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Santander adds BTL trackers and cuts rates

  • 15/04/2024
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Santander adds BTL trackers and cuts rates
Santander is releasing a range of buy-to-let (BTL) trackers and lowering select rates in its new business and product transfer ranges by up to 0.24%.

In the new business range from Santander, the lender has added a two-year BTL tracker for purchase and remortgage at 60% loan to value (LTV) priced at 5.6% and at 75% LTV with a rate of 5.74%. Both come with a £1,749 fee.

Selected BTL fixed rates have decreased by between 0.03% and 0.11% for purchase and remortgage, and selected residential fixed rates have fallen by 0.02% and 0.24%, also for purchase and remortgage.

On the product transfer side, Santander has added a BTL two-year tracker range up to 75% LTV.

Selected residential fixed rates in this range will be between 0.03% and 0.05%.

The lender said that for clients who want to change or cancel their new deal, if customers haven’t accepted their product transfer offer yet, they can select a new product in the online mortgage transfer service for them and a new offer will be issued.

If the customer has already accepted their new deal, they can change to a different deal or cancel the one that’s already booked for them. They must do this at least 14 days before their new deal starts.

The lender said that, while a product transfer is pending, a client cannot make any other changes to their mortgage until that new deal has started. This includes a switch to interest-only for six months or a term increase under the Mortgage Charter, and other changes such as overpayments.

Earlier this month, Santander increased large loan LTV limits and maximum borrowing amounts.

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