10 Feb

Mortgage lenders cut rates

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.ADNFCR-1222-ID-19608953-ADNFCR

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