Santander cuts rates and launches new large loan products

Santander has reduced residential and buy-to-let fixed rates across its new business and product transfer ranges, while introducing a new suite of large loan products for remortgage customers.

The lender has also simplified the minimum loan size on its standard residential remortgage range to £25,000.

The changes, which take effect this week, form part of Santander’s ongoing commitment to support existing and new customers. Under its ‘no dual pricing’ pledge, the new rates are available to all borrowers, whether applying directly or through a broker.

HOME MOVERS

For home movers, all three-year fixed rates at 60% and 75% loan-to-value (LTV) have been reduced by up to 0.36%. This includes a 60% LTV three-year fix with no fee and £250 cashback, now priced at 4.06%, and a 75% LTV option with a £999 fee and £250 cashback, cut to 3.96%.

FIRST-TIME BUYERS

First-time buyers will benefit from reductions of up to 0.16% across 85% and 90% LTV two- and five-year fixed products. The 90% LTV two-year fixed with a £999 fee and £250 cashback now stands at 4.42%, while the fee-free version has dropped to 4.70%.

REMORTGAGES

Remortgage customers will see cuts of up to 0.13% across 60%, 75%, 85% and 90% LTV two- and five-year fixed products, with a new £25,000 minimum loan size for all £999-fee options. A 75% LTV five-year fixed has been reduced to 4.02%, while new large loan products have been launched, starting from 3.73% for loans between £500,000 and £2m.

Among the new additions are a 60% LTV two-year fixed large loan at 3.73% with a £1,999 fee and another at 4.02% with a £2,999 fee for loans up to £5m. A 75% LTV two-year fixed is available at 3.85% with a £1,999 fee, or 4.11% with a £2,999 fee, also for loans up to £5m.

NEW BUILD

In the new-build segment, rates for home movers and first-time buyers have been reduced in line with the main residential range. The 75% LTV three-year fixed new-build exclusive with a £999 fee and £250 cashback has been lowered to 3.96%.

BUY-TO-LET

Buy-to-let borrowers are also seeing small reductions, with purchase products at 60% and 75% LTV cut by 0.05%, and remortgage products across 60%, 65% and 75% LTV down by up to 0.10%. The 65% LTV two-year fixed with a £1,749 fee now starts at 3.96%.