Santander reveals mortgage rate cuts

Santander is to apply rate reductions of up to 0.3 per cent across its mortgage product line that will be available today, 10 July.

The rate cuts were announced the day after the lender made changes to its broker procurement fee, with the minimum for new business falling to £250 from £400.

On the bank’s standard two-year mortgage at 85 per cent LTV, customers will pay 1.74 per cent (down 0.2 per cent) and a £999 product fee.

For remortgages and purchases of up to £3m, the 70 per cent LTV five-year rate has been reduced by 0.3 per cent to 1.99 per cent (with £1999 product fee), the 70 per cent LTV two-year rate has decreased by 0.15 per cent to 1.69 per cent (with £1,999 product fee), and the 70 per cent LTV two-year tracker rate has decreased by 0.1 per cent to 1.84 per cent (with £1,999 product fee).

In Santander’s key account exclusive range, the 60 per cent LTV five-year rate has decreased by 0.05 per cent to 1.84 per cent (with £1,499 product fee), and a new 75 per cent LTV, five-year mortgage at 2.14 per cent with no fee has launched.

These rate cuts come on the back of a series of similar moves from other lenders, including Accord, Fleet Mortgages, Tesco, and Leek United.

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