Major lender makes rate cuts of up to 82 basis points
Santander UK has announced a reduction in fixed rates for all its mortgage products and additional loans, with cuts ranging from 0.17% to 0.82%.
Effective immediately, the reduced rates include a 60% loan-to-value (LTV) five-year fixed rate residential remortgage, now at 3.89%, down from its previous rate of 4.71%; a 75% LTV five-year fixed rate residential remortgage, with a new rate at 4.34%, decreased from the prior 4.82%; an 85% LTV five-year fixed rate residential purchase mortgage, now priced at 4.39%, down from its former rate of 4.76%; and a 90% LTV five-year fixed rate residential purchase mortgage, now with a rate of 4.49%, dropped from 4.89%.
Examples of reduced two-year fixes include a 60% LTV two-year fixed rate residential remortgage, now at 4.44%, down from its previous rate of 4.92%; a 75% LTV two-year fixed rate residential remortgage, with a rate of 4.69%, decreased from 5.06%; an 85% LTV two-year fixed rate residential purchase mortgage, is now priced at 4.79%, down from its former rate of 5.25%; and a 90% LTV two-year fixed rate residential purchase mortgage, with an adjusted rate of 4.94%, dropped from 5.39%.
All two- and five-year fixed rate products mentioned above carry a £999 product fee.
A complete list of Santander’s latest rates can be found on the lender’s intermediary website.
“We are delighted to help borrowers access cheaper loans with major reductions across our fixed mortgage rates,” Graham Sellar, head of business development for mortgages at Santander, said. “Customers can apply for our latest deals through their mortgage broker or directly with us on the Santander website or over phone.”
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