Santander has made a series of changes to its mortgages including an increase to its tracker product, the launch of buy to let remortgages and a reduction in product fees.
The bank has upped the rate on its 75 per cent loan to value (LTV) two-year tracker rate by 0.20 per cent to 1.49 per cent for purchase and remortgage. This makes the rate 1.39 per cent above the current base rate of 0.1 per cent.
The tracker has a product fee of £999.
Reduced fees
Santander is temporarily reducing its standard £999 product fee on all 60 per cent and 75 per cent LTV two- and five-year fixed rate purchase and remortgage products. These have been cut by £350 to £649.
It has also increased the maximum loan size from £350,000 to £500,000 on all residential mortgage products.
Buy to let launch
The bank has introduced a range of buy-to-let remortgage products up to 60 per cent LTV with a maximum loan size of £500,000.
These include a 60 per cent LTV two-year fixed at 1.39 per cent with a £1,499 fee and a fee-free 60 per cent LTV two-year fixed at 1.85 per cent.
There is also a 60 per cent LTV five-year fixed at 1.79 per cent with a £1,499 fee, and the fee-free equivalent 60 per cent LTV five-year fixed at 1.99 per cent.
Santander said it had made these adjustments to support its customers during this “difficult time”. All these changes will be effective from 21 April.
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
