Santander will reduce interest rates on a large part of its mortgage offering from June 18.
The lender reduces most fixed and tracker rates for new contracts. However, some fixed purchase rates will increase.
In the product transmission range, most of them are residential landlines rates will be reduced by up to 13bps. All residential two-year tracker rates with an LTV of 60% and 75% will decrease by up to 18 basis points.
Buy-to-let lenders will also benefit. All 60% and 75% LTV fixed rates for two and five years in the product transfer range will decrease by up to 8 basis points.
Santander is also reintroducing fixed and tracker products at 60% and 75% Loan-to-Value (LTV) for first-time buyers.
Also for first-time buyers, Santander is increasing the interest on its two-year fixed LTV rate of 85% with a £999 fee and £250 cashback by 11 basis points to 4.77%.
Similarly, an 11 basis point increase is applied to Santander’s fixed rate of 85% LTV over two years with a £0 fee and £250 cashback, to 5.02%.
The lender is making further changes to its range of home movers. New two- and five-year fixed rate products with a £1,499 fee will be launched. The minimum and maximum loan sizes are also simplified.
Product costs are reduced. The standard rate drops from £1,999 to £1,499. Major borrowing costs will drop from £2,999 to £1,999.
There are no changes to the large loan remortgage products or tracker rates in the large loan mover range.
Santander is also extending benefit end dates, cost end dates and completion deadlines by one month for its new business and product transfer series.
The lender said brokers must submit applications and product transfer requests for current products by June 17 at 10 p.m.