Lenders lower pricing across residential, BTL, and specialist products
Santander and Principality Building Society have announced reductions across their mortgage product ranges, continuing to lower rates despite recent increases by some lenders.
Santander has lowered rates for first-time buyers, home movers, and remortgage customers by up to 10 basis points (bps).
The bank’s two-year fixed products for first-time buyers at 60% loan-to-value (LTV) have dropped by up to 7bps, while those at 85 to 95% LTV have fallen by as much as 8bps.
Selected home mover two-year fixed rates at 60 to 75% LTV have been reduced by up to 9bps. For remortgages, two-year fixed deals at 60 to 75% LTV have dropped by up to 7bps, and all five-year fixed 75% LTV products have seen cuts of up to 10bps.
As part of the latest rate changes, Santander’s product transfer range has also seen similar reductions. Selected two-year fixed rates at 60 to 75% LTV have been lowered by up to 7bps, while all five-year fixed 75% LTV products have been reduced by up to 10bps.
Last week, the high street lender also slashed its residential affordability rates by up to 75bps following guidance from the Financial Conduct Authority, enabling customers to borrow between £10,000 and £35,000 more than they could previously.
Meanwhile, Principality Intermediaries has also reduced rates across a wide range of products, including residential, buy-to-let, Shared Ownership, and holiday let mortgages.
Among residential products, its three-year fixed deals at 65% and 75% LTV have dropped by 2bps, while the 80% LTV product has seen a larger 5bps cut. Five-year fixed products at 90% LTV have decreased by up to 12bps, and those at 95% LTV have been lowered by 30bps. Cashback-inclusive options have also been adjusted, with the 90% LTV five-year fixed product dropping by 14bps.
Its joint borrower sole proprietor five-year fixed product at 90% LTV has decreased by 8bps, while Shared Ownership mortgages at 95% LTV have fallen by 29bps.
In the buy-to-let segment, five-year fixed rates at 60% LTV have been reduced by up to 4bps, at 70% LTV by 11bps, and at 75% LTV with a product fee by 2bps. For holiday let mortgages, the five-year fixed 60% LTV product with a fee has decreased by 4bps.
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