Santander for Intermediaries Cuts Rates Across the Board

Santander for Intermediaries has announced a sweeping rate cut across its residential and buy-to-let (BTL) fixed-rate mortgage products, effective from tomorrow (23 May). The lender is reducing rates by up to 0.27% on selected new business and product transfer ranges.

Residential Mortgages See Rate Cuts

For residential mortgages, selected fixed rates will be reduced by between 0.02% and 0.27% for purchases and remortgages. This move is expected to make Santander for Intermediaries more competitive in the market.

Mortgage rates are changing

Buy-to-Let Mortgages Also Affected

In the buy-to-let space, selected fixed rates will decrease by between 0.04% and 0.20% for purchases and remortgages. This rate cut is likely to attract more landlords to Santander for Intermediaries.

Buy-to-let mortgages get cheaper

Product Transfer Range Sees Rate Cuts

In the product transfer range, selected residential fixed rates will be reduced by between 0.03% and 0.14%. For buy-to-let products, rates will decrease by between 0.05% and 0.12%. This move is expected to encourage more borrowers to switch to Santander for Intermediaries.

Product transfer rates fall

No Changes to Large Loan Products or Tracker Rates

It’s worth noting that large loan products and residential and BTL tracker rates will remain unchanged.

Mortgage strategy remains unchanged

Santander for Intermediaries’ decision to cut rates across its product range is likely to have a significant impact on the mortgage market. With rates falling, borrowers may find it more attractive to switch to Santander for Intermediaries.

Mortgage market set to change