10
Feb
Mortgage lenders cut rates
Two mortgage lenders in the UK have announced reductions across
their range of products in the home finance sector.
Santander revealed that it is cutting its rates by up to 0.25 per
cent on its five-year fixed-rate deals and is offering what it
describes as "market-leading" rates on its three-year tracker
products with no fees.
The lender's five-year fixed-rate deals for both new customers and
remortgages are on offer with a loan-to-value (LTV) of up to 70 per
cent and a £995 fee.
Meanwhile, Yorkshire Building Society made substantial cuts to a
number of its fixed-rate mortgages.
The financial institution announced that the rate on its two-year
fixed-rate loan will fall by 0.8 per cent and will be available
with an LTV of up to 60 per cent.
It is also offering its one and three-year fixed-rate mortgages
with an LTV of up to 75 per cent.
Ian Bullock, sales and marketing director at the society, explained
that the company wants to "significantly increase" its share of the
mortgage market during 2010.