Santander has introduced rate cuts on a number of fixed rates for residential properties and buy-to-let (BTL) for new businesses from 21 January.
The cuts include for home movers (including new builds) all 60% Loan-to-Value (LTV) fixed rates over five years, which have been reduced by up to 0.10%, and for first-time buyers (including new builds) on all 85%, 90% and 95% LTV fixed rates over five years, which have been reduced by 0.06%.
The two-year 60% LTV fixed rate home remortgage with a £1,999 fee has been reduced by 0.01% and all two-year 60% and 75% LTV fixed rates have been reduced by 0.07%.
For BTL remortgages, all 60%, 65% and 75% two-year LTV fixed rates have been reduced by up to 0.04%, while all 60% and 65% five-year LTV fixed rates have been reduced by up to 0.04%.
The lender has also withdrawn its high interest rates for first-time loans.
These include the 60% LTV two-year tracker rate with a £1,999 fee and the 75% two-year tracker rate with a £1,999 fee.
In addition, Santander has made cuts to its product transfer offering for some residential fixed rates and BTL.
The two-year residential 75% LTV fix with a £1,999 allowance has been reduced by 0.01% and all 60% and 75% LTV fixes for five and seven years have been reduced by up to 0.07%.
Also, all BTL 60% LTV five-year fixes have been reduced by 0.03%.
Elsewhere, Molo has cut prices on its UK BTL products by as much as 10 basis points for its standard BTL range and by 5 basis points for its specialist products.
From today, Molo’s new BTL rates start from 2.44% for a two-year fix, available to both individual and limited liability companies at 75% LTV, while five-year rates start at 4.24%.
Rates for specialist products, including HMO, portfolio landlords, new builds and holiday lets, now start from 2.70% for a two-year fixed rate and 4.49% for a five-year fixed rate, with no premium for larger properties (6 plus rooms/units).
Rates for non-UK residents and expat borrowers remain unchanged at 5.84% and 4.75% respectively.