Mortgage News
Santander increases 85 per cent LTV rates by 0.3 per cent
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.
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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.”