Santander UK has announced a reduction in remortgage interest rates, effective from today, Monday 7th July.
The bank is lowering interest rates by up to 0.16% on all remortgage products within the 60% to 75% loan-to-value (LTV) range.
Following the rate cuts, Santander’s 2-year fixed rate remortgage deals now start from 3.84%, while 5-year fixed rates begin at 3.87%.
The updated pricing is available to all customers, regardless of whether they apply through a mortgage broker or directly with the bank.
This aligns with Santander’s “no dual pricing” commitment, which ensures brokers and direct customers receive the same rates.
Among the new offers, the 60% LTV 2-year fixed rate with a £999 fee has been reduced by 0.10%, bringing it to 3.84%.
A fee-free version of the same product now stands at 4.10%, following a 0.16% cut.
For those opting for a 5-year term at 60% LTV with a £999 fee, the rate is now 3.87% after a 0.09% reduction.
At 75% LTV, the 2-year fixed rate with a £999 fee has dropped by 0.10% to 4.09%, while the 5-year equivalent has been reduced by 0.07%, now offering a rate of 4.01%.
In addition to the lower rates, Santander is offering remortgaging customers the choice of free legal support through its panel of solicitors or £250 cashback, which is paid to the conveyancer upon completion of the mortgage.
Graham Sellar, head of Santander for Intermediaries, said: “Industry data predicts around 1.8 million fixed-rate mortgages are due to come to an end in 2025.
“This leaves us in a mixed market, as customers on a five-year fixed rate may be anticipating a rate increase, while those on a 2-year fixed will likely be able to secure a lower rate than they’re currently on.
“Brokers are likely to be seeing an uptick as customers take much-needed advice to ensure they get the best deal for them, and we hope our latest range of reductions help more customers in their homeownership journeys.”
