Santander has cut the rates on its fixed two and five year, high loan to value (LTV) mortgages.

The changes are designed to support first time buyers keen to purchase their first home and also for those looking to move up the property ladder.

Customers purchasing their first home can also take advantage of the free valuation and £250 cashback available.

Changes to two year fixed rate products:

• 85% LTV 1.45% with a £999 product fee, on purchase and remortgage.
• 85% LTV 1.74% with a zero product fee, on purchase and remortgage.
• 90% LTV 2.20% with a £999 product fee, on purchase and remortgage.
• 90% LTV 2.49% with a zero product fee, on purchase and remortgage.

Changes to five year fixed rate products:

• 80% LTV 2.04% with £999 product fee, on purchase and remortgage.
• 80% LTV 2.29% with a zero product fee, on purchase and remortgage.
• 85% LTV 2.19% with a £999 product fee, on purchase and remortgage.
• 85% LTV 2.39% with a zero product fee, first time buyer exclusive.
• 85% LTV 2.49% with a zero product fee, purchase and remortgage.
• 90% LTV 2.74% with a £999 product fee, on purchase and remortgage.
• 90% LTV 3.04% with a zero product fee, on purchase and remortgage.

Santander is also extending its two-year fixed rate first time buyer exclusive at 85% LTV to all buyers, meaning customers will be able to secure this rate whether they are buying a new property or remortgaging. In addition, Santander is reducing its two and a half year fixed New Build exclusive at 85% LTV to 1.84% with a £999 product fee.

Alongside these changes, Santander will be reducing its two-year tracker at 60% LTV, so its trackers will start from 1.09%.

 Miguel Sard, managing director of mortgages at Santander UK, said: “By reducing the rates on our higher loan to value two and five year fixed rate product range, we hope to enable more first time buyers get a foot on the housing ladder.

“We know that appetite for homeownership remains high, we are working to support these customers make their dream a reality.”

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.