• Published: May 03 2025 03:30 PM
  • Last Updated: May 24 2025 07:56 PM

Santander launched 50+ new UK mortgages, slashing rates and offering cashback incentives, particularly for new-build homes. This aims to boost a sluggish market and support government housing goals.


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Santander Just Blew Up the Mortgage Market!

Okay, so maybe "blew up" is a bit dramatic, but Santander's really shaken things up in the UK mortgage market. They've announced over 50 new mortgage deals and slashed interest rates, effective May 6th. It's a pretty big deal, especially since things have been feeling a bit sluggish lately.

A Big Push for New Builds (and Cashback!)

Santander's really focusing on new-build mortgages. They've added 43 new options specifically for people buying newly built homes. These are two- and five-year fixed rates, covering loans from 60% to 95% loan-to-value (LTV). And get this – first-time buyers and home movers can snag a £250 cashback on some of these deals!

It's smart, right? Their research shows tons of interest in new builds, especially from first-time buyers (almost three-quarters!) and those upgrading (over half). It’s all part of helping the government reach its goal of building 1.5 million new homes. Mortgage brokers are pretty happy about it too – more options mean more chances to help people.

Lower Rates Across the Board – Even Three-Year Fixed!

But it's not just new builds. Santander's also cut rates across the board – home movers, first-time buyers, remortgages, buy-to-let… you name it. They've even added new three-year fixed-rate options, which is great for more flexibility. I mean, who *doesn't* want more flexibility when it comes to mortgages?

How much will people save? It varies, of course, but early estimates suggest a potential annual saving of over £25 million across their customer base. That's serious money! Think of it: a £200,000 mortgage could see monthly payments drop by around £50 with these new lower rates. That’s a decent chunk of change for your groceries.

What the Experts Are Saying

Graham Sellar, Santander's Head of Intermediaries, is thrilled about the renewed focus on new builds and the extra choice they're offering. Ranald Mitchell from Charwin Mortgages agrees – he sees this as a smart move to get the market moving again. It's refreshing to see a proactive approach, honestly.

This whole thing shows Santander's commitment to supporting both brokers and customers. It feels like a pretty significant investment that could really make a difference in making homeownership more attainable for many people. It's a positive step in a somewhat tricky market.

The Branch Closure Thing

Now, it’s worth mentioning that Santander recently closed 95 branches and reduced hours at 36 more. That’s a separate issue, but it reflects the changing landscape of banking – more online, less in-person. They say they’re still committed to offering community banking services in affected areas though.

The Bottom Line

Santander's massive mortgage shake-up – 50+ new products and lower rates – is a big deal. The focus on new builds, cashback offers, and lower rates across the board could really help a lot of people. It’s a bold move that shows they're trying to boost the market and help the government reach its housing goals. And, while the branch closures are a different story, the overall impact of these changes on the mortgage market is significant and positive.

FAQ

Santander launched 50+ new UK mortgages, including new build mortgages, with reduced rates and cashback incentives, targeting first-time buyers and those seeking affordable housing.

The exact cashback amount varies depending on the specific mortgage deal. Check Santander's website for details on cashback mortgage offers available.

While the focus is on new-build homes, there are likely other mortgage options available from Santander. Check their website for the complete range of UK mortgage deals.

First-time buyers and those looking for affordable housing options, especially in new-build homes, will likely find these new Santander mortgage deals beneficial.

By making mortgages more accessible and affordable, these deals aim to support government initiatives to boost homeownership and address the housing shortage.

The interest rates vary depending on the selected mortgage deal. Visit Santander's website for the latest rates on their range of UK mortgage products.

You can apply for a Santander mortgage through their website or by contacting a Santander mortgage advisor. They will guide you through the application process.

The eligibility criteria depend on the individual mortgage. Visit Santander's website or speak with an advisor for specific eligibility details.

There may be associated fees, such as arrangement fees. Review the terms and conditions of your chosen mortgage for complete fee information.

Use online mortgage comparison websites to compare these new Santander deals with other UK mortgage offers to find the best fit for your circumstances. Consider interest rates, fees, and other terms.

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