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Santander Mortgage Rates For First Time Buyers – Do you want some free money to become a home owner? Well, you’re in luck because Santander will actually pay you to take out a mortgage.
The lender is offering first time buyers £1,000 cashback when they take out one of the new loans.
Santander Mortgage Rates For First Time Buyers
You’ll be able to get cash for three new loans over three years, provided you borrow at least £75,000.
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The interest you pay over the three-year period varies depending on the size of your deposit, which can range from 5 percent to 15 percent.
Some lenders force you to pay an extra fee before you sign a contract, but Santander says it won’t charge you a penny.
What is the catch? We take a closer look, with the help of an expert, to see if these three deals are as good as they sound.
This means you won’t be able to use the first deposit if that’s what you were hoping for.
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But Andrew Hager of comparison service MoneyComms reckons the 0 per cent fee makes the rebates more competitive.
For 25-year loans, it is the best purchase for loans of £ 130,000 and £ 150,000 if you have a deposit of 10 or 15 percent.
MoneyComms’ Andrew Hager weighs up the pros and cons of a fixed-term mortgage to help you decide what will work for you.
“With a five-year fixed term, you have peace of mind that your interest rate and monthly repayments won’t change for 60 months, or 84 months on a seven-year deal, even if the Bank of England sets interest rates.”
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“Most fixed mortgages also charge a product fee – typically £500 to £1,000 – so it’s better to pay it once every five to seven years rather than every two years.”
“The downside of a long annual contract is that you have to pay early repayments if you get out of the loan early – and the interest rate goes down.
“It doesn’t matter if you’re moving out of a house, but say, for example, if you separated after you separated and had to sell before the end of the term, you have to pay the cost.”
The best deal at 15 per cent is from Coventry Building Society, which offers 1.89 per cent with a £999 cashless deposit.
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Over three years, it is £811 more expensive than a £120,000 loan and £523 more expensive than a £150,000 loan.
If you have a 10% deposit, the next best offer is from Hanley Financial Building Society at 2.24 per cent, but with a £299 cashless deposit.
But if you’ve got enough deposits for five per cent, it’s actually better to go to Clydesdale Bank, which has a 3.19 per cent three-year fix and £250 cashback.
“Don’t assume that just because you’re offered a four-figure cash-back loan, it’s always going to be the cheapest loan,” Hager told The Sun.
First Time Buyers
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“Often that won’t be the case, always use a broker like Habito or Trussle to quickly find the cheapest deal for your loan amount and term – it only takes a few minutes and can save you a fortune in the long run.”
Of course, lenders will only offer the lowest rates to those with the best credit scores, so you won’t be guaranteed the advertised rate.
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It’s also worth noting that three years may not be long enough because there’s never been a better time for first-time buyers to take a chance on a low-interest loan.
Other lenders offer longer terms of five or even seven years, meaning you can save on interest by locking in.
You won’t be able to get orders online, so you’ll have to pick up the phone to order or visit your nearest office.
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Loans are portable, meaning you can take them out if you move before the term ends.
But you will face a 3 per cent exit fee – plus £1,000 in cash – if you want to get out of the deal before the three years are up.
Borrowers with a loan of £143,000 can shave a year and three months off their loan – and save £2,749 simply by paying an extra £25 a month.
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If you don’t want to give your bank statement to the lender when you apply for a mortgage, here are some banks that don’t require it.
Some of you may be worried that your application won’t be accepted, but there are steps you can take to make sure it does.
Getting on the property ladder can seem like a daunting task, but there are schemes to help first time buyers own their home.
Help to Buy Isa – A tax-free savings account where for every £200 you save, the government adds another £50. But there is a maximum limit of £3,000 that must be paid to your solicitor when you move.
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Help to Buy Equity Loan – The Government will lend up to 20 per cent of the value of the house – or 40 per cent in London – after you put down a five per cent deposit. The loan is higher than a regular loan, but can only be used to purchase a new home.
Lifetime Isa – This is another government scheme that gives anyone aged 18-39 the chance to save tax-free and get a bonus of up to £32,000 for their first home. You can save up to £4,000 a year and the government will add 25 per cent.
Shared Ownership – Owning a condominium association means that you can buy a portion of the home and rent out the rest. You can buy anywhere from 25 to 75 percent of the property, but you are limited to some.
First Dibs in London – Mayor of London Sadiq Khan is working on a plan to limit the sale of all new homes in the capital to £350,000 to UK buyers for three months before they are marketed abroad.
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Home Start – The Government plans to sell 200,000 new homes in England to first-time buyers at a 20 per cent discount by 2020.
We deliver your stories! Got a story about The Sun Online Money Group? Email us at money@the-sun.co.uk or call 0207 78 24516. Don’t forget to join the Sun Money Facebook group for the latest deals and savings tips. Find out all about Santander 5 year mortgages in the UK, including current rates and how to apply.
Are you considering a 5-year fixed-rate Santander home loan? Whether you’re a first-time buyer or an experienced homeowner, it’s important to understand the options available to you and what they mean for your future. Santander offers a range of fixed rate loans with different terms, so it’s important to have a good understanding of current interest rates and what they are for you. This article will provide an overview of Santander’s fixed rate 5 year mortgage rates, giving you a complete picture of what’s available and the potential benefits they offer. We will also discuss the various factors in determining this price, so you can make sure you make the best decision for your future. The Santander 5-year fixed rate loan is an excellent option for homeowners looking for a long-term mortgage solution. With these types of loans, you can lock in the interest rate for up to five years.
This means that your monthly payment will remain the same for the rest of your life. This makes budgeting easier, as you don’t have to worry about your payments extending over time. Santander offers a variety of 5-year loans with different loan amounts and interest rates. The exact price varies depending on your credit score and other factors. It’s important to shop around and compare rates on different loans to make sure you get the best deal. When considering a Santander 5-year fixed rate loan it is important to consider the fees associated with the loan.
Finally, First Time Buyer Mortgage Costs Fall
There are usually closing costs, including appraisal fees, legal fees and more. It is also important that
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