The changes come into effect from tomorrow. A spokesperson confirmed that as of midnight tonight all its mortgage products will be above one per cent for new applicants.
In its residential range, Santander has increased 10 of its two-year fixed rate products between 60 and 75 per cent loan to value (LTV) by up 0.34 per cent.
Its two-year fixed rate remortgage product at 60 per cent LTV has gone up by 0.34 per cent to 1.43 per cent. The maximum LTV has been reduced from 70 per cent LTV to 60 per cent LTV.
Its two-year fixed rate remortgage at 60 per cent LTV has also been upped from 0.84 per cent to 1.14 per cent. The fee has increased by £250 to £999.
Another sub-one per cent deal that has been increased is its two-year fixed rate purchase product that has gone from 0.84 per cent to 1.13 per cent. It has a £999 fee and £250 cashback has been removed.
Santander has upped the rates for nine residential five-year fixed rate products by up to 0.37 per cent. This includes its five-year fixed rate purchase at 60 per cent LTV, with a £999 fee, which has gone from 0.99 per cent to 1.34 per cent. Its £250 cashback has been removed.
Its five-year fixed rate remortgage product at the same LTV has also increased from 0.99 per cent to 1.34 per cent. Its fee has also increased by £250 to £999.
Rate cuts
Santander has also cut the rates on eight two-year fixed products between 80 and 95 per cent LTV by up to 0.36 per cent. The rate on its two-year fixed rate remortgage at 85 per cent LTV has also reduced from 2.19 per cent to 1.83 per cent.
The lender has also brought in a two-year fixed rate purchase product at 80 per cent LTV priced at 1.74 per cent.
The lender has cut the rates for six of its residential five-year fixed rates between 80 and 95 per cent LTV by up to 0.30 per cent.
This includes a five-year fixed rate remortgage product at 85 per cent LTV which has fallen from 2.54 per cent to 2.24 per cent.
Across its Help to Buy range, the bank has cut the rate of six products by up to 0.15 per cent, including its two-year fix at 75 per cent LTV which has fallen by 0.15 per cent to 1.33 per cent. It has a £499 fee.
The lender has reduced six BTL products between 60 and 75 per cent LTV by up 10 0.1 per cent. This includes a two-year fixed rate purchase and remortgage product at 60 per cent LTV which has been reduced by 0.1 per cent to 1.62 per cent.
Its two-year fixed rate at the same LTV with a £1,499 fee has been cut by 0.09 per cent to 1.1 per cent, along with its two-year fixed rate at 75 per cent LTV which now stands at 1.3 per cent.
Product removals
Santander has also withdrawn some sub-one per cent deals, including a pair of two-year fixed rates at 70 per cent LTV as well as two five-year fixed rates at the same LTV.
It has also removed two intermediary exclusives, including a three-year fixed rate remortgage deal at 60 per cent LTV and three-year fixed rate at 75 per cent LTV.
