Santander reduces higher LTV rates by up to 0.28%

From tomorrow, Santander is reducing rates across its higher LTV products, including all 85%-95% LTV two-year fixed rate first-time buyer products, by up to 0.28%.

The reductions – part of a broader pricing reduction across selected residential mortgage products – will see Santander’s first-time buyer rates at 85% LTV or higher start from 4.90%.

In its first-time buyer range, all rates at 85-95% LTV have decreased by up to 0.28%. Selected 90-95% LTV three-year fixes are down by up to 0.19% and selected 85-95% LTV five-year fixes will reduce by up to 0.17%.

In addition, all 75% LTV ten-year fixed rates are reducing by up 0.15% and the 90% LTV two-year tracker rate is decreasing by 0.30%.

Santander is also reducing the rate on its 98% LTV five-year fixed rate first-time buyer exclusive 'My First Mortgage' by 0.10% to 5.85%. The product comes with no fee and £250 cashback. 

For home movers, all two-year fixed rates are reducing by up to 0.28%, selected 90-95% LTV three-year fixes by up to 0.19%, and selected 85-95% LTV five-year fixes by up to 0.17%.

All 60-75% LTV ten-year fixes are down by up to 0.15% and all two-year tracker rates are reducing by up to 0.25%.

Santander is also reducing rates across its range of new build first-time buyer exclusives, home mover and large loan ranges.

The newly reduced rates are available to customers applying via a broker or directly, under Santander’s ‘no dual pricing’ pledge.

Ben Merritt, head of mortgage trading at Santander UK, said: “It’s natural that those looking to buy, move or remortgage in the current market may be feeling uncertain about what they should do next. While the recent trend has been to see rates increase, we’re pleased that we’re able to pass on a reduction in borrowing costs following a fall in swap rates.

“While no-one can accurately predict where the market will go next, taking professional advice on what's possible from your lender or an independent broker, can help borrowers to make a decision based on the current market and what any movements mean for them specifically.”