Santander cuts BTL and residential rates

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Santander is cutting interest rates on its buy-to-let and residential mortgages by up to 15 basis points, according to a broker note.

On the buy-to-let side, the lender is cutting a 75 per cent two-year fixed mortgage from 2.84 per cent to:

– 2.69 per cent with a £1995 booking fee, purchase and remortgage

– 2.49 per cent with a 1.5 per cent booking fee, purchase and remortgage

Santander has also stopped its two-year fixed rate products with a £995 booking fee.

The lender is also tweaking its residential products by launching a 60 per cent LTV two-year tracker at 1.39 per cent with £995 booking fee, purchase and remortgage.

Santander will cut rates on its 75 per cent and 80 per cent LTV two-year trackers by 15 basis points, and will withdraw its 70 per cent LTV two-year trackers.

The changes take place from tomorrow.

The broker note says: “Full applications on all amended and withdrawn products must be submitted by midnight on Monday 25 January 2016 in order to secure a booking on these products.”

Santander head of intermediary distribution Paul Adams says: “Buy-to-let continues to be a core business priority for us. We want to grow our business and support customers looking to invest in property make that ambition a reality.

“We hope these competitive new, reduced buy-to-let rates combined with our efficient service and quick time to offer will help customers keen to invest in property take that step.”