Lender cuts fixed rates for home movers, FTBs, remortgages and BTL customers
Santander UK has lowered rates across its mortgage products for home movers, first-time buyers, remortgages and buy-to-let borrowers, effective from today.
For first-time buyers, two-year fixed rates now start at 3.84%. Home movers and buy-to-let customers can access two-year fixed deals from 3.79%.
Notable changes for home movers include a 0.17% cut to 4.30% for a 90% loan-to-value (LTV) two-year fixed rate with a £999 fee and £250 cashback. Three-year and five-year fixed rates have also been trimmed, with the 85% LTV three-year fixed now at 4.52% and the 60% LTV five-year fixed large loan at 4.08%.
First-time buyers see similar reductions, with the 60% LTV two-year fixed rate with a £999 fee now at 3.84%, and the 95% LTV five-year fixed with no fee and £250 cashback reduced to 4.70%.
Remortgage customers benefit from rate cuts of up to 0.23%, including a 60% LTV two-year fixed large loan now at 4.20% and a 60% LTV 10-year fixed with no fee at 4.54%. Those remortgaging with Santander can also choose between free legal support or £250 cashback paid to their conveyancer upon completion.
Buy-to-let borrowers see reductions of up to 0.21%. The 60% LTV two-year fixed with a £1,749 fee is now 3.79%, while the 75% LTV equivalent is 3.94%. Five-year fixed rates have also been cut, with the 60% LTV option now at 3.98%.
The new rates are available to all applicants, whether they go through a broker or apply directly, in line with Santander’s “no dual pricing” policy.
This marks the second consecutive day that the high street lender has announced a rate cut, following an earlier move to reduce fixed rates by up to 23 basis points (bps) across its residential and buy-to-let ranges, also effective from today. The latest changes also come in response to a recent decline in swap rates.
Meanwhile, West Brom Building Society has reduced rates on its Shared Ownership and New Build mortgages. Shared Ownership rates are down by as much as 0.25%, with the three-year fixed at 95% LTV on the borrower’s share now at 5.15%. At 90% LTV, the fee-free product falls to 4.69%, and the fee-paying option is now 4.36%.
The New Build range sees the two-year fixed at 90% LTV with a fee reduced to 4.41%, and the 95% LTV equivalent now at 4.94% with a £999 fee. The three-year fixed at 95% LTV with a £499 fee drops to 4.95%.
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