Santander has launched a new range of three-year fixed rate mortgages for those purchasing new build properties. 

As it announced last week, its New Build range is now available up to 95% LTV for residential buyers. 

The lender is also reducing the cost of its New Build three-year fix for those borrowing 85% LTV — this was previously the maximum LTV available.

These new three-year fixed rates include a rate of 5.39% at 95% LTV. This has no product fee and comes with £250 cashback. 

Santander is also offer a rate of 5.15% at 90% LTV, again with no product fee, and a rate of 4.97% at 90% LTV with a £999 fee. 

For those with a larger deposit Santander is offering a rate of 5.1% with no product fee, up to 85% LTV.  This is a reduction on the previous rate of 5.18%.  

All of its new build exclusive products come with a nine month competition deadline. 

As well as raising the LTV on residential new build properties, Santander has also increased the maximum LTV for buy-to-let new build flats from 75% to 80%. It has yet to release details of the pricing of these products. 

Santander head of development, mortgages Graham Sellar says: “Our change will not only help more buyers get onto the property ladder sooner but also, with the majority of new build properties achieving an energy performance certificate rating of A or B, support the wider transition to greener living.”