It also changes its reversion rate from its follow-on rate to its standard variable rate
High street lender Santander UK has reduced fixed rates on selected residential purchase mortgages, remortgages, buy-to-let, and product transfers by up to 25 basis points (bps).
The rate changes include two-year fixed rate residential purchase mortgages with a £999 product fee – with the 60% loan-to-value (LTV) deal now at 4.99% from 5.14%, the 75% LTV rate now at 5.09% from 5.24%, and the 90% LTV option now priced at 5.61% from 5.70%.
Buy-to-let products that have had their rates reduced include five-year BTL fixed rates for remortgage or purchase with a £1,749 product fee – with the 60% LTV deal now at 4.89% from 5.04%, and the 75% LTV rate now at 5.21% from 5.31%.
Santander has also changed its reversion rate from its follow-on rate to its standard variable rate (SVR) for applications made from today.
Full details on the latest rate reductions made by Santander can be found on its website.
Last week, big lenders Halifax and HSBC also reduced rates on selected mortgage products.
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