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 Reduces Mortgage Rates Across Residential and Buy-to-Let Ranges

Santander has announced a series of mortgage rate reductions of up to 0.25% across its residential, new build, and buy-to-let (BTL) product ranges. The largest cuts are focused on higher loan-to-value (LTV) products, affecting both home movers and first-time buyers.

Within the residential home mover range, the biggest reduction was 0.2%. The 90% LTV two-year fixed rate with a £1,499 fee and £250 cashback was reduced by 0.2% to 4.84%, while the equivalent product with a £999 fee fell to 4.89%. The 95% LTV two-year fixed rate with no fee was also reduced by 0.2% to 5.49%.

For first-time buyers, the 90% LTV two-year fixed rates saw the largest reductions, with the £999 fee option reduced to 4.89% and the fee-free option reduced to 5.14%. Both of these products were reduced by 0.25%. The 85% LTV two-year fixed products were reduced by 0.24%.

In the residential remortgage range, the largest reduction was 0.11%, applied to five-year fixed products, including the 60% LTV five-year fixed rate with a £1,499 fee, now at 4.71%. Two-year fixed remortgage products were reduced by up to 0.1%.

Across the new-build home mover range, the largest reduction was 0.25%, applied to 95% LTV 10-year fixed products, bringing the rate down to 5.70%. For 90% and 95% LTV options, reductions of up to 0.2% were applied.

Within the BTL purchase range, the largest cut was 0.13%. The 60% LTV two-year fixed rate with a £1,749 fee was reduced to 4.57%, while the equivalent 75% LTV product was reduced to 4.68%. The BTL remortgage range saw smaller adjustments, with all listed reductions at 0.05%. The 60% LTV two-year fixed rate with a £1,749 fee was reduced to 4.64%. Other two- and five-year fixed products across 60%, 65%, and 75% LTV bands also received the same reduction.

These changes may be relevant for letting agents and inventory clerks monitoring mortgage trends that could impact landlord and tenant activity in the UK property market.