It also implements rate charges on existing products
Santander has announced that it is introducing a new 95% loan-to-value (LTV) two-year fixed rate mortgage product for residential purchases, available from Tuesday, March 12.
The new product offers a 5.92% rate without any product fee and includes £250 cashback.
The lender also recently increased its maximum LTV for new build properties to 95%, providing first-time buyers greater access to homeownership.
In addition to launching a new high LTV product, Santander has adjusted the mortgage rates of its existing product offerings, with some residential remortgage rates for new clients having been reduced by between eight and 23 basis points (bps).
For buy-to-let, Santander is decreasing all fixed rates by between nine and 23bps.
Meanwhile, rates for certain purchase and remortgage deals will be increased by between six to 43bps. The lender will also increase residential tracker rates for new borrowers, whether for purchase or remortgage, by between one and 32bps.
Changes within its product transfer range include an increase in fixed residential rates by between two and 36bps and tracker rates by between two and 14bps. Additionally, the five-year fixed product transfer rate for BTL borrowers will see a slight hike of 4bps.
The complete list of revised rates is available on the lender’s website.
Santander has also updated its timelines for new business and product transfers. The bank has extended the completion deadlines and charge end dates by one month, with deadlines for purchases, product transfers, and remortgages having been moved to September 30, October 5, and October 7, respectively.
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