Santander launches fixed rate mortgage at 0.99%.

Santander has introduced a new mortgage rate low, as it launches an 18 month fixed rate at just 0.99%.

The product is for a loan to value of up to 60%, however, bear in mind a product fee applies, and should be factored into the calculations when evaluating affordability.

The bank has also added a £250 cashback incentive to its 5 year fixed rate mortgage. The product is available to home buyers or movers for up to 60% LTV at 1.89%. A product fee also applies.

If the concept of knowing what your monthly repayments will be in the short term appeals to you, these types of mortgages could be ideal. During the duration of the fixed term, your repayments will remain unaffected in the event of a rise in rates. However, if rates fall further, the benefit will not be reflected during the term of the fix.

Very low mortgage rates can be headline-grabbing and it is understandable to be tempted by them. However, many carry additional fees and costs, which, after everything has been added together, could make the mortgage less economical than first appearances suggest.

This is why it is very important to use the services of our professional mortgage experts at Deal Direct.

We can compare and contrast all short-term, fixed rate mortgages for you, so you can clearly see which is the most affordable and best suited to your needs.

Take the uncertainty out of your mortgage search and consult Deal Direct.

To talk to an adviser, call 0800 048 8828 now.