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.”
How will you be impacted by the ‘mortgage price war’? Tell us in the comments.
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