Santander has cut its 75% LTV Help to Buy: Equity Loan Scheme rates.

The lender is also reducing selected zero fee fixed rates to support customers who are looking to save on upfront costs and launching a new, exclusive 75% LTV, available to customers applying online.

Reductions in Help to Buy Equity Loan products:

• 75% LTV two-year fixed 1.39%, with £999 product fee, purchase
• 75% LTV two and a half-year fixed 1.49%, with £999 product fee, purchase
• 75% LTV two and a half-year fixed 1.89%, with zero product fee, purchase
• 75% LTV five-year fixed 2.44%, with £999 product fee, purchase
• 75% LTV five-year fixed 2.69%, with zero product fee, purchase

Improvements to zero fee fixed range products:

• 60% LTV two-year fixed 1.54%, zero product fee, purchase and remortgage
• 60% LTV five-year fixed 1.99%, zero product fee, purchase and remortgage
• 75% LTV two-year fixed 1.64%, zero product fee, purchase and remortgage
• 75% LTV five-year fixed 2.29%, zero product fee, purchase and remortgage
• 75% LTV five-year fixed 2.19% zero product fee, for First Time Buyer

New online exclusive:

• 75% LTV five-year fixed 1.89%, with £999 product fee, purchase and remortgage

Miguel Sard, managing director of mortgages at Santander UK, said: “By reducing the rates in our Help to Buy: Equity Loan product range, we hope to enable more first time buyers get a foot on the housing ladder.

“For home movers and those wanting to take the next step, we know that added costs can mount up, which is why we have made the changes to our range to reflect this.”

In addition, Santander 1|2|3 Current Account customers who pay their monthly Santander mortgage payment by direct debit will receive 1% cashback on maximum monthly mortgage payments of up to £1,000.