The revised rates will be available through brokers and direct channels, under the lender’s “no dual pricing” approach.
For first-time buyers, Santander said its My First Mortgage first-time buyer exclusive at 98% LTV — requiring a minimum £10,000 deposit and offering £250 cashback — will be cut by 0.25 points. Selected two-year fixes will be reduced by up to 0.14 points, with selected three- and five-year fixes down by as much as 0.25 points.
For home movers, selected reductions will reach up to 0.06 points on two-year fixes, up to 0.10 points on three-year fixes, and up to 0.05 points on five-year fixes. Equivalent adjustments will also apply to new-build home mover products.
In the new-build first-time buyer range, selected two-year fixes will fall by up to 0.14 points, selected three-year fixes by up to 0.25 points, and selected five-year fixes by up to 0.10 points.