Mortgage News
Santander to up rates
Santander will increase rates across select residential and buy-to-let (BTL) mortgages from tomorrow.
As of 14 May, Santander’s new business mortgage rates for residential borrowers will rise by between 0.04% and 0.33% for fixed purchase and remortgage products.
Santander will also raise fixed rates for residential tracker products by between 0.08% and 0.23%. Fixed BTL product transfer rates will be increased by between 0.11% and 0.15%.
Other product changes
Santander has also revised its mortgage range with the addition of some deals and the withdrawal of others.
It has launched a two-year tracker product at 75% loan to value (LTV) for new BTL business. This has a rate of 5.64% and a £1,999 product fee.
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The lender will also launch an equivalent deal for product transfer.
All other two-year tracker mortgages for new business and product transfer BTL borrowers will be withdrawn.
Additionally, Santander has increased the maximum loan size on select residential fixed rates from £570,000 to £1m at 90% LTV.
This is the second time this month Santander has increased mortgage rates.
Last week, the lender announced the relaunch of the Greener Homes Hub and a cashback incentive to encourage homeowners and landlords to make energy-efficient improvements to their homes.