Santander is making big moves in the remortgage market, launching a new five-year fixed rate at 3.99% with a £999 fee for those borrowing up to 60% of the value of their property – a significant discount from the usual market rates. This new product will be available from tomorrow and is just one of multiple residential rate reductions that the bank is introducing. Customers who are looking to rearrange their existing mortgage with Santander will also benefit from reductions of up to 0.19% with no product fee.

Additionally, the bank is launching new seven-year fixes with a £0 product fee and reducing rates for its buy-to-let products by up to 0.30%. There are also £250 cashback and no product fee options available at 95% LTV, rate reduced to 5.14%.

Santander’s new rates are some of the most competitive on the market, making it an attractive proposition for those looking for a remortgage or to arrange a new mortgage and make savings on their monthly payments.

The bank is also withdrawing its Help to Buy: equity loan rates, as it looks to refocus its efforts on residential customers. This will be a blow for those hoping to take advantage of the scheme before the deadline of 31 March 2023.

Overall, this is an exciting move from Santander and one that could benefit thousands of customers. With the current market conditions making it difficult for those looking to rearrange their mortgage, Santander’s competitive rates and wide range of product options could make it a more attractive option for many.

This is a significant move from Santander and one that could revolutionize the remortgage market. With these new rates, customers can save money each month and make arrangements for their future that suit their individual needs. It's an exciting time for those looking to secure a great mortgage deal and we look forward to seeing what else comes out of Santander in the near future.