Santander 'significantly reduces' BTL rates

The bank has cut selected fixed rates at 60% and 75% LTV by up to 0.15%, and launched a new two-year fixed remortgage special at 75% LTV from 2.49%, with a 1% booking fee.

Santander has also removed its £495 booking fee on selected two-year fixed products, including a 60% LTV at 2.94% and a 75% LTV at 3.64%.

Santander said it has made the cuts in response to recent changes in the buy-to-let market, including the new 3% surcharge to stamp duty and the cuts to tax relief on BTL homes being introduced from 2017.

Brad Fordham, Managing Director of Santander for Intermediaries, said: “The buy to let space has been heavily scrutinised over the last year. The immediate results have meant that changes have been made to both stamp duty and a reduction in tax relief investors can claim, in effect from 2017.

“We want to help all customers looking to invest in bricks and mortar get a foot on the buy to let ladder and make their ambition a reality. Which is why we have introduced these new, improved offers.”