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Santander cuts rates across two & five-year mortgages

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Santander Mortgages is offering £1,000 cashback with its three-year first-time buyer products and has also launched a ten-year fixed rate deal. The bank has also cut rates across its mortgage range.

Santander has cut rates across seven of its two and five-year fixed rate products, with loan-to-value ratios (LTVs) ranging from 85-95 per cent.

Its five-year fixed rates have been reduced by 0.10 per cent to 3.29 per cent, with no fee at 95 per cent LTV. It has also cut its five-year rate by 0.15 per cent to 2.34 per cent for 90 per cent LTV, with a £999 fee.

At 85 per cent LTV, rates have been cut by 0.05 per cent to 2.34 per cent and 2.09 per cent, with no fee and a £999 fee respectively.

Meanwhile, the bank has cut its two-year fixed rates for 90 per cent LTV by 0.20 per cent to 1.89 per cent, with a £999 fee.

Amongst its products which have no fee, its two-year fixed rates have been cut by 0.05 per cent to 2.94 per cent and 2.34 per cent, with 95 per cent and 90 per cent LTV respectively.

Cashback offers

Santander is also seeking to entice borrowers with the launch of a 10-year fixed rate residential mortgage. This is currently being offered at a rate of 2.49 per cent, with a 75 per cent LTV, including a £999 fee for both purchases and remortgages.

The £1,000 cashback offer is available for new first-time buyer products with three-year fixed rates. These stand at 2.99 per cent, 2.39 per cent, and 2.24 per cent, with LTVs ranging from 85-95 per cent, with no product fee.

Additionally, the bank has introduced a five-year fixed rate deal at 90 per cent LTV, with no product fee. This is aimed at first-time buyers and borrowers with higher LTVs.

Santander Mortgages has launched three mortgage products exclusively for its private and select account holders.

They include three-year fixed rates, available for both purchases and remortgages, standing at 1.59 per cent and 1.69 per cent with 60 per cent to 75 per cent LTV.