The largest cut has been made to its two-year tracker at 90 per cent loan to value (LTV) which now has a rate of 5.19 per cent, a 1.25 per cent reduction. This has a £999 fee. At 95 per cent LTV, the fee-free option has been reduced by 0.75 per cent to 5.74 per cent. This is only available to existing customers who are moving home.
Also at 95 per cent LTV, the fee-free five-year fixed deal has been reduced from 6.39 per cent to 6.14 per cent.
Santander has also added new products to its offering, such as a five-year fix purchase and remortgage product at 85 per cent LTV and a rate of 5.33 per cent with a £999 fee and 5.59 per cent with no fee.
It has also added options to its new build range, with products fixed for two and a half years at 60 and 85 per cent LTV.
Rates for new-build properties start from 5.57 per cent at 60 per cent LTV with a £999 fee, up to 6.07 per cent at 85 per cent LTV with no fee.
The bank has also cut buy-to-let remortgage and purchase products by up to 0.45 per cent. Large loan mortgages have been reduced in pricing by 0.25 per cent.
Product transfer rates have been cut by up to 0.70 per cent and Santander has added options between 75 per cent LTV and 90 per cent LTV.
The bank has also removed the £35 funds transfer fee on mortgage offers, meaning it will no longer deduct this cost when sending funds to the solicitor or conveyancer. This applies from 21 November. Any new business mortgage offer issued before this date will still be charged this fee at completion.
