High street lender reduces pricing for first-time buyers, home movers, and landlords
Santander UK has announced that it will implement a number of mortgage rate cuts from tomorrow, July 2, reducing selected fixed rate products by up to 0.16 percentage points.
The changes will apply across the bank’s new business range, including options for first-time buyers (FTBs), home movers, remortgages, new build properties, and Buy to Let (BTL) purchases.
The updated pricing will be available to all applicants, whether applying directly or through a broker, under the high street lender’s “no dual pricing” policy.
“We’re continuing to make fixed rate reductions to our new business FTB and home mover ranges,” Santander stated. “Following our new build affordability improvements, our FTB new build only range is reducing by up to 0.16%.”
Reductions for first-time buyers will affect products with loan-to-value (LTV) ratios between 75% and 85%. A 75% LTV two-year fixed rate with a £999 fee will fall by 0.05% to 4.02%. A similar product at 85% LTV, with the same fee and £250 cashback, will also drop by 0.05% to 4.23%.
On five-year deals, a 75% LTV rate with a £999 fee will decrease by 0.10% to 4.13%, while the equivalent 85% LTV product will drop 0.16% to 4.21%.
New build mortgages for first-time buyers will follow suit, with mirrored reductions across the same LTV bands and terms.
Home movers will see rate reductions on a range of 60%-90% LTV products. The 60% LTV two-year fixed rate with a £999 fee will fall by 0.05% to 3.90%. A 75% LTV equivalent will also reduce by 0.05% to 3.98%.
Five-year fixed rates will see smaller adjustments, with the 60% LTV product decreasing by 0.03% to 3.98%, and the 90% LTV product with cashback dropping 0.03% to 4.37%.
New build home mover rates will reflect similar cuts, including a 60% LTV five-year fixed rate falling 0.11% to 3.90% and a 75% LTV option reducing by 0.04% to 4.10%.
Buy-to-let purchase products at 60% and 75% LTV will also see price reductions. The 60% LTV two-year fixed with a £1,749 fee will be cut by 0.10% to 3.99%, and the 75% LTV version will decrease by the same amount to 4.15%.
Five-year BTL deals are similarly affected, with the 60% and 75% LTV products each dropping by 0.10%, to 4.12% and 4.22% respectively.
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.
