Santander has announced it will temporarily withdraw certain new business mortgage products this evening.
The deals will be pulled at 10pm on 11 October and include a five-year fix at 60% loan to value (LTV) priced at 3.68% with a £999 fee.
Santander is also withdrawing five-year fixes at 75% LTV, priced at 3.92% with a £999 fee and 4.02% with no fee, as well as corresponding deals at 85% LTV and 90% LTV, with rates of 4.15%, 4.34%, 4.49% and 4.64%.
The bank is also removing the five-year fixed green remortgage at 75% LTV with a £999 fee and rate of 3.89%.
Brokers must submit full mortgage applications by 10pm to secure outgoing rates.
Santander said it would relaunch its full new business and product transfer ranges on 15 October.
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TML cuts residential mortgage rates and improves broker portal
The Mortgage Lender (TML) has reduced its residential mortgage rates by as much as 0.35%.
Across its core ‘real life’ products, two-year fixed rates will now start at 5.74%, down from 5.99%.
TML has also reduced several five-year fixed rates, which now begin from 5.54%, down from 5.74%.
The two- and five-year fixes at 90% LTV now begin at 6.64% and 6.35%, down from 6.89% and 6.57% respectively.
TML’s large loan product rates have also been lowered to start from 5.69% for a two-year fix and 5.39% for a five-year fix.
The lender has also updated its broker portal to offer fee-free automated valuation models (AVMs) on some residential and buy-to-let (BTL) mortgages.
TML said this would drive efficiency and streamline processes for brokers.
Steve Griffiths, chief commercial officer at TML, said: “We are happy to announce further rate cuts on our products after reductions in both our residential and buy-to-let ranges in recent weeks.
“We also strive to make our processes as easy and efficient as possible, and we’re pleased to announce the latest developments to our broker portal to ultimately provide a more streamlined experience to our broker partners when it comes to customers’ mortgage applications.”
He added: “As we continue to assess the market and evaluate our products and services, we hope these changes will offer even more options to brokers and their clients. Our affordability assessments already go beyond those of traditional lenders, and we’re committed to our people-first approach, ensuring our processes are as efficient as possible.”
Melton BS lowers BTL rates
Melton Building Society has reduced its BTL mortgage rates by as much as 0.55% and increased its maximum loan size from £500,000 to £1m.
The mutual has also introduced cashback incentives to its BTL range for the first time.
Rate changes include a two-year fix at 75% LTV, which has fallen from 5.35% to 5.15%. This has no application fee, a £399 completion fee and £250 cashback.
There is also its family BTL two-year fixed product, which has gone down from 5.95% to 5.4%. This has a £199 application fee, no completion fee and £500 cashback.
Dan Atkinson, head of intermediaries at Melton Building Society, said: “We are delighted to be able to offer our lowest BTL rates of the year to the market. Our new rates, along with the substantial increase to our maximum BTL loan limit, reflect our commitment to landlords.
“With rate reductions of up to 0.55%, and the introduction of cashback on selected products, we hope to offer both existing and new landlords some attractive solutions to grow their property portfolio.”
