Bearing this in mind, the bank has announced today that it has introduced a new 3.09% two year fixed buy to let, 60% LTV and 3.64% two year fixed buy to let for those who have a 25% deposit. Both deals have zero booking fees, purchase and remortgage.
Further to this announcement, Santander also reduced selected high LTV rates, highlights include:
80% LTV 5 Year Fixed 3.19% with £0 booking fee, purchase and remortgage
80% LTV 5 Year Fixed Loyalty 3.09% with £0 booking fee, purchase and remortgage
85% LTV 5 Year Fixed 3.79% with £0 booking fee, purchase and remortgage
85% LTV 5 Year Fixed Loyalty 3.69% with £0 booking fee, purchase and remortgage
90% LTV 5 Year Fixed 4.29% with £0 booking fee, purchase only
90% LTV 5 Year Fixed Loyalty 4.19% with £0 booking fee, purchase only
And as if that wasn't enough, the lender also revealed that it had re-introduced a 10 year fixed rate product into its range.
70% LTV 3.24% with a £995 booking fee, purchase and remortgage
70% LTV Loyalty 3.24% with a £495 booking fee, purchase and remortgage
Miguel Sard, Head of Santander Mortgages, Santander said: “With the Bank of England maintaining the base rate at a low, people are starting to explore ways to make their money go further. Property is seen as a long-term investment and increasing numbers of customers are applying for buy to let mortgages.
For people looking to move or buy for the first time, they are still facing some high upfront costs. Which is why we’ve reduced our rates and maintained the zero booking fees on selected high LTV products, helping customers make their deposits go as far as possible. They are also aimed at those looking to remortgage, who are often put off switching, or even shopping around, by the perceived costs of changing providers. We want to support every customer secure the best mortgage to meet their needs.”
