The initiative — an industry first — will offer up to 95% financing with a maximum 30-year repayment term, bringing the bank closer to younger customers.
Madrid, 27 April 2021 - PRESS RELEASE
Santander SmartBank, Banco Santander's service for young customers, has created a mortgage to help 1,000 people of up to 35 years of age purchase their first home with a smaller deposit than usual.
An industry first, the bank will finance up to 95% of the loan-to-value (LTV) ratio on standard variable- or fixed-rate mortgages with a maximum repayment term of 30 years. The loan will require a five-year personal guarantee from the inception date.
SmartBank, which in January clocked one million customers (or “Smarters”), has come up with this special initiative to address young people’s concerns amid growing social and economic transformation.
Customers and non-customers can find out more information on the bank’s website, which also has a simulator to calculate repayments.
The mortgage is another component of Santander SmartBank’s 'Smart Mode' value proposition of better financial and non-financial services with benefits and discounts for travel, cultural experiences and leisure activities.
In February, Banco Santander announced plans this year to turn more than 60 of its university branches into co-working spaces that offer cutting-edge technology, personalized customer service, career advice, entrepreneurship opportunities and grants, and tailor-made products and services.
In addition to this trailblazing mortgage, Santander SmartBank is running a campaign until 30 June to reward customers with up to EUR 100 for having their salary paid into their account. New customers only have to hold an account at the bank, sign up to the campaign and pay in their salary for at least 12 months to receive the incentive.