Lender reprices selected products in its new business and product transfer ranges
High street lender Santander has announced new rate reductions on selected residential and buy-to-let fixed rates, effective from Wednesday, November 29.
In its new business range, the lender will be slashing rates on selected standard residential fixed rates by between three basis points (bps) and 27bps.
Selected new build exclusive fixed rates will be reduced by between 5bps and 29bps, while selected buy-to-let fixed rates will be cut by between 5bps and 17bps.
For product transfers, Santander will be reducing selected residential fixed rates by between 3bps and 10bps and selected buy-to-let fixed rates by up to 17bps.
Full details on the latest rate reductions made by the lender can be found on its website.
Meanwhile, mortgage brokers welcomed the news, with several saying that rate cuts from a lender the size of Santander should trigger other lenders to follow suit.
“Santander is a major lender in the UK, so these rate reductions will likely have a ripple effect across the wider market,” Darryl Dhoffer of The Mortgage Expert commented. “This could lead to lower rates for borrowers across the board. Overall, this is a positive development for the mortgage market.”
“This is great news for mortgage borrowers,” Craig Fish, director at Lodestone Mortgages and Protection, added. “Hot off the heels of some good rate reductions yesterday, another of the ‘Big 6’ lenders is demonstrating its ability to keep the market alive.”
Ken James, director at Contractor Mortgage Services, said this was “starting to feel like a watershed moment for some of the big lenders who are fighting for every bit of the market they can get.”
“The domino effect of rate cuts this week continues with Santander following Barclays, Halifax and NatWest,” James remarked. “Buyers and sellers will feel encouraged by this latest rate reduction from Santander, and it can only be a good thing for the mortgage market as a whole.”
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