Santander has increased rates across its 85 per cent loan to value (LTV) mortgages by as much as 0.3 per cent.
Its two-year fixed has gone up to 2.69 per cent from 2.39 per cent, while its five-year fixed has risen from 2.69 per cent to 2.79 per cent. Both products have product fees of £999.
This is the fifth rate increase the bank has made to its 85 per cent LTV mortgages since June and the most recent update was a month ago.
The new changes will be effective from 14 September.
Santander is one of many lenders to increase rates on low deposit deals, as recent data obtained by Mortgage Solutions showed a number of changes had been made across this market during the summer months as lender try to maintain service levels and manage risk.
A spokesperson for Santander said: “We regularly review our product offering to manage the inflow of applications and ensure we can continue to deliver a high level of service to our customers and help them towards their homeownership dreams.”
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
