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Santander adds large loan trackers and cuts rates; Halifax ups pricing – round-up
Santander has introduced a range of large loan tracker products for purchase and remortgage.
This includes a two-year tracker at 60% loan to value (LTV) with a rate of 6.04% for loans up to £5m.
There is also a two-year tracker at 75% LTV, priced at 6.24%, for loans up to £3m.
Both options have a £1,999 product fee.
Earlier this month, Santander made multiple loan submission changes.
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Rate reductions
Santander is also making select rate reductions, including cuts between 0.02% and 0.14% for residential purchase and remortgage deals. For example, there is a five-year fix at 60% LTV that now has a rate of 4.28% for purchase loans up to £3m.
Its buy-to-let (BTL) fixed rates for purchase will be cut by 0.14%.
Santander is also reducing select residential product transfer rates by between 0.02% and 0.1%.
This follows the lender’s recent decision to shorten the product transfer window from six to four months, as the lender said most borrowers had chosen their preferred rate within this time frame.
The changes will be effective from 11 June.
Halifax increases rates
As of 13 June, Halifax will make a number of increases to its mortgage rates.
This will include two- and five-year fixes across homemover, first-time buyer including large loans, new build, affordable housing and equivalent green home mortgages.
Changes will apply to deals up to 90% LTV, and pricing will increase by 0.05%.
The lender has informed brokers that applications must be submitted in full by 8pm 12 June to secure outgoing rates.