Santander slashes mortgage rates again in win for homeowners - full list

Here is an example of the residential remortgage rates on offer by Santander following this most recent reduction

• 75 per cent LTV two-year fixed rate residential remortgage with £999 product fee is now priced at 4.77 per cent, down from 4.89 per cent

• 60 per cent LTV three-year fixed rate residential remortgage with £999 product fee is now priced at 4.52 per cent, down from 4.60 per cent

• 60 per cent LTV five-year fixed rate residential remortgage with no product fee is now priced at 4.45 per cent, down from 4.55 per cent.

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• 90 per cent LTV two-year fixed rate residential purchase mortgage with £999 purchase fee is now priced at 5.42 per cent, down from 5.62 per cent

• 60 per cent LTV three-year fixed rate residential purchase mortgage with no purchase fee is now priced at 4.66 per cent, down from 4.78 per cent

• 95 per cent LTV two-year fixed rate residential purchase mortgage with no purchase fee and a £250 cashback is now priced at 5.95 per cent, down from 6.05 per cent.

Here is an example of the new build rates on offer by Santander following this most recent reduction:

• 60 per cent LTV three-year fixed rate New Build Exclusive purchase with no purchase fee is now priced at 4.66 per cent, down from 4.78 per cent

• 75 per cent LTV three-year fixed rate New Build Exclusive purchase with £999 purchase fee and is now priced at 4.57 per cent, down from 4.66 per cent.

Here is an example of the buy-to-let rates on offer by Santander following this most recent reduction:

• 60 per cent LTV two-year fixed rate buy-to-let purchase mortgage with a £1749 purchase fee is now priced at 4.62 per cent, down from 4.72 per cent

• 60 per cent LTV five-year fixed rate buy-to-let remortgage with a £1749 product fee is now priced at 4.37 per cent, down from 4.50 per cent.

Homeowners and prospective homebuyers have been saddled with sky-high mortgage repayments due to the Bank of England's decision to raise interest rates.

The central bank has raised the country's base rate to 5.25 per cent in its fight to bring inflation down to the two per cent target.

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Since May 2024, the consumer price index (CPI) rate has eased to this level but the Bank has so far refused to reduce the base rate further.

Analysts are pricing in an interest rate cut in the latter half of the year.

Homeowners and those in debt will benefit down the line from a reduction as repayment costs will down eventually.

The Bank of England's Monetary Policy Committee (MPC) is next set to meet to discuss the base rate on August 1, 2024.