Santander will cut selected new business and product transfer fixed-rate residential and tracker rates by as much as 56 basis points from tomorrow (24 October).
The high street bank also launches three-year buy-to-let fixes at up to 75% loan to value, with or without a product fee, which are also available to new customers or as a product transfer.
Its new business deals cover:
- Selected standard residential fixes down by between 6bps and 56bps
- Selected new build exclusive fixes down by between 27bps and 56bps
- All residential large loan exclusive fixes down by between 25bps and 30bps
- All standard residential tracker rates down by 10bps
- All BTL fixes down by between 10bps and 32bps
- BTL range with a £749 product fee will be withdrawn
The lender’s product transfer offers cover:
- Selected residential fixes down by between 5bps and 35bps
- Selected residential tracker rates down by 10bps
- Selected BTL fixed rates down by 22bps
- BTL range with a £749 product fee will be withdrawn
The firm tells brokers that clients who have already accepted a new deal can change to a different offer, or cancel one that has already been booked for them — but this must be done at least 14 days before their new loan starts.
It adds that brokers must submit new business and product transfer applications on relevant current ranges by 10pm Monday 23 October.
John Charcol mortgage technical manager Nicholas Mendes says: “Following several product repricings last week from high street lenders, Santander was quickly moving further away for the top stop across two-, three- and five-year fixes.
“It’s good to see Santander reacting early on this week to align with HSBC, Halifax, Nationwide BS, Virgin, The Co-operative Bank and NatWest.
“Also, refreshing to see Santander remind brokers that they can change a product 14 days before their new deal starts for deals that have already been submitted.”
