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Santander ups rates; Dudley BS revises range – round-up

  • 24/07/2023
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Santander ups rates; Dudley BS revises range – round-up
Santander will be increasing its new business and product transfer mortgage rates from 25 July.

This applies to select residential and buy-to-let deals. 

For new business, residential fixed rates will rise by between 0.13 per cent and 0.36 per cent, while buy-to-let fixed rates will increase by between 0.05 per cent and 0.29 per cent. 

The buy-to-let fixed rate product fee will also rise from £1,499 to £1,749. 

The lender will withdraw larger loan exclusive deals for buy-to-let borrowers and add two and five-year fixed rate options at 60 per cent loan to value (LTV) for buy-to-let borrowers who are remortgaging or purchasing. 

Across its product transfer range, Santander is increasing residential fixed rates by between 0.16 per cent and 0.65 per cent, while buy-to-let rates will rise by between 0.3 per cent and 0.67 per cent. 

The bank will launch a residential one-year fix to its product transfer range priced at 6.32 per cent and a £499 fee. This will be available up to 90 per cent LTV, as part of a simplification of its one-year fixed product transfer offering.  

The alternative with no fee will increase by 0.16 per cent in rate to 6.5 per cent. This is also available up to 90 per cent LTV and all other options in this range will be withdrawn. 

Santander said because the change was within 14 days of 3 August, when the next base rate decision is announced, it was applying an exception to its post-acceptance cancellation policy. 

Earlier this month, the lender amended its product transfer policy so new rates could be viewed and selected when a product is pending as long as there are more than 14 days before it comes into effect. 

This exemption means it will allow any pre-booked deals which are due to start on 3 August to be cancelled until 10pm on 26 July. Cancellation requests made after this date will be rejected. 


Dudley BS 

Dudley Building Society is withdrawing some of its mortgages and will be adding others today. 

Outgoing products include its residential discount for term mortgage priced at two per cent, its two-year fixed rate at 7.54 per cent. The mutual will also remove its expat holiday let two-year fix at 7.34 per cent, as well as its expat buy-to-let two year fix at the same rate. 

The lender will be pulling its holiday let two-year fix, which is priced at 7.14 per cent, as well as corresponding buy-to-let and interest-only deals with the same pricing. The lender will be removing is expat residential discount for term mortgage, priced at 1.4 per cent, and its expat residential two-year fix with a rate of 7.34 per cent.  

Additionally, its three-year fixed further advanced product with a rate of 5.39 per cent will be removed. 

Brokers have until 27 July to submit a decision in principle and 31 July to submit a fully packaged application. 

The products it will be adding to its range include a discount for term product, available at 90 per cent LTV and priced at 7.84 per cent.  

There is also an expat holiday let two-year fix with a rate of 7.64 per cent, available at 80 per cent LTV as well as a two-year fixed expat buy-to-let product at the same LTV tier and rate.  

Dudley Building Society has launched two-year fixed options for holiday let, interest-only and buy-to-let at 80 per cent LTV all priced at 7.44 per cent.  

Other newly launched deals include an expat residential discount for term product at 85 per cent LTV, priced at 7.64 per cent, and a three-year fixed further advance at 80 per cent LTV and a rate of 7.84 per cent. 

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