Santander for intermediaries will cut selected residential and landlord fixed-rate loans by up to 82 basis points tomorrow (10 January), which includes the introduction of sub-4% mortgages.
Highlights of the high street bank’s new business standard residential reductions will see rates fall by between 17bs and 82bps including:
- Five-year fixes at 60% loan to value, at 3.89%, with a £999 product fee for remortgages
- Five-year fixes at 60% LTV, at 3.94%, with a £999 product fee for purchases
Other new business reductions cover:
- All new build exclusive fixes will fall by between 21bps and 56bps
- All large loan fixes will fall by 25bps
- All buy-to-let two- and five-year fixes will fall by between 21bps and 56bps and it will pull all BTL three-year fixes
Product transfer highlights include:
- All residential fixes will fall by between 4bps and 82bps
- All BTL two- and five-year fixes will fall by between 15bps and 56bps and it will pull all BTL three-year fixes
The lender says that new business and product transfer completion deadlines will roll on by one month.
It tells brokers that clients who have not accepted a product transfer offer, means that brokers can select a new product in the online mortgage transfer service for them and a new offer will be issued.
It adds that If clients have accepted a new deal, brokers can change to a different deal, or cancel the one that has been booked. Brokers must do this at least 14 days before their client’s new deal starts.
The firm says that while a product transfer is pending, broker clients cannot make any other changes to their mortgage until that new deal has started.
This includes a switch to interest only for six months or a term increase under the Mortgage Charter, and other changes such as overpayments.
