Rate cuts apply across home mover, first-time buyer, new build, and BTL ranges
Santander UK is lowering mortgage rates across its residential and buy-to-let ranges, with changes taking effect from tomorrow, April 17.
The lender is reducing fixed-rate deals by up to 0.21 percentage points, and reintroducing rates under 4% for home movers.
The move follows a decline in swap rates, which has prompted several lenders to adjust pricing. Santander’s revised rates apply to home movers, first-time buyers, new build borrowers, remortgage clients and landlords.
Home mover deals will see cuts of up to 0.13 percentage points across two-, three- and five-year fixed rates. This includes a two-year fix at 60% loan-to-value (LTV) priced at 3.97% with a £999 fee, down by 0.08 percentage points, and a three-year fix at the same LTV and fee now at 3.99%, reduced by 0.09 percentage points.
For first-time buyers, rates between 60% and 95% LTV are being reduced by up to 0.17 percentage points. Offers include a two-year fix at 95% LTV, with no fee and £250 cashback, now at 5.14% after a 0.15-point reduction. A three-year fix at 75% LTV with no fee is now 4.37%, down by 0.17 percentage points.
New build loans for first-time buyers also receive notable rate cuts. Three-year fixed deals between 60% and 95% LTV are falling by as much as 0.21 percentage points. One example is a 95% LTV mortgage offering £250 cashback and no fee, now at 5.23%.
UK mortgage rates have generally trended downward since February, when the Bank of England made a base rate cut. That move has brought swap rates lower, allowing lenders more room to offer competitive pricing. Multiple major banks have since followed with reductions.
Santander was the first major UK lender this year to launch sub-4% mortgage products, though it later pulled its five-year fixed rate at 3.99% along with matching product transfer options. The two-year fixed at 3.99% remained on the market.
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