In an exciting development for prospective homeowners and property investors, Santander mortgage cuts have been announced on a selection of residential and buy-to-let mortgage products. These changes, scheduled to go into effect on the 24th of October 2023, are set to make Santander even more competitive in a particularly tough mortgage market. In this article, we will explore the latest information that has been sent out to our advisors by Santander.
Santander Mortgage Cuts – Residential Mortgage Rate Cuts
For those seeking residential mortgages, the rate cuts are promising news. Santander will decrease standard fixed rates by a range of 0.06% to 0.56%, giving homeowners the opportunity to secure a mortgage at a more affordable rate. Also, individuals interested in new build properties will benefit from exclusive fixed rates that are set to see reductions between 0.27% and 0.56%.
Santander is also making substantial reductions in the category of large loan exclusive fixed rates, with cuts ranging from 0.25% to 0.30%. Standard residential tracker rates will decrease by 0.10%, further enhancing the bank’s offerings to those in the market for residential mortgages.
Buy-to-Let Mortgage Rate Adjustments
For investors in the buy-to-let market, Santander is introducing an array of rate reductions. New business fixed rates will decrease by 0.10% to 0.32%, providing buy-to-let investors with the opportunity to secure financing at a more attractive rate. Additionally, Santander will introduce a new range of 3-year fixed buy-to-let products, available with or without a product fee, offering investors more flexibility in choosing the financing that suits their needs. Simultaneously, the buy-to-let range with a £749 product fee will be withdrawn, streamlining the bank’s offerings.
Product Transfers for Existing Customers
Existing Santander customers looking to explore product transfers will also find these rate reductions to be welcome news. Selected residential fixed rates are set to decrease by 0.05% to 0.35%, giving current homeowners the chance to benefit from lower rates when switching their mortgage products. Meanwhile, selected residential tracker rates will see a 0.10% reduction.
In the buy-to-let category, existing customers looking to transfer their mortgage product can take advantage of a 0.22% cut in selected fixed rates. Similar to the new business category, a new 3-year fixed range will be introduced for product transfers, with options available with or without a product fee. The product transfer range with a £749 fee will also be phased out, making the product transfer process more streamlined and cost-effective for Santander’s loyal customers.
Santander’s decision to reduce rates on a variety of its mortgage products comes at a time when the property market remains in a state of flux. Economic conditions, property values, and interest rates are all subject to change, making it essential for potential homeowners and investors to seek competitive financing options.
Speak To a Mortgage Professional
Customers interested in these new rates and product offerings are encouraged to contact one of our mortgage advisors at Oportfolio to explore how these changes may benefit them. As the market continues to evolve, staying informed about competitive mortgage options is crucial for those looking to secure their dream home or make strategic investments in the property market. It is our job as expert mortgage advisors to know everything there is to know about mortgage lender product updates. Call or send our team a message today to book yourself in for a free initial mortgage consultation. We are here to help.