A range of rate reductions across its new business and product transfer offerings has been announced by Santander.
As of today (October 24), the major lender will be reducing rates across its new business products, such as its selected standard residential fixed rates being cut by between 0.06 and 0.56 per cent.
Additionally, Santander’s selected new build exclusive fixed rates will be reduced by between 0.27 and 0.56 per cent and all residential large loan exclusive fixed rates products will be reduced by between 0.25 and 0.30 per cent.
All standard residential tracker rates will also been reduced by 0.10 per cent.
A change was additionally announced to the lender’s buy-to-let range, with all BTL fixed rates being reduced by between 0.10 and 0.32 per cent.
Following the announcement, John Charcol mortgage technical manager, Nicolas Mendes, said: “Following several product repricing last week from high street lenders, Santander were quickly moving further away from the top spot across 2, 3, and 5 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.”
Product transfer
Santander’s product transfers range was also announced to be experiencing rate cuts, with selected residential fixed rates being cut by between 0.05 and 0.35 per cent and selected residential tracker rates being reduced by 0.10 per cent.
Changes to the BTL was also announced, with BTL fixed rates being reduced by 0.22 per cent.
Similarly to the new business range, product transfers will also see the BTL range with a £749 product fee withdrawn.
Launch of new range
In addition, the lender also announced that it would be launching a new range of 3-year fixed buy-to-let products with or without a product fee.
This new range would be offered up to 75 per cent LTV in its new business range.
Advice for brokers
Santander additionally advised brokers that, for clients who want to change or cancel their new deal, if they have already accepted their new deal, they can change to a different deal or cancel the one that’s already booked for them.
However, this must be done at least 14 days before their new deals starts.
This was received positively by Mendes who described this reminder as “refreshing”.
tom.dunstan@ft.com
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