Within its new business range, all first-time buyer and homemover fixed rates will be cut by as much as 0.28% and large loan homemover fixed rates will be cut by up to 0.12%.
Selected buy-to-let (BTL) purchase fixed rates will be lowered by up to 0.25%.
Santander will also lower tracker mortgage rates, with first-time buyers and homemovers seeing cuts of as much as 0.3% and large loan homemovers by as much as 0.15%. This includes a reduction of 0.1% to its 98% LTV five-year fixed, My First Mortgage deal, to 5.85%. This product has no fee and offers £250 cashback.
Fixed rate product transfer pricing will also be cut. Across all one-, two-, three- and five-year fixed rates at 80% and 85% loan to value (LTV), reductions of 0.19% will be made. All one- and two-year fixes at 90% LTV and higher will be reduced by up to 0.25%.
For BTL product transfers, all two- and five-year fixed above 75% LTV will be cut by 0.1%.
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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.”
Principality BS makes some cuts and increases
Principality Building Society has announced a mixture of mortgage rate increases and cuts from 15 April.
Reductions include two- and five-year fixed shared ownership products at 95% LTV, which will be reduced by 0.1%.
Its fee-free two-year fixed holiday let product at 60% LTV will be cut by 0.07%, while five-year fixed holiday let deals at 60% LTV will be reduced by 0.1%.
Meanwhile, increases of as much as 0.2% will be made to residential, new build and joint borrower sole proprietor (JBSP) mortgages.
Elsewhere, Principality Building Society has reduced the fee on two- and five-year fixed rate residential mortgages, including new build, at 95% LTV from £2,500 to £1,499.
