The changes will come into effect from 6 September, with residential, buy-to-let (BTL), new-build and large loan products impacted in its new business range and residential and BTL products lowered in its product transfer range.

On the new business side, all standard residential fixed rates will fall by between 0.03% and 0.27% for purchases and remortgages.

Santander added that all new-build fixed rates will decrease by between 0.06% and 0.25%, while all large loan fixed rates will reduce by 0.1% for purchase and remortgages.

Select BTL fixed rates will be cut by between 0.11% and 0.27%, the lender said.

Within its product transfer range, the lender said that all residential fixed rates will fall by around 0.03% and 0.32%, and select BTL fixed rates will decrease by around 0.1% and 0.23%.

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For customers who want to change or cancel their new deal, if they haven’t accepted their product transfer offer yet, brokers can choose a new product in the online mortgage transfer service for them and a new offer will be issued.

If they have already accepted their new deal, you can change to a different deal or cancel the one that’s already booked for them, which must be done at least 14 days before their new deal starts.

Santander last lowered new business and product transfer rates in August, with cuts of up to 0.27% applied.

Several high street lenders have lowered their rates this week, including HSBC, NatWest and Barclays.