Santander increases rates. Over the last few days Santander has announced that it has increased its rates on residential and buy-to-let products. meaning that repayments will go up for thousands. Some of the rate changes are as follows:
- Across its residential range, on two-year fixed rates, products with an LTV of 75% are increasing by up to 0.5%. Those with an LTV of 95% are increasing by up to 0.35%.
- Across five-year fixes, products with an LTV of 75% are increasing by up to 0.45%, while on 85% LTV they are increasing by up to 0.05%.
- On the buy-to-let (BTL) side, two-year fixes with LTV of 60% are increasing by up to 0.5%, while 75% LTV are increasing by up to 0.45%.
- On five-year BTL fixes, rates are increasing by up to 0.40% on 60% LTV products, and by up to 0.30% across 75% LTV products.
- Across its help-to-buy product range, rates are increasing by up to 0.50% on 75% LTV products.
- Across two and a half year fixes, products with a 75% LTV are increasing by up to 0.5%, while five-year fixes with 75% LTV are increasing by up to 0.4%.
If you have a Santander mortgage and fixed your rate for a few years then this change may not immediately affect you. However, if you are nearing the end of your fixed period or chose to secure a mortgage on a variable rate, then now is an essential time to speak to an advisor about your options.
A mortgage advisor will be able to look at your current deal with Santander and re-structure or replace your current mortgage so that the rate increases won’t make a detrimental change to your outgoings.
What the mortgage brokers say as Santander increases rates
Louis Mason, content manager for Oportfolio mortgages says: “Lenders change their rates, there’s no surprise there however, you do not want to be stuck with a lender if there are more attractive and competitive rates and products on the market. It just wouldn’t make sense and could leave you out of pocket. Remortgaging is a very common practice and can help you to keep your mortgage expenses down and make sure that you know exactly how much you are paying without any nasty surprises. Our advisors are passionate about helping our clients to get to the best place possible financially and remortgaging is something we are very experienced with.”
If you have a Santander mortgage that is coming up for renewal or something in this article has got you thinking about your own mortgage with another lender, then feel free to give our helpful advisors a call on 020 8877 1169 to see how we can help you.