Santander follows Barclays, TSB and NatWest by improving mortgage rates
A growing number of high-street lenders are cutting the price of their mortgage deals.
Santander for Intermediaries, the UK's fourth largest mortgage lender, is the latest big bank to announce it will lower many of its fixed rates. The lender will improve selected standard residential rates across its property purchase, remortgage, and existing customer ranges by up to 0.23%. It will also improve its green home products suitable for properties with good Energy Performance Certificate ratings.
Late last week, Barclays, TSB, NatWest, and Coventry Building Society all announced price reductions to their mortgage rates. NatWest cut its two—and five-year fixed-rate mortgage products by up to 0.16%.
NatWest's lowest five-year fixes now start from 4.1%, making them some of the most competitively priced deals for borrowers with larger deposits. These rates have £1,495 arrangement fees, and they are available to applicants looking to raise between £25,000 and £2 million.
Coventry Building Society also announced a price reduction on all fixed-rate mortgages, including cuts of as much as 0.26% on residential deals. Its buy-to-let rates also decreased by up to 0.25%.
This was quickly followed by Barclays, which said from Tuesday, December 10 it will cut its residential purchase and remortgage five-year fixed rates by up to 0.14%.
Aaron Strutt, product director at Trinity Financial, says: “There has been a huge amount of mortgage rate changes this year with lenders putting their rates up and down. Mortgage pricing has edged but prices are coming down again.
“We suspect the banks and building societies will want to have a busy start to 2025, which means their mortgage rates will need to be as keenly priced as possible.”
Santander has also reduced its residential affordability rates to help applicants secure more generous loan sizes. This figure is used in its mortgage affordability calculation and follows the Bank of England's base rate decrease in November.
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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