Santander has today announced further reductions in mortgage rates across residential fixed rate products for both new homebuyers and remortgage customers.
Residential fixed rates have been reduced by up to 0.20%, with the lowest rate for house purchase customers now at 3.94%(1). The bank is reducing rates across loan-to-value (LTV) brackets and across two, three and five year fixed terms deals.
Changes made today include:
- 60% LTV 5-year fixed rate at 3.94% with a £999 fee for house purchase (reduced by 0.05%)
- 75% LTV 5-year fixed rate at 3.99% with a £999 fee for house purchase (reduced by 0.09%)
- 85% LTV 5-year fixed rate at 4.29% with a £999 fee for remortgage customers (reduced by 0.14%)
- 90% LTV 5-year fixed rate at 4.49% with a £999 fee for remortgage customers (reduced by 0.20%)
To support first time buyers and customers with smaller deposits, the bank has reduced rates on its 90% LTV five-year fixed rate remortgage product with a £999 fee by 0.20% to 4.49% and the 95% LTV five-year fixed rate by 0.05% to 5.02% with no fee and a £250 cashback for house purchases.
Graham Sellar, Head of Business Development, Mortgages at Santander said: “Spring is a traditionally busier time in the housing market and the changes announced today will help a wide range of customers right across the mortgage market, whether buying their first home, moving house or remortgaging.
“Our teams continue to be on hand to support homebuyers with average timelines from initial mortgage application to full offer currently just six days, helping our customers embark on their homebuying journey.”
Customers can see how much they could borrow and the rates available to them with the mortgage calculators on Santander’s website.
My Home Manager provides mortgage customers with personalised information and support through Santander's mobile app and over 60,000 customers have benefited from using this service so far.
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Notes to Editors
1) 60% LTV 5-year fixed rate at 3.94% with a £999 fee for house purchase customers.
A full list of the latest rates is available here.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2022, the bank had around 19,000 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2022, Banco Santander had €1.3 trillion in total funds, 160 million customers, 9,000 branches and 206,000 employees.