It also introduces cashback for higher LTV mortgages
Santander UK has reduced rates on selected fixed rate mortgages across its residential purchase and remortgage products by up to 23 basis points (bps).
The lender has also added £250 cashback on all residential mortgages with loan-to-value (LTV) ratios of 85% and above.
The rate cuts include reductions across Santander’s new build exclusive, green remortgage, and buy-to-let products, with decreases of up to 16bps. The updated rates cover two-, three-, and five-year fixed rate products for purchase and remortgage, as well as BTL and green remortgage options.
For residential purchase mortgages, examples of the reductions include a 60% LTV two-year fixed rate reduced to 4.21% with a £999 fee, an 85% LTV two-year fixed rate now at 4.69% with a £999 fee and £250 cashback, and a 95% LTV five-year fixed rate reduced to 5.29% with no fee and £250 cashback.
Remortgage rate reductions include a 60% LTV three-year fixed rate now at 4.26% with a £999 fee, a 75% LTV five-year fixed rate reduced to 4.30% with a £999 fee, and a 90% LTV five-year fixed rate now at 5.21% with no fee.
New build exclusive rates have also been reduced, such as a 60% LTV three-year fixed rate lowered to 4.17% with a £999 fee, and an 85% LTV three-year fixed rate now at 5.00% with no fee and £250 cashback.
Green remortgage products, which are available for properties with an energy performance certificate (EPC) rating of ‘A’ or ‘B’, saw reductions including a 60% LTV five-year fixed rate now at 4.07% with a £999 fee, and a 75% LTV five-year fixed rate reduced to 4.26% with a £999 fee.
For buy-to-let mortgages, five-year fixed rate reductions include a 75% LTV five-year fixed remortgage now at 4.40% with a £1,749 fee, and a 75% LTV five-year fixed purchase rate lowered to 4.67% with no fee.
Santander also reduced rates on buy-to-let green remortgage products, including a 60% LTV five-year fixed remortgage now at 4.13% with a £1,749 fee, and a 75% LTV five-year fixed remortgage reduced to 4.57% with no fee.
“It’s the time of year where everyone is on the hunt for the opportunity to make their money go that little bit further,” said Graham Sellar, head of intermediary channels at Santander.
“We’re pleased to deliver this bumper range of rate cuts across more than 70 products, alongside adding cashback for those looking at higher LTVs; helping more customers manage their borrowing for less and improving affordability for those hoping to secure a home ahead of the April Stamp Duty changes.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
