Some of the UK’s largest banks are involved in a mortgage war, as they seek to attract new customers and offset losses caused by the Payment Protection Insurance mis-selling scandal.
Santander Bank announced this morning (Tuesday 25th April 2017) that it was to cut mortgage rates from, 1.14% on a two-year loan and slashing interest rates on pre-existing agreements and arrangements of up to 0.3 percentage points.
The announcement by the Spanish bank comes on the heels of the news over the weekend that Yorkshire Bank was launching a mortgage product with a rate of 0.89% – the lowest ever rate ever offered by the bank in it’s history.
An Article on the website mirror.co.uk had more information on this story:
Miguel Sard, managing director of mortgages at Santander UK, said: “The mortgage market continues to be very competitive and we are pleased to be able to introduce this range of market-leading new products and rate reductions, providing customers with wider choice and enhanced value.”
Borrowers sitting on their lenders standard variable rate, the default people end up on when mortgage deals end, are being urged to consider taking advantage of rock bottom rates by switching on to a new deal.