Santander has reduced fees on its 60 per cent and 70 per cent LTV buy-to-let deals following the tax changes that it says have ‘slowed’ the market.
The lender has reduced product fees by £500 to £1495 on its 60 per cent LTV 2-year fixed BTL and 75 per cent 2 year fixed BTL products to ‘support the market and help those that still want to invest in bricks and mortar.’
Santander is also reducing rates on a selection of existing fixed rate residential products.
These changes are as follows:
- 60% LTV 5 year fixed £999 product fee, purchase and remortgage – rate reduced 0.05% to 1.79%
- 75% LTV 5 year fixed £999 product fee, purchase and remortgage – rate reduced 0.05% to 1.99%
- 90% LTV 2 year fixed £0 product fee, purchase and remortgage – rate reduced 30bps to 2.54%
Santander for Intermediaries managing director Brad Fordham says: “The BTL market has slowed in recent months, but appetite for investing in property remains. We hope that by reducing the product fee on our BTL products, we will support this area of the market and help those who want to invest make their ambition become a reality.”