Santander is cutting residential and buy-to-let rates by up to 36 basis points on Friday.

The lender says that all of its new business and product transfer fixed rates will go down, although the scale of cuts to different deals will vary.

It comes after the lender increased the majority of new business and product transfer rates by up to 20bps last Tuesday.

But, under the latest change, all standard residential fixes across the purchase, remortgage and green ranges will fall by up to 30bps.

New build fixed rates are being cut by up to 36bps.

Buy-to-let fixed rates are being reduced by up to 20bps.

Large loan fixed rates will go down by up to 15bps.

Within its product transfer range, residential fixed rates will drop by up to 30bps and buy-to-let rates by up to 20bps.

For borrowers who have yet to accept a product transfer offer, brokers can select a new product in the online mortgage transfer service for them and a new offer will be issued.

If clients have already accepted a new deal, brokers can change or cancel this up to 14 days before their new deal starts.

But, in its note to brokers, Santander says: “As this relaunch is within 14 days of Sunday 3 November, you won’t be able to cancel any pre-booked deals due to start on this date.”