Santander cuts rates across residential, remortgage and buy-to-let products

Santander for intermediaries has announced that it has reduced selected residential and buy-to-let fixed rates across its new business and product transfer ranges by up to 32 basis points following earlier cuts at the end of November

Following the changes, new residential rates include:

60% LTV 5-year fixed rate residential purchase mortgage at 4.39%, down from 4.64%.
75% LTV 5-year fixed rate residential purchase mortgage at 4.51%, down from 4.74%.
85% LTV 5-year fixed rate residential purchase mortgage at 4.76%, down from 4.91%.
90% LTV 5-year fixed rate residential purchase mortgage at 4.89%, down from 4.99%.

These products all carry a fee of £999

For buy-to-let, new rates include:

60% LTV 5-year fixed rate buy-to-let remortgage or purchase mortgage at 4.71%, down from 4.89%.
75% LTV 5-year fixed rate buy-to-let remortgage or purchase mortgage at 4.92%, down from 5.07%.

These products carry a fee of £1749

Santander says that new business and product transfer completion deadlines will roll on by one month.

Brokers have been advised by the lender that they can select a new product in the online mortgage transfer service for any clients who have not accepted a product transfer offer and a new offer will be issued.

Santander adds that If clients have accepted a new deal, brokers can change to a different deal, or cancel the one that has been booked. Brokers must do this at least 14 days before their client’s new deal starts.