Five-year fixed rates in its product transfer range will be cut by between 0.05 per cent and 0.25 per cent.
The lender added that it would withdraw all two-year fixed rates at 95 per cent loan to value (LTV), although its tracker products at the same LTV remain. It is also withdrawing all seven-year fixed rates.
On the residential side, the lender has cut its five-year fixed purchase rate at 75 per cent LTV by 0.5 per cent to 5.49 per cent. It is subject to a £999 fee.
Its no fee at the same LTV and term has gone down by 0.4 per cent to 5.74 per cent.
Santander’s five-year fixed mortgage rate at 90 per cent LTV, with a £999 fee, has been reduced by 0.25 per cent to 5.84 per cent. Its fee-free version has also gone down by 0.25 per cent to 6.04 per cent.
The bank’s Help to Buy products have been cut by up to 0.25 per cent, including its five-year fixed rate at 75 per cent LTV with a £999 fee which now stands at 5.79 per cent.
New build products have fallen by around 0.15 per cent, including its no-fee five-year fixed rate which is priced at 6.14 per cent.
Buy-to-let rates fall by 0.05 per cent
Santander has reduced the rates for buy-to-let remortgage only and purchase and remortgage products.
This includes its fee-free two-year fixed rate at 75 per cent LTV which is 6.34 per cent, and its five-year fixed rate at the same LTV which is 6.14 per cent.
On the purchase and remortgage side, its two-year fixed rate at 75 per cent LTV is 6.04 per cent and its five-year fixed rate at the same LTV is 5.99 per cent. Both come with a £1,499 fee.
Product transfer rates fall by up to 0.25 per cent
Santander said that all residential five-year fixed have decreased by between 0.05 and 02.5 per cent.
It has also withdrawn all its seven-year fixed rates in this range.
The lender confirmed that from tomorrow product transfer rates would be available for clients whose existing deals end before 5 March.
The bank added that product transfer rates were tailored to each customer.
