Santander has launched a new range of buy-to-let mortgages and cut rates by up to 0.3 per cent on existing fixed-rate products.
From Wednesday (26 April), the lender will offer a 2-year fix at 2.29 per cent up to 60 per cent loan-to-value (LTV) and a 2-year fix at 2.59 per cent up to 75 per cent LTV for BTL remortgage, with no product fee, free standard valuation and £250 cashback on completion.
Five-year BTL fixes are also available at 2.45 per cent up to 60 per cent LTV and 3.04 per cent up to 75 per cent LTV, both with a £1,999 product fee, free standard valuation and £250 cashback.
Santander has also boosted its residential offering with the launch of a five-year fixed-rate product at 2.49 per cent up to 80 per cent LTV, available on purchase and remortgage with no product fee and £250 cashback on completion.
First-time buyers will benefit from a 2-year fix at 1.59 per cent up to 60 per cent LTV, a 5-year fix at 2.29 per cent up to 75 per cent LTV and a 5-year fix at 2.59 per cent up to 85 per cent LTV. All come with no product fee and £250 cashback on completion.
Meanwhile, the lender’s existing residential range has seen rates cut by up to 0.3 per cent, with a 2-year fix available at just 1.19 per cent up to 60 per cent LTV.
Miguel Sard, managing director of mortgages at Santander UK, said: “Following our announcement a couple of weeks ago about our new affordability approach for Buy to Let customers, we are very pleased to now introduce some market leading remortgage rates to further support this important sector of the market.
“We are also excited to be introducing a highly competitive range of new mortgages and rate reductions designed to provide additional choice and value for customers across the residential market.”
Michelle Lawson, personal mortgage and protection adviser at Southampton-based Lawson Financial, commented: “The rates are pretty competitive, as always with Santander, and with their recent change in rental coverage it should help the buy-to-let business.”
simon.allin@ft.com
