The bank has become the first five largest UK mortgage lender in the UK to offer a buy-to-let mortgage product with a one-year fixed rate.
Santander has also announced reductions of up to 0.14% on its existing buy-to-let mortgage offering and fixed and tracker rate properties.
The one-year fixed rate buy-to-let agreement is aimed at landlords remortgaging up to 75% loan-to-value (LTV). It costs 5.37% with a fee of £1,749.
Graham Sellar, head of intermediary channel at Santander UK, said: “We know that volatile interest rates this year have made it a tough market for both customers – and the brokers supporting them – remortgaging or taking on a new loan. We are excited to introduce a one-year fixed rate product to our buy-to-let offering, giving landlords payment security while offering more flexibility than a traditional longer fixed rate.”
Examples of discounts within Santander’s existing buy-to-let range include:
- 60% LTV fixed interest over two years, purchase at 5.29% with € 0 purchase costs, reduced by 0.13%.
- 75% LTV fixed interest over five years, purchase at 4.81% with € 0 purchase costs, reduced by 0.10%.
- 60% LTV fixed rate over two years, remortgage at 4.78% with a fee of £1,749 – reduced by 0.04%.
- 75% LTV fixed interest over two years, remortgage of 5.43% with € 0 purchase costs – reduced by 0.07%.
Examples of two-year fixed rates for homes that have been reduced include:
- 60% LTV fixed rate over two years, purchase at 4.58% with a £999 fee – reduced by 0.06%.
- 75% LTV two year fixed rate, purchase at 4.98% with £0 fee – reduced by 0.05%
- 85% LTV fixed rate over two years, remortgage of 5.53% with a £999 fee – reduced by 0.14%
- 90% LTV fixed rate over two years, remortgage at 5.93% with a £999 fee – reduced by 0.10%.
Examples of three-year fixed rates for homes that have been reduced include:
- 60% LTV, fixed rate over 3 years, purchase at 4.53% with a £999 fee – reduced by 0.08%
- 75% LTV fixed rate over three years, purchase at 4.87% with £0 fee – reduced by 0.10%
- 60% LTV fixed rate over three years, remortgage at 4.60% with a £999 fee – reduced by 0.06%
- 75% LTV fixed rate over three years, remortgage of 4.96% with £0 fee – reduced by 0.11%
Examples of five-year fixed rates for homes that have been reduced include:
- 60% LTV fixed rate over five years, purchase at 4.37% with £0 fee – reduced by 0.11%
- 95% LTV fixed rate over five years, purchase at 5.41% with £0 fee and £250 cashback – reduced by 0.05%
- 60% LTV fixed rate over five years, remortgage at 4.38% with a £999 fee – reduced by 0.04%
- 90% LTV fixed rate over five years, 5.55% remortgage with £0 fee – reduced by 0.10%