Mortgage update – post-Budget announcement
Today the Chancellor announced a number of changes in the Budget that impact mortgages and the housing market.
Help to Buy: mortgage guarantee scheme
A new Help to Buy: mortgage guarantee scheme, supported by the government, is starting in April. We’re pleased to support this and are working to launch these products in line with the government timescales.
We intend to offer 95% LTV products to intermediaries. We’ll confirm our launch date over the coming weeks along with more detail on the scheme rules and policy, including eligibility and any additional requirements for your customers.
Stamp duty holiday
The current nil rate stamp duty holiday in all UK countries was due to end on 31 March 2021. It has now been extended to 30 June 2021 in all UK countries.
Santander rates update
New remortgage products at 70% LTV and 90% LTV
On Tuesday 2 March, we’re reducing selected fixed rates across all LTVs by up to 0.10% and adding £250 cashback to more of our 85% LTV purchase fixed rates.
To support your remortgage clients we’re launching a new 70% LTV 5 year fixed rate exclusively available to intermediaries. Plus, we’re expanding our 90% LTV availability to include a new range of 2 and 5 year fixed remortgage deals.