Santander is set to cut its residential fixed mortgage rates by up to 0.14 percentage points from Tuesday 11 November, marking its second round of reductions this month.

The changes follow earlier rate cuts on 3 November across the lender’s home mover range.

The changes apply to both new business and product transfer ranges, with reductions across two-, three- and five-year fixed products for home movers, first-time buyers, and remortgage customers.

LARGE LOANS

The lender is also introducing new five-year fixed large loan products for remortgage clients, with rates starting at 3.90% for loans of £500,000 and above at 60% loan-to-value (LTV).

Under its ‘no dual pricing’ pledge, all new rates are available to customers whether they apply directly or via a broker.

For home movers, reductions of up to 0.13 percentage points apply across 60% to 95% LTV two- and five-year fixed products. Examples include the 60% LTV two-year fixed rate with no fee and £250 cashback, reduced to 3.93%, and the 85% LTV five-year fixed at 4.20%. The 95% LTV two-year fixed is now 4.85% following a 0.07 percentage point cut.

Three-year fixed home mover deals at 60% to 75% LTV have also fallen by up to 0.13 percentage points, with the 60% LTV option reduced to 3.93%.

For first-time buyers, all 90% LTV five-year fixed rates are down by as much as 0.14 percentage points, with the no-fee, £250 cashback option now priced at 4.44%.

REMORTGAGING

Remortgage customers will see reductions of up to 0.10 percentage points across two- and five-year fixed rates at 60% to 85% LTV. The 60% LTV two-year fixed with a £999 fee is now 3.80%, while the 85% LTV equivalent has dropped to 4.26%. The 75% LTV five-year fixed is now 3.98%.

Santander has also trimmed three-year fixed remortgage products by up to 0.14 percentage points, with the 60% LTV option now at 3.88%.

The reductions extend to new build mortgages, where rates for both home movers and first-time buyers have been cut by up to 0.14 percentage points across the same product tiers.