Santander for intermediaries will launch a range of 60% loan-to-value fixed-rate residential remortgages, while cutting other selected home remortgage rates by up to 11 basis points.
The high street bank’s broker-only arm says its changes, which come to market on 7 September, cover:
- A new 60% LTV residential range with two- and five-year fixed-rate options for remortgage clients
- Residential fixed-rate deals down by between 4bps and 11bps for remortgage clients
The lender adds that there are no changes to its residential trackers or the buy-to-let range. Product transfer rates will also not change.
The reductions come as lenders make several rounds of rate cuts following the Bank of England’s base rate rise by 25bps to 5.25% last month, its 14th consecutive rise taking it to the highest level for 15 years.
The central bank is battling inflation, which fell to 6.8% in the year to July from 7.9% in June, but still remains almost three-and-a-half times higher than its 2% target.
However, lenders say swap rates have fallen from their early July peak, allowing many of them to cut rates.
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