Home Residential PropertyBuy-To-Let Santander hikes BTL rates by up to 0.30%

Santander hikes BTL rates by up to 0.30%

by LLP Finance Reporter
14th Aug 20 3:10 pm

Santander have announced on Friday a raft of rate rises, including buy-to-let rates for purchase and remortgage, which have increased by up to 0.30%

According to the lender, it has increased selected rates and fees at 60%, 75% and 85% LTV by up to 0.30%.

The changes will see two-year fixed rates with a £1,499 fee at 60% LTV, rise by 10bps to 1.49%. Fee-free two-year fixed rates now start from 2.14% and five-year rates from 2.29%, an increase of 30bps.

At 75% LTV, products have increased by between 20 and 30bps. Two-year fixed rates now start from 1.69% with a £1,499 fee or 2.39% fee-free, while a five-year fixed rate starts from 2.69% with no fee.

However, the largest increases are to Santander’s 85% LTV products, which have increased by 0.30% to 2.39% fixed for two years and 2.69% for five years. At 60% LTV, two-year fixed rates now start at 1.49% and five-year fixes from 1.59%. At 75% LTV, Santander’s two-year fixed rate has increased to 1.69% and its five-year fixed rate now starts at 1.79%.

Help to Buy rates have also risen by up to 0.30%, while selected fees have increased to £999. The largest increase is to Santander’s fee-free 75% LTV five-year fix which has risen from 2.04% to 2.34%. 60% LTV two and five-year rates have increased by 0.10% and 75% LTV two-year fixed rates have risen to 1.74% with a £999 fee or 2.14% fee-free.

Large loan rates for purchase and remortgage have risen by up to 0.25%, with a two-year 60% LTV product now starting at 1.59% and a five-year fix rising to 1.69%. At 75% LTV, two-year fixed rates have increased to 1.79% and five-year fixed rates to 1.89%. All large loan products come with a £2,499 fee.

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