The lender will cut two and five-year fixed rate switcher products between 60 and 100 per cent loan to value (LTV), with changes applied to fee-free and £995 fee products.
Within its two-year fixed rate switcher range, the largest decreases have been applied to its no-fee deal at 60 per cent LTV falling by 0.4 per cent to 5.4 per cent.
Its fee-free two-year fixed rate switcher at 75 per cent LTV will go down by 0.37 per cent to 5.48 per cent.
The lender’s no-fee five-year fixed rate switcher product at 60 per cent LTV will go down from 5.4 per cent to 5.11 per cent.
The firm’s fee-free five-year fixed rate switcher deal at 75 per cent LTV will be cut by 5.43 per cent to 5.17 per cent.
Santander makes cuts and changes reversion rate
From tomorrow, Santander is reducing selected residential and buy-to-let fixed rates in the new business and product transfer ranges. It is also introducing a new residential three-year fixed range up to 75 per cent LTV for purchase and remortgage clients.
In terms of new business, selected standard residential fixed rates will be reduced by between 0.02 per cent and 0.22 per cent.
All residential large loan exclusive fixed rates will drop by between 0.10 per cent and 0.15 per cent, while selected buy-to-let fixed rates will drop by between 0.05 per cent and 0.25 per cent
For product transfers, selected residential fixed rates reducing by between 0.05 per cent and 0.23 per cent. Selected buy-to-let fixed rates will go down by between 0.05 per cent and 0.20 per cent.
The high street lender also noted that, from tomorrow, all new business and product transfer applications for fixed or tracker products will automatically transfer to its SVR when the product period ends. However, any fixed or tracker products applied for between 23 January 2018 and 20 November 2023 (whether the product has completed or not) will continue to transfer to its follow-on rate.