 years will see their monthly payment rise by around 50 from 1,052 per month to 1,108.
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But with mortgage rates climbing rapidly over the past 18 months, taking out a mortgage over 35 and even 40 years has become the only way to make buying a home affordable for many buyers. Santander announced today that it was pulling all mortgage products for new business through intermediaries at the end of today . Track Record borrowers must have a minimum 12-months’ rental payment history. If average monthly rent has been 800, for example, monthly mortgage repayments cannot exceed 800.
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