Santander has recently announced a wave of reductions to its range of mortgage and remortgage products.
The bank has slashed interest rates fixed rates on selected residential purchase mortgages, remortgages, buy-to-let, and product transfers.
As a result, some of Santander’s mortgage and remortgage offerings have seen their rates cut by between 0.05 percent and 0.56 percent.
This is the latest effort by the lender to assist homeowners with the rising cost of living which has been exacerbated by high interest rates.
Over the last year, central banks have raised their countries’ base rates in an attempt to rein in inflation.
Read more… Santander is increasing savings account interest rates
While savers have benefited from these consecutive rate hikes, mortgage holders have been detrimentally impacted.
Mortgage repayments have skyrocketed in recent months for millions of households as a result.
As it stands, the Bank of England has raised the UK’s base rate to 5.25 percent and it is expected to remain at this level for the foreseeable future.
A full list of updated mortgage rates for the products can be found on Santander’s website.
Here is an example list of some Santander products following the reduction in mortgage rates:
- 60 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.64 percent, down from 4.95 percent.
- 75 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.74 percent, down from five percent.
- 90 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 5.15 percent, down from 5.44 percent.
Here is an example list of some Santander products following the reduction in remortgage rates:
- 60 percent LTV two-year fixed rate residential remortgage with a £999 product fee is now priced at 5.33 percent, down from 5.64 percent.
- 75 percent LTV two-year fixed rate residential remortgage with a £999 product fee is now priced at 5.44 percent, down from 5.69 percent.
- 85 percent LTV two-year fixed rate residential remortgage with a £999 product fee is now priced at 5.94 percent, down from six percent.
