Santander has introduced a 1-year fixed rate buy-to-let (BTL) mortgage, in a bid to provide landlords with greater payment certainty while maintaining flexibility.
The mortgage is available at 75% loan-to-value (LTV) with a rate of 5.37% and a fee of £1,749.
Santander has also made a number of rate reductions across its BTL and residential fixed and tracker mortgage ranges, with cuts up to 0.14%.
Key reductions in Santander’s existing buy-to-let range include a 60% LTV 2-year fixed rate purchase at 5.29% with no fee, reduced by 0.13%.
Its 75% LTV 5-year fixed rate purchase is now at 4.81% with no fee, has been reduced by 0.10% and its 60% LTV 2-year fixed rate remortgage is available at 4.78% with a £1,749 fee, reduced by 0.04%.
Additionally, a 75% LTV 2-year fixed rate remortgage is now available at 5.43% with no fee, reduced by 0.07%.
Significant reductions in residential mortgage rates include a 60% LTV 2-year fixed rate purchase at 4.58% with a £999 fee reduced by 0.06%, and a 75% LTV 2-year fixed rate purchase at 4.98% with no fee, reduced by 0.05%.
An 85% LTV 2-year fixed rate remortgage is now available at 5.53% with a £999 fee, reduced by 0.14%, and a 90% LTV 2-year fixed rate remortgage at 5.93% with a £999 fee has been reduced by 0.10%.
Reductions in Santander’s 3-year fixed rates for residential mortgages include a 60% LTV 3-year fixed rate purchase at 4.53% with a £999 fee, reduced by 0.08%.
The 75% LTV 3-year fixed rate purchase is now at 4.87% with no fee, reduced by 0.10%, and a 60% LTV 3-year fixed rate remortgage is available at 4.60% with a £999 fee, reduced by 0.06%.
Additionally, a 75% LTV 3-year fixed rate remortgage at 4.96% with no fee has been reduced by 0.11%.
For 5-year fixed rates, a 60% LTV 5-year fixed rate purchase is available at 4.37% with no fee, reduced by 0.11% and a 95% LTV 5-year fixed rate purchase is now at 5.41% with no fee and £250 cashback, reduced by 0.05%.
A 60% LTV 5-year fixed rate remortgage is now available at 4.38% with a £999 fee, reduced by 0.04%, as well as a 90% LTV 5-year fixed rate remortgage at 5.55% with no fee, reduced by 0.10%.
Graham Sellar, head of intermediary channel at Santander UK, said: “We know that the volatile rates this year have made it a tricky market for both customers – and brokers supporting them – with a remortgage or new borrowing.
“We’re pleased to introduce a 1-year fixed rate product to our buy-to-let offering, giving landlords certainty of payments, while offering more flexibility than a traditional longer fixed rate.”
