Monmouthshire BS and Gatehouse Bank also reduces rates on select deals

Santander UK has announced fixed rate reductions of up to 23 basis points (bps) across its residential and buy-to-let (BTL) product ranges, effective from tomorrow, July 16.
The move includes new deals for home movers and first-time buyers (FTBs), with 95% loan-to-value (LTV) five-year fixed rates at 4.65% for home movers and 4.70% for FTBs, both with no fee and £250 cashback.
The lender is also reducing product transfer fixed rates by up to 0.16%. Tracker rates remain unchanged.
For new business, the high street lender is cutting residential home mover fixed rates by up to 17bps on two-year deals, up to 16bps on three-year, up to 13bps on five-year, and up to 15bps on 10-year products.
FTBs will see reductions of up to 18bps on two-year fixed rates, up to 17bps on three-year, up to 15bps on five-year, and up to 23bps on 10-year deals. Remortgage rates are also being lowered, with most 60-90% LTV two-year fixed rates down by up to 10bps, and 10-year rates by up to 23bps.
Buy-to-let purchase rates are being cut by up to 0.21% on two-year fixed products and up to 0.14% on five-year deals. BTL remortgage rates are down by up to 0.15% on two-year and up to 0.06% on five-year fixed rates.
For product transfers, most residential two-year fixed rates are being reduced by up to 8bps, three-year by up to 6bps, five-year by up to 5bps, and seven-year by up to 10bps. BTL transfer rates are also seeing cuts of up to 11bps on two-year and up to 6bps on five-year products.
In related moves, Monmouthshire Building Society has reduced remortgage fixed rates by up to 16bps, with some deals now below 4%. Its two-year fixed residential remortgage at 75% LTV is priced at 3.99%, and the five-year equivalent at 4.05%.
At 80% LTV, the two-year fixed is 4.15% and the five-year is 4.25%. At 90% LTV, the two-year fixed is 4.35%, and the five-year is 4.3%.
Meanwhile, Gatehouse Bank has lowered rental rates – a Shariah-compliant alternative to interest rates – by up to 20bps on two-year and five-year fixed term buy-to-let purchase plans. Rates now start from 5.64% for a two-year fixed at 80% finance-to-value.
The reductions apply to all standard and green two-year and five-year products for both new and existing customers, including houses in multiple occupation, multi-unit freehold blocks, and limited company deals.
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