Santander has increased rates on its lower loan to value (LTV) products and cut rates on its 95 per cent LTV offering in the latest changes to its mortgage range.
There has been a 0.5 per cent rate increase among purchase and remortgage fixed and tracker loans with borrowing amounts of up to £3m and £5m at the 60 per cent and 75 per cent LTV tiers.
These changes include a 60 per cent LTV two-year fixed with borrowing up to £3m. This now has a rate of 1.49 per cent and a £2,499 fee. The five-year equivalent has seen its rate increased to 1.74 per cent.
The 75 per cent LTV two-year fixed, also with a maximum borrowing amount of £3m and a £2,499 fee, has seen a rate increase to 1.84 per cent while the five-year fixed offering has a rate of 2.14 per cent.
Rates reduction for small deposit borrowers
Meanwhile, the lender has reduced rates by 0.15 per cent at the upper tier, with its two-year fixed purchase product now at 2.99 per cent and the five-year fixed equivalent at 3.34 per cent. Both products are fee-free.
Santander has also reduced the loan size on its standard residential mortgage range from £2m to £1.5m.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS