The changes come into force from tomorrow.
On the new business side, the lender said residential purchase and remortgage fixed rates would fall. Its two-year fixed rates at 60 per cent LTV with £999 fee has decreased by 0.24 per cent to 5.33 per cent.
Its five-year fixed rate with no fee at 60 per cent LTV has gone down by 0.29 per cent to 5.14 per cent.
For residential purchase fixed rates, rates have decreased by as much as 0.28 per cent. Its two-year fixed rate with £999 fee at 75 per cent LTV has gone down to 5.39 per cent.
Its two-year fixed rate at 60 per cent LTV with a £999 fee has fallen by 0.25 per cent to 4.98 per cent.
Residential remortgage product rates have decreased by up to 0.29 per cent. An example includes a two-year fixed rate with £999 fee which has gone down by 0.29 per cent to 5.38 per cent.
New build product rates have fallen by around 0.28 per cent. This includes a 2.5-year fixed rate with £999 fee at 75 per cent LTV reduced by 0.28 per cent to 5.39 per cent.
Santander added that on the product transfer side all residential fixed rates for LTVs of 60 and 75 per cent have fallen by between 0.15 and 0.3 per cent.
The lender added that buy-to-let two-year tracker product has been withdrawn and would be replaced with a lifetime tracker for both buy-to-let and consent-to-let product transfer
TSB to cut rates and brings back shared equity deals
TSB will reduce selected five-year fixed rates for new and existing customers by up to 0.55 per cent from Friday.
The lender said that for residential five-year fixed rates for house purchase and remortgage up to 85 per cent LTV rates would fall by up to 0.55 per cent, with rates starting from 4.89 per cent.
On the product transfer side, TSB said five-year fixed rates up to 85 per cent LTV would decrease by up to 0.5 per cent and also start from 4.89 per cent.
TSB also confirmed that it would reintroduce select shared equity and shared ownership remortgage products, which it said would be a “welcome return for existing property owners”.
This includes a two-year fixed rates up to 85 per cent LTV for shared ownership remortgage products and two-year fixed rates up to 80 per cent LTV for shared equity remortgage deals.
