Effective from today (Thursday 12th December), Santander has made significant changes to its mortgage offerings, reducing rates across more than 70 of its products.
This move was aimed at enhancing affordability for both new homebuyers and those seeking to remortgage.
The reductions affect a range of products, including fixed-rate mortgages for residential purchases, remortgages, new build exclusives, green remortgages, and buy-to-let properties.
Santander also introduced a cashback offer of £250 for residential mortgages with loan-to-value (LTV) ratios of 85% and above.
For its residential purchase and remortgage range, Santander has decreased fixed rates by up to 0.23%.
These reductions apply to 2-, 3- and 5-year fixed-rate products.
Examples of the new rates include a 2-year fixed-rate mortgage at 4.21% for borrowers with a 60% LTV and a £999 fee, representing a 0.11% decrease.
Similarly, a 5-year fixed-rate mortgage for 95% LTV borrowers with no fee now comes with a reduced rate of 5.29% and the added benefit of £250 cashback.
For remortgage customers, Santander implemented similar rate cuts.
For instance, a 3-year fixed-rate product for 60% LTV borrowers with a £999 fee now has a rate of 4.26%, reflecting a 0.05% reduction.
A 5-year fixed-rate remortgage at 75% LTV with a £999 fee has seen the most significant reduction of 0.23%, bringing the new rate to 4.30%.
Santander’s new-build exclusive range was also updated with reductions of up to 0.13%.
A 3-year fixed-rate mortgage for new build purchases at 60% LTV with a £999 fee now offers a rate of 4.17%, down by 0.13%.
Borrowers at 95% LTV can benefit from a 3-year fixed rate of 5.66%, with no fee and £250 cashback added.
The lender’s green remortgage offerings, available for properties with an Energy Performance Certificate (EPC) rating of A or B, also saw rate reductions.
A 5-year fixed-rate green remortgage at 60% LTV with a £999 fee now stands at 4.07%, a 0.12% decrease.
For 75% LTV borrowers, a 2-year fixed-rate product with a £1749 fee is now offered at 4.36%, reflecting a 0.10% reduction.
Buy-to-let products are not left out, with rates reduced by up to 0.16% on 5-year fixed-rate mortgages.
For example, a 75% LTV 5-year fixed-rate buy-to-let mortgage with a £1749 fee for remortgage is now available at 4.40%, representing a 0.14% decrease.
Green buy-to-let remortgages have also been adjusted, with a 5-year fixed rate at 60% LTV with a £1749 fee now at 4.13%, reduced by 0.08%.
Graham Sellar, head of intermediary channels at Santander, said: “It’s the time of year where everyone is on the hunt for the opportunity to make their money go that little bit further.
“We’re pleased to deliver this bumper range of rate cuts across more than 70 products, alongside adding cashback for those looking at higher LTVs; helping more customers manage their borrowing for less and improving affordability for those hoping to secure a home ahead of the April Stamp Duty changes.”
