Santander is among a number of lenders to have slashed mortgage rates recently
Santander has announced a reduction to the interest rates on its line of mortgage products.
The lender has confirmed it has slashed all buy-to-let and selected residential mortgage rates by up to 0.16 per cent.
Last week, Santander cut interest rates across multiple fixed-rate products which benefited first-time homebuyers.
The Bank of England opted to hold the base rate at 5.25 per cent earlier this month, but signalled cuts could be coming later in the year.
Following Santander’s latest update, the residential interest rate changes from the lender include:
Here are some examples of the buy-to-let products which have been reduced by Santander as of today:
Rachel Springall, a finance expert at Moneyfacts, highlighted that Britons will need to wait a bit longer before mortgage rates are cut more significantly.
She explained: “The recent observations made by the Bank of England would suggest base rate is unlikely to move for a few months yet, and indeed the Monetary Policy Committee will wait for firm evidence that inflation is under control before even considering a rate cut.
“Borrowers who are sitting on their Standard Variable Rate (SVR) should be incentivised to switch their mortgage if they can, as it’s unlikely they will see their repayments drop for the foreseeable.
“Indeed, the average two- and five-year fixed rates are much lower than the average SVR. Seeking advice from an independent broker is wise to work out if an individual could save a decent sum on their monthly repayments by changing their mortgage deal.”
