The changes to its new business and product transfer rates will come into force from 17 September and its lowest 60% loan to value (LTV) residential purchase fixed rates with a £999 fee will be a two-year deal at 3.99%.

The lender’s cheapest three-year fixed rate will come to 3.94% and its five-year fixed rate will stand at 3.80%.

Santander said that in its new business range, selected standard residential fixed rates were reducing by between 0.02% and 0.29% for purchases and remortgages, while all new business new build fixed rates will fall by around 0.04% and 0.23%.

The firm continued that all new business buy-to-let year fixed rates will decrease by between 0.05% and 0.09%.

Also, on the buy-to-let side, Santander will bring out a new 75% LTV buy-to-let two-year tracker rates for purchases and remortgages, and it will withdraw its one-year fixed buy-to-let rate at 75% LTV. This applies to its new business and product transfer range.

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Within its product transfer range, the firm said that selected residential fixed rates will fall by around 0.04% and 0.2% while selected buy-to-let fixed rates will contract by around 0.08% and 0.09%.

Santander previously changed residential and buy-to-let affordability rates last week following the base rate cut.