The new products include a buy-to-let mortgage at 75 per cent loan to value (LTV) for new borrowers. This is a five-year fixed rate priced at 4.59 per cent. It has a £3,999 fee for larger loans starting from £250,000. It is available both for remortgage and purchase.
Santander has also added a five-year fix for residential new business at 60 per cent LTV. This has no fee and a rate of 4.28 per cent. It is available for purchase.
The lender is also increasing select residential fixed rates for new business by between 0.03 per cent and 0.15 per cent.
Across its product transfer range, Santander has launched one-year fixed rate options as well as a buy-to-let product at 75 per cent LTV with equivalent features to the recently added new business deal.
The lender has increased residential fixed product transfer rates by between 0.03 per cent and 0.07 per cent, while lifetime tracker rates for product transfer have been reduced by 0.45 per cent.
Reliance Bank
Reliance Bank has made a number of updates to its mortgage range, including the removal of three and five-year fixed rates and a higher LTV limit for shared ownership.
The lender will now only offer two-year fixed rate mortgages. This follows its decision to replace its five-year fixes with three-year fixes in March, which at the time Reliance Bank said was a “statistical decision”.
It will now lend up to 95 per cent LTV on shared ownership mortgages, which are open to first-time buyers, homemovers, remortgagors and people who are staircasing.
The bank has retained the £850 cashback incentive on both key worker and shared ownership mortgages.
Its two-year fixed mortgage for key workers with a 4.25 per cent rate now has a £1,495 product fee, an increase from its standard £995 fee.
Gareth Byrne, head of mortgages for Reliance Bank, said: “We have improved our rates and increased our LTV banding from 90 per cent to 95 per cent LTV percentage share for the shared ownership scheme mortgages as well as maintaining our cashback incentives for both shared ownership and key worker mortgage completions.
“This helps to demonstrate our continued commitment to deliver a positive social impact.”
