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The Santander UK mortgage business has announced it will be cutting the interest rates on longer term mortgages for borrowers in the UK, with the start of new deals in May.
Santander Retirement Mortgages has introduced a new low rate for UK homeowners. Those who purchased their home before 1 January 1978 or purchased a home with a value of £50,000 or less before 1 January 2008 will qualify for the new rate of interest. Santander has also announced that it will offer all existing customers the option to take advantage of the new low rate on their mortgage.
Santander UK has announced that it is reducing its mortgage interest rates by an average of 1.4% for UK homeowners. The bank said that it is now offering 3-year fixed rate mortgages at an interest rate of 0.49% with the bank saying that it wants to offer “many more products” to “help people get on the housing ladder,” according to the Telegraph.
Some lenders issued loans in the past with fixed terms and fixed interest rates. These fixed loans were issued because they were considered to be a low risk way of getting borrowers into repayment. However, recent research shows that for the average UK homeowner, the rate offered by Santander is actually better than that offered by the average lender.