Santander targets larger properties with new fixed rate mortgage

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Santander targets larger properties with new fixed rate mortgage

A new fixed rate mortgage is being released by Santander on Friday (February 4th), with a source from the firm explaining that it was created specifically with more expensive properties in mind.

Phil Cliff, director of mortgages at the organisation, made his comments regarding the two-year fixed Homebuyer option at 70 per cent loan to value, which features a fee of £1,995 and interest at 3.49 per cent.

He explained that it is available for properties valued between £1 million and £2 million.

Mr Cliff went on to describe how the home finance deal is designed to help homeowners beat the stamp duty increase from April, when the levy rises from four per cent to five per cent.

"Whether your property is worth over £1 million or not, prospective buyers and those remortgaging need to ensure they get a fair deal on their house and mortgage," added the Santander representative.

Last month, the Organisation for Economic Co-operation and Development urged the government to ditch stamp duty and replace it with an annual tax.

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