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Santander hikes rates by up to 0.5 per cent

  • 22/02/2022
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Santander hikes rates by up to 0.5 per cent
Santander has confirmed it is to increase the interest rates on a host of its fixed rate mortgage deals by up to 0.5 per cent, while cutting its tracker rates by up to 0.25 per cent.

Alongside the price changes ‒ which come into effect from Wednesday ‒  Santander is withdrawing all of its residential deals at 80 per cent loan-to-value (LTV) as well as selected buy-to-let remortgage rates, though it emphasised this was only a temporary measure.

The price changes mean that Santander’s two-year fix at 75 per cent LTV moves from 1.44 per cent to 1.99 per cent, with a £999 fee, while the fee-free version increases by the same amount to 2.14 per cent.

On five-year deals, the biggest jumps are again applied to 75 per cent LTV deals. Its five-year fix for purchases, with no product fee, increases by 0.45 per cent to 2.14 per cent, while the remortgage version moves by the same amount to 2.19 per cent.

For buy-to-let deals, the two-year fixed rate at 60 per cent LTV, which comes with a £1,499 fee, will see its rate rise by 0.5 per cent to 1.84 per cent. The fee-free version also jumps by 0.5 per cent to 2.29 per cent.

In addition, Santander is updating its product transfer range, with selected fixed and tracker rates available up to 85 per cent LTV increasing by between 0.05 per cent and 0.5 per cent. Tracker rates at higher LTVs are being cut by 0.25 per cent at the same time.

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