Santander has announced a series of rate reductions across its residential and buy-to-let mortgage products, slated to take effect on Tuesday, 24th October.
The changes come in both new business and product transfer ranges, making the bank more competitive in a fast-moving market.
In the residential sector, standard fixed rates are set to decline by between 0.06% and 0.56%. New build exclusive fixed rates will see reductions ranging from 0.27% to 0.56%.
Additionally, all residential large loan exclusive fixed rates are being cut by between 0.25% and 0.30%. As for standard residential tracker rates, they will drop by 0.10%.
In the buy-to-let category, all new business fixed rates are decreasing by between 0.10% and 0.32%. A new range of 3-year fixed buy-to-let products is also being introduced, available with or without a product fee. Meanwhile, the buy-to-let range that comes with a £749 product fee is being withdrawn.
For those considering product transfers, selected residential fixed rates will decline by between 0.05% and 0.35%, and selected residential tracker rates will be reduced by 0.10%. On the buy-to-let front, selected fixed rates are set for a 0.22% cut. Similar to the new business category, a new 3-year fixed range is being introduced for product transfers, available with or without a product fee. The product transfer range with a £749 fee is also being removed.
Nick Mendes, mortgage technical manager at John Charcol, said: “Following several product reprices last week from high street lenders, Santander was quickly moving further away for the top spot across 2, 3 and 5-year fixes.
“It’s good to see Santander reacting early on this week to align with HSBC, Halifax, Nationwide BS, Virgin, The Co-operative Bank and NatWest. Also refreshing to see Santander remind brokers that they can change a product ’14 days before their new deal starts’ for deals that have already been submitted.”
