Santander UK has announced rate reductions across a range of higher loan-to-value mortgage products, including 85% to 95% LTV deals for first-time buyers and home movers.
From 16th April, all 85% to 95% LTV 2-year fixed rates for first-time buyers will fall by up to 0.28%, with rates starting from 4.90%.
The lender is also cutting selected 3-year and 5-year fixed rates, as well as 10-year fixes and tracker products across both first-time buyer and home mover ranges.
The changes form part of a wider repricing across selected residential products and include reductions on new build exclusives and large loan offerings.
The newly reduced rates will be available to customers applying either directly or via brokers, under Santander’s no dual pricing approach.
Ben Merritt, head of mortgage trading at Santander UK, said: “It’s natural that those looking to buy, move or remortgage in the current market may be feeling uncertain about what they should do next.
“While the recent trend has been to see rates increase, we’re pleased that we’re able to pass on a reduction in borrowing costs following a fall in swap rates.
“While no-one can accurately predict where the market will go next, taking professional advice on what’s possible from your lender or an independent broker, can help borrowers to make a decision based on the current market and what any movements mean for them specifically.”
Across the home mover range, all 60% to 95% LTV 2-year fixed rates are also being reduced by up to 0.28%, alongside cuts to tracker products of up to 0.25%.
Similar reductions apply across new build products for both first-time buyers and movers, reflecting a broader effort by the lender to adjust pricing in response to changing market conditions.