Santander announced new 95% mortgage products for new build homes
Santander has recently announced a significant expansion of its mortgage offerings, particularly targeting first-time buyers and those looking to invest in new build properties. On the 1st of March 2024, the bank unveiled a range of New Build 3-year fixed rate exclusives, catering to residential purchases with up to 95% mortgage loan-to-values. If you are looking for a brand new home with a low deposit, a Santander new build mortgage might be for you.
95% Santander New Build Mortgage Products
For years and years borrowers would struggle to buy a new build property with less than 15% or 20% deposit. Then a couple of lenders began to offer 10% and 5% deposit mortgages. This meant that borrowers did not need to struggle to save larger deposits, and could finally buy their first homes.
This latest offering from Santander includes options such as a 90% LTV 3-year fixed rate at 4.97% with a £999 product fee, another 90% LTV 3-year fixed rate at 5.15% without a product fee, and a competitive 95% LTV 3-year fixed rate at 5.39% with no product fee and an enticing £250 cashback offer. Also, Santander has decided to reduce its 85% LTV residential New Build 3-year fixed rate exclusive product, providing further options for potential new homebuyers.
What sets Santander’s latest offerings apart is not only the competitive rates but also the added incentives and flexibility they provide to buyers, especially those interested in new build properties. But what exactly constitutes a new build property?
What Is A New Build Property?
New build properties are properties that have been recently constructed or are still in the process of being built. Buying a brand new home has several advantages, including modern amenities, energy efficiency, and the potential for complete customisation so that it is really YOUR home. Additionally, developers often provide financial incentives to attract buyers, such as covering stamp duty costs, legal fees, or even contributing to the deposit. Which can add up to a lot in standard property purchases. The builder may also offer free add ons to the build such as white goods, or flooring.
Getting A Mortgage On A New Build Property
New Builds are a great investment opportunity. However, purchasing a new build property comes with its own set of challenges and complexities. When getting a mortgage, these properties have different rules and criteria compared to existing homes, which could complicate mortgage applications. Issues such as property build completion timelines, legal mortgage completion, and property valuation can significantly impact the mortgage application process. Trying to secure a mortgage on a new build property yourself, or seeking the help of an advisor who is not familiar with new build purchases is not a wise move!
Speak To A Santander New Build Mortgage Specialist
That’s why it’s essential for buyers to seek the assistance of a specialist new build mortgage broker. Professionals like ourselves at Oportfolio can provide invaluable guidance and support throughout the mortgage application process, ensuring that buyers secure the best possible deal and there aren’t any hiccups that could cause an unexpected problem later down the line.
Santander’s expansion of its mortgage offerings to include 95% mortgage products for new build properties comes as welcome news for aspiring homeowners. However, buyers must be mindful of the intricacies involved in purchasing a new build property and seek expert advice to make informed decisions and secure their dream home. If you or anyone you know is interested in purchase a new build property, and might want to look at 90% or 95% mortgage options, then please give our team a call. We are happy to help.
