Santander has announced rate reductions across its residential and buy-to-let fixed-rate ranges for both new business and product transfers, effective from today (Monday 27th October).
The changes include cuts of up to 0.36%, alongside the introduction of a new range of large loan products for remortgage customers and a simplified minimum loan size for standard residential remortgages, now set at £25,000.
The lender said the rate changes are designed to support existing and new customers under its ‘no dual pricing’ commitment, meaning identical rates apply whether customers apply directly or via a broker.
For home movers, all 60% and 75% LTV 3-year fixed rates have been reduced by up to 0.36%.
The 60% LTV 3-year fixed rate with no fee and £250 cashback now stands at 4.06% following a 0.35% cut, while the 75% LTV 3-year fixed rate with a £999 fee and £250 cashback has been reduced by 0.36% to 3.96%. The 75% LTV no-fee equivalent is now priced at 4.20%, also down 0.35%.
For first-time buyers, 85% and 90% LTV 2- and 5-year fixed rates have been reduced by up to 0.16%.
The 90% LTV 2-year fixed rate with a £999 fee and £250 cashback has fallen to 4.42%, while the same LTV option with no fee is now 4.70%.
Remortgage customers will see reductions of up to 0.13% across all 60%, 75%, 85% and 90% LTV 2- and 5-year fixed-rate products, with new products starting from 3.73%.
The lender has launched several new large loan products, including a 60% LTV 2-year fixed rate at 3.73% with a £1,999 fee for loans between £500,000 and £2m, and a 75% LTV equivalent at 3.85% with the same fee and loan size parameters. Higher-tier products with a £2,999 fee are available for loan sizes up to £5m.
New build home mover and first-time buyer products have also been reduced in line with the main residential ranges, with 75% LTV 3-year fixed rates down by up to 0.36% and 90% LTV 2-year fixed rates down by 0.16%.
In the buy-to-let range, purchase rates have been reduced by 0.05% across all 60% and 75% LTV 2- and 5-year fixed options, while remortgage rates have been lowered by up to 0.10% for 60%, 65% and 75% LTV products.
