Selected rate reductions to our fixed rate products

 

Great news! On Tuesday 23 January, we’re making some improvements to selected Buy to Let, Residential, Help to Buy: equity loan and New Build fixed deals.

Buy to Let rate reductions (purchase and remortgage)

  • 75% LTV 2 year fixed, 1.99% with £1,499 product fee (was 2.04%)
  • 60% LTV 5 year fixed, 2.24% with £1,499 product fee (was 2.44%)
  • 75% LTV 5 year fixed, 2.84% with £1,499 product fee (was 3.04%)

Residential rate reductions (purchase)

  • 95% LTV 2 year fixed, 3.89% with £0 product fee (was 4.09%)

Help to Buy: equity loan (purchase)

  • 75% LTV 5 year fixed, Help to Buy: equity loan, 2.19% with £999 product fee (was 2.44%)
  • 75% LTV 5 year fixed, Help to Buy: equity loan, 2.49% with £0 product fee (was 2.69%)

We’ll also be increasing our 75% LTV 2 year fixed, Help to Buy, 1.44% with £999 product fee (was 1.39%).

New Build (purchase)

  • 75% LTV 2.5 year fixed, New Build Exclusive, 1.54% with £999 product fee (NEW!)
  • 85% LTV 2.5 year fixed, New Build Exclusive, 1.64% with £999 product fee (was 1.84%)

We’ll also be withdrawing our 60% LTV 2.5 year fixed, New Build Exclusive, 1.39% with £999 product fee.

Product early repayment charges may apply, plus any benefit package cashback or paid standard legal fees. Charge and benefit end dates and the completion deadlines on our range will move on one month and our product codes will be replaced. Full applications on all amended and withdrawn products must be submitted by midnight on Monday 22 January 2018 in order to secure a booking on these products.

For full details of our new range please see the Rate Bulletin (Issue 1) which will be available on our website on Tuesday 23 January 2018.

Santander’s new mortgage reversion rate

From Tuesday 23 January, all Santander mortgage products (new business and product transfers) will automatically transfer to the new Santander Follow-on Rate (FoR) when the fixed or tracker product period ends.

What is Santander’s FoR?

  • A variable rate that tracks at 3.25% above the Bank of England base rate (currently 0.50%), giving a current rate payable of 3.75%.
  • The differential of 3.25% is guaranteed for the life of the mortgage and cannot be changed, however, the rate payable will go up and down in line with changes to the Bank of England base rate.
  • No early repayment charges and is fully portable.
  • No product fee.

All FMAs submitted on Introducer Internet before Tuesday 23 January (whether the mortgage has completed or not) will continue to transfer to Santander’s Standard Variable Rate when the initial fixed or tracker product period ends.

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