Santander has cut three high LTV products in its range as it seeks to continue to support first time buyers and those with lower deposits.
Meanwhile, Santander has also changed the pricing on some of its buy-to-let products.
Key changes are as follows:
- 60% LTV 2-year fixed buy-to-let 2.59% with a £1995 booking fee on purchase and remortgage
- 60% LTV 5-year fixed buy-to-let 3.59% with a 2.5% booking fee on purchase and remortgage
- 75% LTV 2-year fixed buy-to-let 3.14% with a £1995 booking fee on purchase and remortgage
- 75% LTV 5-year fixed buy-to-let 4.09% with a £1995 booking fee on purchase and remortgage
Miguel Sard, managing director of mortgages at Santander UK, said: “Securing a property can be difficult for first time buyers or those with smaller deposits. The new changes in our product portfolio are not only best in the market but we hope they will enable more people, with lower deposits to access to their dream home.
“As a prudent lender, we regularly review the make-up and balance of our mortgage portfolio. From time to time this means we will make pricing changes to control volumes and ensure our book continues to have appropriate levels of different types of lending.”
On its Loyalty range Santander offers a free standard valuation and £250 cashback for purchase customers. The majority of its standard residential mortgages come with Santander’s Homebuyer Free Valuation for purchase customers.
In addition, Santander 1|2|3 Current Account customers who pay their monthly Santander mortgage payment by direct debit will receive 1% cashback on maximum monthly mortgage payments of up to £1,000.