Santander launches new mortgage product for first-time buyers
www.moneynews.co.uk > Mortgages > Santander launches new mortgage product for first-time buyers
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Money News |
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Santander launches new mortgage product for first-time buyers
Fri 20th May 2011
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The lender has launched a two year fixed rate deal, which offers prospective homeowners 90 per cent loan to value at a 5.29 per cent rate.
With one in four first-time buyers depending on their savings to apply for their first mortgage, Santander has made the product exclusively available to its First Home Saver customers.
The deal, which will be available for a limited time, also offers a free mortgage valuation and £250 cash back upon completion.
Director of Satander Mortgages Phil Cliff said: "We're honouring our commitment to our customers and rewarding their loyalty with a market-leading mortgage rate."
This news comes after the mortgage lender revealed first-time buyers pay an average deposit of 17 per cent of the overall price of their property.
Research from Santander also found that the average person wishing to purchase their first property takes 29 months to save up.
Click here for more mortgages news
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