Santander increases tracker rates and launches BTL remortgages

Santander increases tracker rates and launches BTL remortgages

 

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 £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.