Santander UK will reduce rates by up to 0.19% across more than 60 mortgage products from Tuesday 20 May, with several new fixed-rate deals poised to be positioned at the top of the best buy tables.

The latest round of rate cuts spans the lender’s home mover, first-time buyer, new build, remortgage and buy-to-let ranges.

Among the standout updates, Santander will offer a 90% loan-to-value five-year fixed rate for home movers at 4.49%, with no fee and £250 cashback, which it believes will be the most competitive on the market. First-time buyers can also access an 85% LTV two-year fix at 4.47% with no fee and cashback.

For remortgage customers, Santander’s 60% LTV two-year fix at 4.13% with no fee is also set to lead the market.

Other reductions include a 0.09% drop on the 60% LTV two-year fixed rate for home movers to 3.80%, and a 0.11% cut on the 85% LTV equivalent, now priced at 4.14% with a £999 fee and £250 cashback. At the lower LTV end, five-year fixes for home movers have also seen modest reductions, with the 60% LTV option now priced at 3.83%.

The new pricing will go live on the Santander for Intermediaries website from Tuesday, and includes changes across the full residential and buy-to-let product suite.

The lender said that these reductions will give brokers and borrowers greater choice, particularly at a time when affordability remains a critical consideration for many.