Santander reveals updated fixed mortgage rates

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Santander reveals updated fixed mortgage rates

Interest rates for Santander's fixed-rate mortgages will be reduced by up to 1.1 per cent tomorrow (September 16th).

Amid a number of reports that claim the housing market is failing to increase first-time buyer uptake of property, the financial company's changes also include a new three-year fixed-rate loan at 3.19 per cent with an LTV of 70 per cent and no fee.

"Providing customers with real value underpins our continued commitment to supporting the UK housing market," said director of Santander mortgages Phil Cliff.

He added that the company was "always" looking to deliver value to customers, with cutting rates across a number of its products cited as one of the ways to achieve this aim.

According to the Council for Mortgage Lenders, figures for property purchase lending in July revealed how the popularity of fixed-rate mortgages was beginning to recede, with 60 per cent of people taking out the product compared to 62 per cent in June.

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