Santander UK Shakes Up Mortgage Market with Unprecedented Reductions
In a surprising move, Santander UK has decided to reduce selected fixed mortgage rates by up to a staggering 0.24%. The bank has also unveiled a fresh lineup of buy-to-let tracker products that are set to make waves in the industry.
The Rate Cuts
Santander UK’s latest announcement includes reductions in fixed rates across its purchase, remortgage, and buy-to-let range. The new rates are causing a buzz among potential homeowners and investors alike.
New Buy-to-Let Tracker Products
Adding to the excitement, Santander UK is introducing a range of new buy-to-let two-year tracker products, offering up to 75% Loan-to-Value (LTV) for those looking to invest in the property market.
For a detailed list of the updated rates, interested parties can visit Santander UK’s website.
Noteworthy Reductions
Among the notable reductions are the five-year fixed rates. For instance, the 85% LTV five-year fixed rate residential purchase mortgage with no product fee has seen a significant drop from 4.89% to 4.79%. Similarly, the 90% LTV five-year fixed rate residential purchase mortgage with no product fee has been slashed from 5.23% to 4.99%.
Two-Year Fixed Rates
The reductions also extend to two-year fixed rates. The 85% LTV two-year fixed rate residential remortgage with a £999 fee is now priced at 5.58%, down from 5.73%. Additionally, the 90% LTV two-year fixed rate residential remortgage with a £999 fee has been reduced from 5.94% to 5.78%.
Introducing the Buy-to-Let Tracker Range
Santander UK’s new buy-to-let tracker range offers enticing options for investors. Examples include the 60% LTV two-year tracker rate at 5.60% with a £1749 remortgage or purchase fee, and the 75% LTV two-year tracker rate at 5.84% with the same fee structure.
Stay tuned for more updates as Santander UK continues to shake up the mortgage market with these unprecedented changes.
