Santander UK announces reductions to fixed rates and buy-to-let products

What are the new rates?

Santander UK announces reductions to fixed rates and buy-to-let products

Santander UK has announced significant reductions to its fixed-rate mortgage and buy-to-let product offerings. This strategic adjustment, effective immediately, spans new business transactions including purchases, remortgages, and buy-to-let products.

The banking giant has updated its rates, introducing pricing structures that may provide financial relief or be seen as more attractive options. Among the notable changes, the two-year fixed rate for loans at 60% loan-to-value (LTV) ratio, with a £999 purchase fee, has been lowered from 4.69% to 4.65%. Meanwhile, the same LTV ratio for a five-year fixed term now stands at 4.24%, reduced from 4.29%.

Santander UK, which offers both personal and commercial financial products and services, has also adjusted rates for new builds. A three-year fixed rate at 75% LTV now comes at 4.64%, a decrease from 4.68%.

For those considering remortgaging, Santander UK has reduced its three-year fixed rates at 75% LTV, now offered at 4.98%, down from 5.19%. Additionally, a two-year fixed remortgage rate at the same LTV ratio is marked down to 5.10% from 5.25%, all without the imposition of any fees.

The lender, which, at the end of 2023 served more than 14 million customers and had around 19,800 employees, has also adjusted its buy-to-let products. One notable change is the two-year fixed rate for buy-to-let purchases and remortgages at 60% LTV, now priced at 5.24%, a reduction from 5.36%.

For further details on the new rates, visit Santander UK’s website.

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