As Mortgage Solutions exclusively revealed, more than £133bn of mortgages are due to reach maturity in the second half of 2017 alone.
The rate cuts apply to its fee-free range and are available on 60%, 75% and 85% loan-to-value (LTV) products.
They also include free valuation and free legal fees or £250 cashback.
Santander also launched a two-year fixed-rate online remortgage exclusive at 1.09% at 75% LTV with a £1,499 fee.
Santander UK managing director of mortgages Miguel Sard said: “These new products are designed to support customers looking to remortgage and lock in to a lower rate.”
Two-year fixed-rate zero fee products
- 60% LTV at 1.39% (down 15bps),
- 75% LTV at 1.44% (down 20bps),
- 85% LTV at 1.69% (down 5bps).
Five-year fixed-rate zero fee products
- 60% LTV at 1.79% (down 20bps),
- 75% LTV at 1.94% (new product),
- 85% LTV at 2.29% (down 20bps).