Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Santander Cuts Rates on 230 Residential and Buy-to-Let Products
Santander is set to reduce rates by up to 25 basis points on 230 of its residential and buy-to-let mortgage products from Tuesday. This move follows recent rate cut announcements by NatWest, Nationwide, Barclays, and others, while some lenders such as Halifax have increased rates.
Among the largest reductions, Santander will lower the rate on its 90% loan-to-value (LTV) two-year fixed mortgage for first-time buyers with a £999 fee and £250 cashback by 25 basis points, from 5.14% to 4.89%. The fee-free version of this deal will also drop by 25 basis points, from 5.39% to 5.14%.
For home movers, a 95% LTV 10-year fixed mortgage with no fee and £250 cashback will decrease by 25 basis points, from 5.95% to 5.7%. Additionally, an 85% LTV two-year fixed for first-time buyers with a £999 fee and £250 cashback will fall by 24 basis points, from 5.07% to 4.83%, with the fee-free equivalent dropping by 24 basis points, from 5.32% to 5.08%.
Santander’s latest reprice also includes reductions across a large number of other residential deals. The lender’s buy-to-let range will see prices fall by between 5 and 13 basis points.
These changes may be relevant for letting agents and inventory clerks monitoring mortgage trends and affordability for both landlords and tenants.
Source: Mortgage Strategy