The lender is reducing most fixed and tracker rates for new business. However, some purchase fixed rates will increase.

In the product transfer range, most residential fixed rates will be cut by up to 13bps. All residential two-year tracker rates at 60% and 75% LTV will fall by up to 18bps.

Buy-to-let borrowers will also benefit. All 60% and 75% LTV two- and five-year fixed rates in the product transfer range will reduce by up to 8bps.

Santander is also reintroducing 60% and 75% loan-to-value (LTV) fixed and tracker products for first-time buyers.

Also for first-time buyers, Santander is raising rates on its 85% LTV two-year fixed rate with a £999 fee and £250 cashback by 11bps to 4.77%.

Similarly, an 11bps rise is being applied to Santander’s 85% LTV two-year fixed rate with a £0 fee and £250 cashback, to 5.02%.

The lender is making further changes to its home mover range. New two- and five-year fixed-rate products with a £1,499 fee will be launched. Minimum and maximum loan sizes are also being simplified.

Product fees are being reduced. The standard fee will fall from £1,999 to £1,499. The large loan fee will drop from £2,999 to £1,999.

There are no changes to remortgage large loan products or tracker rates in the home mover large loan range.

Santander is also extending benefit end dates, charge end dates and completion deadlines by one month across its new business and product transfer ranges.

The lender said brokers must submit applications and product transfer requests on current products by 10pm on 17 June.