Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Santander cuts residential rates and withdraws fee-free BTL products
Santander has reduced a number of residential and new-build rates by up to 0.16 percentage points and withdrawn a wide range of products. The changes include cuts to several fixed rates, now sitting at 5.99% across multiple LTV tiers.
Residential and new-build rate cuts
The lender cut its 95% loan-to-value (LTV) two-year fixed rates for homemovers and first-time buyers by 0.06 percentage points, taking both products to 5.99%. Its 98% LTV My First Mortgage five-year fixed rate was reduced by 0.16 percentage points, also to 5.99%.
In the remortgage range, Santander lowered its 90% LTV two-year fixed rate by 0.04 percentage points to 5.99%.
Across the new-build range, the lender cut 95% LTV two-year fixed rates for homemovers and first-time buyers by 0.06 percentage points to 5.99%. It also reduced its 90% LTV three-year fixed rate for homemovers by 0.05 percentage points to 5.5%.
Product withdrawals
Alongside the rate cuts, Santander withdrew a selection of 10-year fixed residential and new-build products.
In its buy-to-let (BTL) range, the lender withdrew all of its fee-free purchase and remortgage products. The withdrawn purchase deals included two-year fixed rates of 5.49% up to 60% LTV and 5.6% up to 75% LTV.
What this means for agents and clerks
Changes to BTL product availability can affect landlords' financing decisions, which in turn may influence purchase, remortgage and tenancy timelines. Letting agents and inventory clerks may see knock-on effects on move-in and move-out scheduling where landlords are remortgaging or reviewing their portfolios. Agents should note that fee-free BTL options are no longer available from Santander.
Source: Mortgage Solutions