Santander makes change for mortgage customers and is 'first' bank to do so

The high street bank has moved to slash rates for mortgage borrowers and customers this week.
-Credit: (Image: Reach Publishing Services Limited)


Santander has reduced mortgage rates and become the first major lender this year to offer a two-year fixed-rate deal below 4.00 per cent today. The high street bank has moved to slash rates for mortgage borrowers and customers this week.

The bank has made reductions to selected fixed rates across its purchase, remortgage, and buy-to-let range by up to 0.29 per cent. The full list of new rates, which includes five, three, and two-year fixed rate purchase mortgages below 4.00 per cent.

Examples of five-year fixed rates that have been reduced include 60% LTV five-year fixed rate residential purchase mortgage with a £999 fee is now priced at 3.80%, down from 4.02% and 75% LTV five-year fixed rate residential purchase mortgage with a £999 fee is now priced at 4.09%, down from 4.30%.

READ MORE OVO warns 'affected' energy customers 'we will contact you directly'

It includes 85% LTV five-year fixed rate residential purchase mortgage with a £999 fee is now priced at 4.40%, down from 4.61% too. Examples of two-year fixed rates that have been reduced include 60% LTV two-year fixed rate residential purchase mortgage with a £999 fee is now priced at 3.99%, down from 4.28%, 75% LTV two-year fixed rate residential purchase mortgage with a £999 fee is now priced at 4.19%, down from 4.40% and 85% LTV two-year fixed rate residential purchase mortgage with a £999 fee is now priced at 4.58%, down from 4.83%.

Examples of three-year New Build exclusive rates that have been reduced include 60% LTV three-year fixed rate residential New Build Exclusive purchase mortgage with a £999 fee is now priced at 3.94%, down from 4.17%, 75% LTV three-year fixed rate residential New Build Exclusive purchase mortgage with a £999 fee is now priced at 4.14%, down from 4.36%, and 85% LTV three-year fixed rate residential New Build Exclusive purchase mortgage with a £999 fee is now priced at 4.53%, down from 4.68%.

Graham Sellar, Head of Mortgage Development at Santander, said: “We know how hard people work to afford their home and as the property market continues to warm up, we are pleased to deliver this range of rate cuts, which should support more buyers in affording their home.”