Resi rates fall at Nationwide; Santander trims BTL deals but raises residential fixes
Nationwide Building Society and Santander UK have announced changes to their mortgage rates, with Nationwide reducing selected fixed rates while Santander has made a mix of rate cuts and increases across its product ranges.
Nationwide will reduce rates by up to 0.12 percentage points across selected two-, three-, and five-year fixed products from tomorrow, June 5. The lender’s lowest new lending rate will be 3.90%, with rates for existing customer switchers remaining unchanged from 3.84%.
For new and existing customers moving home, rates will drop by up to 0.10% across products up to 90% loan-to-value (LTV). These include a two-year fix at 60% LTV with a £1,499 fee at 3.90% (down 0.09%) and a five-year fix at 85% LTV with a £999 fee at 4.29% (down 0.05%).
For remortgages, reductions of up to 0.12% will apply, with rates starting from 3.92%. Key products include a two-year fix at 60% LTV with a £1,499 fee at 3.92% (down 0.12%) and a five-year fix at 85% LTV with no fee at 4.52% (down 0.09%).
Meanwhile, Santander has also made rate adjustments, reducing selected buy-to-let remortgage fixed rates by up to 0.15%. The cuts apply to 60%, 65% and 75% LTV products. Santander is also withdrawing its 70% LTV buy-to-let remortgage options.
For buy-to-let product transfers, 75% LTV two-year fixed rates are down by 0.06%, while 60-75% LTV five-year fixes have been cut by up to 0.10%.
However, Santander is increasing several residential fixed rates. First-time buyer, home mover, new build and remortgage products at lower LTVs will rise by up to 0.13%.
Notable increases include all 60% LTV first-time buyer fixed rates rising by up to 0.13%, and 85% LTV two and five-year fixes up by as much as 0.06%. For home movers, two-year fixed rates between 60% to 75% LTV, including new build options, have gone up by up to 0.05%, with 60% LTV five-year rates increasing by up to 0.08%.
In the remortgage space, all 60% LTV two-year fixes are up by up to 0.06%, while five-year fixed rates between 60-75% LTV have increased by up to 0.10%. Seven-year fixed rates at 60% and 75% LTV are also up by as much as 0.06%.
There are no changes to Santander’s buy-to-let purchase, large loan or tracker ranges.
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