It also reduces rates across BTL and residential range
Santander UK has introduced a one-year fixed rate buy-to-let mortgage product, becoming the first of the five largest mortgage lenders in the UK to offer such a product for landlords.
The new buy-to-let one-year fixed rate product features a 75% loan-to-value (LTV) one-year fixed rate buy-to-let remortgage at 5.37% with a £1,749 fee.
The lender has also announced reductions of up to 14 basis points (bps) across its existing buy-to-let and residential fixed and tracker rate mortgage range.
Examples of reductions in Santander’s existing buy-to-let range include a 60% LTV two-year fixed rate purchase at 5.29% with a £0 purchase fee, reduced by 13bps; a 75% LTV five-year fixed rate purchase at 4.81% with a £0 purchase fee, reduced by 10bps; a 60% LTV two-year fixed rate remortgage at 4.78% with a £1,749 fee, reduced by 4bps; and a 75% LTV two-year fixed rate remortgage at 5.43% with a £0 purchase fee, reduced by 7bps.
Rate cuts in residential two-year fixes include a 60% LTV purchase deal at 4.58% with a £999 fee, reduced by 6bps; a 75% LTV purchase product at 4.98% with a £0 fee, reduced by 5bps; an 85% LTV remortgage at 5.53% with a £999 fee, reduced by 14bps; and a 90% LTV remortgage option at 5.93% with a £999 fee, reduced by 10bps.
Reductions in residential three-year fixed rates include a 60% LTV purchase deal at 4.53% with a £999 fee, reduced by 8bps; a 75% LTV purchase product at 4.87% with a £0 fee, reduced by 10bps; a 60% LTV remortgage option at 4.60% with a £999 fee, reduced by 6bps; and a 75% LTV remortgage product at 4.96% with a £0 fee, reduced by 11bps.
Examples of reductions in residential five-year fixed rates include a 60% LTV purchase product at 4.37% with a £0 fee, reduced by 11bps; a 95% LTV purchase deal at 5.41% with a £0 fee and £250 cashback, reduced by 5bps; a 60% LTV remortgage option at 4.38% with a £999 fee, reduced by 4bps; and a 90% LTV remortgage at 5.55% with a £0 fee, reduced by 10bps.
The complete list of new rates is available on the lender’s website.
“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,” said Graham Sellar, head of intermediary channel at Santander UK. “We’re pleased to introduce a one-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.”
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