As mortgage rates fall to record lows, Santander is launching a new range of buy-to-let remortgages, claiming they’ll be the cheapest deals on the market.
Experts are talking about a ‘mortgage price war’, as lenders compete for customers against a backdrop of dwindling demand and a sluggish housing market.
Yorkshire Building Society recently introduced a residential mortgage rate of 0.89 per cent, and Santander have now slashed interest rates by up to 0.3 per cent, offering rates from just 1.14 per cent on a two year residential loan.
Tomorrow, Santander are also introducing a new range of buy-to-let remortgage rates, starting at 2.29 per cent for a two year fixed loan with 60 per cent LTV, and 2.59 per cent for 75 per cent LTV.
The deal includes zero product fee, a free standard valuation, and £250 casback on completion.
Five year fixed buy-to-let remortgage rates start from 2.45 per cent at 60% LTV and 3.04 per cent at 75% LTV, with a £1,999 product fee, free standard valuation and £250 cashback.
Miguel Sard, the Managing Director of Mortgages at Santander UK, said: “Following our announcement a couple of weeks ago about our new affordability approach for buy-to-let customers, we are very pleased to now introduce some market leading remortgage rates to further support this important sector of the market.
“We are also excited to be introducing a highly competitive range of new mortgages and rate reductions designed to provide additional choice and value for customers across the residential market.”
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