Santander will lower most fixed rates in its new business range, as well as select product transfer rates.
The lender’s changes will come into effect from 14 March, with first-time buyer rates cut by 0.25%, homemover rates being lowered by up to 0.16% and new-build rates decreasing by around 0.11%.
Santander added that it was lowering residential remortgage rates by up to 0.12% and lowering its buy-to-let (BTL) remortgage fixed rates at 65% loan to value (LTV) by up to 0.03%.
Within its first-time buyer range, all two-, three- and five-year fixed rates between 60% and 95% LTV are falling by up to 0.25%, while select three-year fixed rates for new builds between 60% and 95% LTV will decrease by around 0.1%.
For first-time buyer large loans, all two- and five-year fixed rates at 60% LTV will be reduced by around 0.05%.
For Santander’s residential homemover deals, most two-, three- and five-year fixed rates from 60% to 95% LTV will decrease by up to 0.16%, while most three-year fixed rates for residential homemover new-build deals from 60% to 95% LTV will fall by around 0.11%.
Shaping the mortgage market around today’s first-time buyer
Sponsored by Newcastle for Intermediaries
All residential homemover large loans on two- and five-year fixed rates at 60% LTV will reduce by around 0.05%.
Most two-, three- and five-year fixed residential remortgage rates from 60% to 90% LTV will decrease by around 0.12%, and all two- and five-year fixed rates at 60% LTV in its residential remortgage range will be cut by up to 0.05%.
In Santander’s product transfer range, the firm said there will be cuts of up to 0.12% on select residential fixed rates and reductions of 0.03% on 75% LTV BTL fixed rates.
TSB cuts mortgage rates
TSB will cut residential, BTL, product transfer and additional borrowing rates by up to 0.15%.
Within its residential range, two- and five-year fixed first-time buyer and homemover deals from 85% to 95% LTV will be cut by up to 0.1%.
Two- and five-year fixed remortgage deals at 75-90% LTV and three-year fixed remortgage products from 75% to 85% LTV will be lowered by around 0.15%.
Within its BTL range, two- and five-year fixed house purchase deals along with five-year fixed remortgage products from 60% to 75% LTV will decrease by around 0.1%. Similar changes have also been made to two-year fixed remortgage deals from 60% to 80% LTV.
On the product transfer side, the lender has introduced residential three- and five-year fixed deals with a £1,495 fee up to 75% LTV.
Also in its product transfer range, residential two- and five-year fixed rate deals from 75% to 90% LTV have fallen by 0.1%, and residential three-year fixed rates between 75% and 85% LTV have decreased by up to 0.1%.
Five-year fixed rates with no fee up to 75% LTV have risen by around 0.05%.
In TSB’s additional borrowing range, residential two- and three-year fixed rate products between 75% and 80% LTV have been cut by up to 0.05%, while residential five-year fixed rates from 75% to 80% LTV have decreased by up to 0.1%.
Residential five-year fixed rates up to 75% LTV have increased by up to 0.05%.
