Santander Reveals Increased Fixed Rate Pricing

Basio badr

ago 5 hours

Santander Reveals Increased Fixed Rate Pricing

Santander has announced an increase in fixed rates across various loan-to-value (LTV) brackets, impacting first-time buyers, home movers, and remortgagers. This update is critical for anyone considering new mortgage products or remortgaging.

Changes to Fixed Rates for First-Time Buyers

For first-time buyers, fixed rates are set to increase as follows:

Two- and three-year fixed rates at 85% and 90% LTV will rise by up to 0.10%.
Five-year fixed rates at 85%, 90%, and 95% LTV will increase by up to 0.05%.
Ten-year fixed rates at 75% LTV will see an increase of 0.10%.

Similar adjustments will apply to new build products for first-time buyers, maintaining consistency across the offerings.

Home Movers Fixed Rate Increases

Home movers will also experience adjusted rates. The specific changes include:

Selected two-year fixed rates at 60% LTV and all 85%, 90%, and 95% LTV products will rise by up to 0.09%.
Three-year fixed rates across 60%, 75%, 85%, 90%, and 95% LTV will increase by up to 0.10%.
Five-year fixed rates in the same categories will rise by as much as 0.09%.
Ten-year fixed rates at 60% and 75% LTV will increase by 0.10%.

These adjustments are mirrored in new build products for home movers as well.

Remortgaging and Large Loan Products

For remortgage options, the following changes are noteworthy:

Two-year fixed rates at 60% and 75% LTV will see increases of up to 0.05%.
Five-year deals at those same LTV levels will rise by as much as 0.13%.

Large loan products will also increase, with a 0.05% rise in all 60% LTV two- and five-year fixed rates for first-time buyers, home movers, and remortgagers.

Buy-to-Let (BTL) Fixed Rate Adjustments

In the buy-to-let category, changes include:

Five-year fixed remortgage products at 65% and 75% LTV will increase by 0.06%.
However, a small reduction of 0.06% will occur for 60% LTV two-year fixed BTL remortgage deals.

Additional Updates and Deadline Information

Santander will also raise selected residential fixed rates within product transfers:

Two-year fixed rates at 60% and 75% LTV will increase by up to 0.02%.
Five-year rates at 60% LTV will see an increase of up to 0.05%.
Selected five-year rates at 75% LTV will also rise by 0.02%.

It is important to note that there are no changes to tracker rates or the BTL purchase and product transfer ranges. Mortgage intermediaries must submit all new business applications and product transfer requests by 10 PM on Monday, October 13. The updated rates will be effective starting Tuesday, October 14, and can be found in Santander’s latest rate bulletins and mortgage rates page.