Santander makes third round of November rate cuts as pricing drifts lower

Santander will cut a wide swathe of its residential and buy-to-let pricing next week, marking the lender’s third rate reduction in November.

From Tuesday 18 November, fixed rates across its new business and product transfer ranges will fall by as much as 0.29%, with home mover pricing starting from 3.55%.

The new rates will be available to customers applying through brokers or direct, in line with the bank’s commitment to avoid dual pricing.

The reductions touch almost every part of Santander’s mortgage book, including home movers, first-time buyers, remortgagors, new-build customers and buy-to-let landlords.

For home movers, two-year fixed rates at 60% to 95% loan-to-value will fall by up to 0.14%, with the best deals starting from 3.55%. Three-year fixes at the same loan-to-value bands will drop by up to 0.29% and begin at 3.60%, while five-year equivalents will be reduced by up to 0.09%, with starting rates from 3.76%.

FIRST-TIME BUYERS

First-time buyers will also see cuts. Two-year fixed rates at 90% and 95% loan-to-value will reduce by up to 0.14% and start from 4.28%. Five-year fixed rates at 85% and 95% loan-to-value will fall by up to 0.12%, with rates beginning at 4.24%.

REMORTGAGE CUTS

Among remortgage products, two-year fixes at 60% to 90% loan-to-value will reduce by up to 0.14%, with the lowest rate at 3.62%. Three-year options at 60% to 75% loan-to-value will fall by up to 0.12% and begin at 3.80%, while five-year products at 60% to 90% loan-to-value will decrease by up to 0.11%, also starting at 3.80%.

NEW-BUILD RATES

New-build pricing mirrors the home mover reductions, with two-year fixed rates at 3.55%, three-year fixes from 3.60% and five-year deals beginning at 3.76%. Reductions range from 0.09% to 0.29% depending on term and loan-to-value.

BUY-TO-LET

For buy-to-let purchasers, two-year fixes at 60% to 75% loan-to-value will drop by up to 0.18% and start from 3.80%. Five-year equivalents will fall by up to 0.11%, with starting rates from 4.01%.

Buy-to-let remortgagors will see two-year fixes reduced by up to 0.12%, beginning at 3.77%, while five-year deals will be cut by up to 0.09%, with the lowest rate at 3.94%.

The latest round of reductions reflects the growing momentum in mortgage pricing as lenders continue to adjust to easing funding pressures and increased activity in the final quarter of the year.