Santander UK has reduced interest rates on all of its 60–75% loan-to-value (LTV) remortgage products by up to 0.16%.

The lender’s two-year fixed remortgage rates now start at 3.84%, with five-year options beginning at 3.87%.

The new pricing is effective immediately and applies to all customers, whether they apply directly or through a broker, under Santander’s long-standing commitment to “no dual pricing”.

The decision comes as the market braces for a sharp increase in refinancing activity. Industry forecasts suggest that around 1.8 million fixed-rate mortgages will mature in 2025, prompting increased demand for competitive remortgage products.

Graham Sellar, head of Santander for intermediaries, said: “Industry data predicts around 1.8 million fixed-rate mortgages are due to come to an end in 2025.

“This leaves us in a mixed market, as customers on a five-year fixed rate may be anticipating a rate increase, while those on a two-year fixed will likely be able to secure a lower rate than they’re currently on.

“Brokers are likely to be seeing an uptick as customers take much-needed advice to ensure they get the best deal for them, and we hope our latest range of reductions help more customers in their homeownership journeys.”

Among the updated products, the bank’s 60% LTV two-year fixed rate with a £999 fee has been reduced by 0.10% to 3.84%, while the equivalent product with no fee has dropped by 0.16% to 4.10%. Five-year fixed rates at 60% LTV have also been cut, with the £999-fee option now priced at 3.87%.

For borrowers with a 75% LTV, Santander is offering a two-year fixed at 4.09% and a five-year fixed at 4.01%, both with a £999 fee.

Customers remortgaging with Santander can also choose between free legal support from the lender’s panel of solicitors or £250 cashback, paid to the conveyancer on completion.