Santander has joined a slew of high street competitors including Barclays and slashed its rates. The change will come in on 10 January and includes a remortgage at 60 per cent loan to value (LTV) with a £999 fee and a rate of 3.89 per cent. The purchase option has a rate of 3.94 per cent.
All its standard fixed rates for new residential borrowers will be reduced by between 0.17 per cent and 0.82 per cent.
Its exclusive fixed rates for new-build properties will go down by as much as 0.56 per cent, while large loan fixed rates will fall by 0.25 per cent.
Santander has reduced two and five-year fixed rates for buy-to-let borrowers by between 0.21 per cent and 0.56 per cent. The lender will be withdrawing all three-year fixes for buy-to-let borrowers.
Santander product transfer changes
Santander has reduced rates across its product transfer range, with residential fixes reduced by up to 0.82 per cent. Two and five-year fixed product transfer rates for buy-to-let borrowers will also be cut by up to 0.56 per cent and the lender will withdraw three-year fixes from this range too.
Santander will extend completion deadlines by one month and product transfer borrowers can change their rate if they have not yet accepted the mortgage offer.
If they have accepted the product transfer offer, they can change or cancel and rebook their rate if there are at least 14 days before the new deal starts.
