Britons have been forced to contend with high mortgage costs but lenders, including Santander, are offering competitive deals
Santander has unveiled the latest overhaul to its line of mortgage products with dozens of new offerings set to be available to the bank's customers.
These latest changes from the lender will come into effect from tomorrow (May 2) in a win for prospective homebuyers navigating the property market.
Among the new products are 43 new build specific mortgages with a range of 60 per cent to 95 per cent LTV, two and five-year fixed rates, as well as two-year tracker rates.
Furthermore, cashback of £250 is also being rolled out for new build products from 85 per cent LTV up to 90 per cent LTV for first-time buyers and 95 per cent LTV for home movers.
On top of this, Santander is launching three-year fixed rate products and slashing interest rates across existing mortgage products, including its home mover, first-time buyer, remortgage, buy-to-let and large loans range.
Graham Sellar, the bank's head of Intermediaries, said: "There's a renewed focus on the new build market spurred on by the Government's ambition to create 1.5 million new homes, in part through new towns.
Research conducted by the lender found that nearly three-quarters of potential first-time buyers (FTB) and more than half (57 per cent) of next-time buyers would consider moving to a new build property in one of the proposed new town sites.
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As well as this, more than four-fifths (83 per cent) of mortgage brokers believe that the new towns initiative will transform the homeownership market in the next year.
Here is a list of some of the new Santander mortgage products being rolled out tomorrow: