Santander has a launched a one-year fixed rate buy-to-let (BTL) mortgage to offer landlords more flexibility to switch to cheaper deal should rates fall.
At the same time, Santander has cut its BTL and residential fixed and tracker rate mortgage rates by up to 0.14%.
The one-year BTL mortgage is available up to 75% loan to value (LTV) and is priced at 5.37% with a £1,749 fee.
BTL price cuts
Highlights of the BTL rate reductions include:
• 5.29% two-year fixed rate purchase, available up to 60% LTV with a £0 fee, reduced by 0.13%.
• 4.81% five-year fixed rate purchase, available up to 75% LTV with a £0 fee, reduced by 0.1%.
• 5.43% two-year fixed rate remortgage, available up to 75% LTV with a £0 fee, reduced by 0.07%.
Residential rate cuts
Highlights of the residential rate cuts include:
• 4.58% two-year fixed rate purchase at 60% LTV with a £999 fee, reduced by 0.06%.
• 5.93% two-year fixed rate remortgage at 90% LTV with a £999 fee, reduced by 0.1%.
• 4.37% five-year fixed rate purchase at 60% with a £0 fee, reduced by 0.11%.
• 5.41% five-year fixed rate purchase at 95% LTV with a £0 fee and £250 cashback, reduced by 0.05%.
Graham Sellar (pictured), head of the intermediary channel, said: “We know that the volatile rates this year have made it a tricky market for both customers and brokers supporting them with a remortgage or new borrowing. We’re pleased to introduce a one-year fixed rate product to our buy-to-let offering, giving landlords certainty of payments while offering more flexibility than a traditional longer fixed rate.”
Yesterday, the lender announced it would lower its BTL and residential fixed rates.
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.
