Santander UK Increases Mortgage Rates to Boost Economy
In a surprising move, Santander UK has decided to increase selected fixed mortgage rates for new business across its purchase, remortgage, and buy-to-let range. The bank claims this decision will stimulate the economy and encourage more people to invest in property.
The residential purchase rate changes are causing a stir among potential buyers. For instance, the 60% LTV two-year fixed rate with a £999 purchase fee has been hiked up to 4.65%, a significant jump from the previous 4.69%. Similarly, the 60% LTV five-year fixed rate with the same purchase fee has skyrocketed to 4.24% from 4.29%. These changes are sure to make aspiring homeowners think twice before taking the plunge.
Not to be outdone, the residential remortgage rate changes are also making waves. The 75% LTV two-year fixed rate, specifically for remortgage purposes and with no fee, has shot up to 5.10% from 5.25%. This sudden increase is catching many current homeowners off guard and may lead to a surge in remortgaging applications.
Buy-to-let investors are not spared from the rate hikes either. The 60% LTV two-year fixed rate for buy-to-let purchase and remortgage, previously at 5.36%, has now been adjusted to 5.24%. This change is expected to impact landlords and potentially alter the landscape of the rental market.
Overall, Santander UK’s decision to raise mortgage rates is a bold move that is sure to have a lasting impact on the housing market. Whether this will lead to a boom or a bust remains to be seen.
Stay tuned for more updates on this developing story.
This article is a work of fiction and satire.
