Santander cuts rates; adds £1,000 cashback deals

Essex Home Finance
Santander is adding first-time buyer deals with £1,000 cashback and cutting rates on selected products.
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Santander is adding first-time buyer deals with £1,000 cashback and cutting rates on selected products by up to 20 basis points.

It is cutting rates on a number of deals, including residential, new-build, Help to Buy and buy-to-let. 

On top of these changes, it is adding 80% LTV fixed rates, increasing some of its 60% LTV products to 70% LTV as well as withdrawing residential intermediary exclusives.

The following first-time buyer deals are launching with a minimum loan size of £75,000 and £1,000 cashback:

  • 85% LTV two-year fixed rate at 2.69% with £0 fee 
  • 90% LTV two-year fixed rate at 3.15% with £0 fee 
  • 95% LTV mortgage guarantee scheme two-year fixed rate at 3.78% with £0 fee 
  • 85% LTV five-year fixed rate at 2.79% with £0 fee
  • 90% LTV five-year fixed rate at 3.52% with £0 fee
  • 95% LTV mortgage guarantee scheme five-year fixed rate at 3.93% with £0 fee

Santander is adding the following deals to its standard range:

  • 80% LTV two-year fixed rate at 1.80% with £999 fee – remortgage
  • 80% LTV two-year fixed rate at 1.84% with £999 fee – purchase
  • 80% LTV two-year fixed rate at 2.24% with £0 fee – remortgage
  • 80% LTV two-year fixed rate at 2.33% with £0 fee – purchase
  • 80% LTV five-year fixed rate at 2.10% with £999 fee – remortgage
  • 80% LTV five-year fixed rate at 2.12% with £999 fee – purchase
  • 80% LTV five-year fixed rate at 2.37% with £0 fee – remortgage
  • 80% LTV five-year fixed rate at 2.47% with £0 fee – purchase

The following deals were previously 60% LTV and are increasing to 70% LTV as well as their rate reducing:

  • Two-year fixed rate at 1.00% with £999 fee – purchase and remortgage – reduced by 10 basis points
  • Five-year fixed rate at 1.18% with £999 fee – remortgage – reduced by 8 basis points
  • Five-year fixed rate at 1.19% with £999 fee – purchase – reduced by 8 basis points

Santander is also cutting the following rates in its standard range:

  • 60% LTV two-year fixed rate at 1.24% with £0 fee – remortage – reduced by 10 basis points
  • 60% LTV two-year fixed rate at 1.24% with £0 fee – purchase – reduced by 20 basis points
  • 75% LTV two-year fixed rate at 1.17% with £999 fee – remortgage – reduced by 10 basis points
  • 75% LTV two-year fixed rate at 1.21% with £999 fee – purchase – reduced by 8 basis points
  • 75% LTV two-year fixed rate at 1.59% with £0 fee – remortgage – reduced by 11 basis points
  • 75% LTV two-year fixed rate at 1.59% with £0 fee – purchase – reduced by 19 basis points
  • 85% LTV two-year fixed rate at 2.21% with £999 fee – remortgage – reduced by 8 basis points
  • 85% LTV two-year fixed rate at 2.21% with £999 fee – purchase – reduced by 18 basis points
  • 60% LTV five-year fixed rate at 1.39% with £0 fee – remortgage – reduced by 13 basis points
  • 60% LTV five-year fixed rate at 1.39% with £0 fee – purchase – reduced by 20 basis points
  • 75% LTV five-year fixed rate at 1.41% with £999 fee – purchase and remortgage – reduced by 13 basis points
  • 75% LTV five-year fixed rate at 1.74% with £0 fee – remortgage – reduced by 8 basis points
  • 75% LTV five-year fixed rate at 1.87% with £0 fee – purchase – reduced by 7 basis points
  • 85% LTV five-year fixed rate at 2.79% with £0 fee – purchase and remortgage – reduced by 7 basis points

In its 95% LTV mortgage guarantee scheme range, Santander is withdrawing a three-year fixed rate at 3.93% with no fee for and bringing in a two-year fixed at 3.68%, also with no fee.

For new builds it is reducing the following deals:

  • 85% LTV 2.five-year fixed rate at 2.21% with £999 fee purchase – rate reduced by 13 basis points
  • 85% LTV 2.five-year fixed rate at 2.64% with £0 fee purchase – rate reduced by 5 basis points

For Help to Buy Santander is cutting the following rates for purchase only:

  • 60% LTV five-year fixed rate at 1.37% with £999 fee – rate reduced by 20 basis points
  • 75% LTV five-year fixed rate at 1.73% with £999 fee – rate reduced by 11 basis points and £250 cashback added

The following intermediary exclusives are being withdrawn:

  • 70% LTV two-year fixed rate at 1.00% with £1,249 fee – purchase and remortgage
  • 75% LTV two-year fixed rate at 1.24% with £1,249 fee – purchase and remortgage
  • 70% LTV five-year fixed rate at 1.19% with £1,249 fee – remortgage
  • 70% LTV five-year fixed rate at 1.22% with £1,249 fee – purchase
  • 75% LTV five-year fixed rate at 1.50% with £1,249 fee – remortgage

Buy-to-let reductions:

  • 60% LTV two-year fixed rate at 1.25% with £1,499 fee – purchase and remortgage – rate reduced by 8 basis points
  • 75% LTV two-year fixed rate at 1.52% with £1,499 fee – purchase and remortgage – rate reduced by 3 basis points
  • 75% LTV five-year fixed rate at 1.97% with £1,499 fee – purchase and remortgage – rate reduced by 3 basis points
  • Remortgage exclusive 75% LTV five-year fixed rate at 2.04% with £999 fee – reduced by 5 basis points

Original Article from Mortgage Strategy 28/06/21

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