Santander is cutting the cost of its mortgages, and adding a new one to its product range, effective from today.
As part of what has become a monthly range of mortgage rate cuts, Santander is reducing the rates on its range of five year fixed rates, which will be up to 0.26 per cent cheaper.
The new range of five year fixed rate mortgages include one at 4.49 per cent, reduced from 4.75 per cent, offering up to 70 per cent loan to value, and one at 4.99 per cent, reduced from 5.15 per cent, offering up to 75 per cent LTV, both with fees of £995.
The bank is also adding another product to the Santander mortgage range, a 'market leading' two year tracker mortgage, with a rate of 3.29 per cent, and up to 75 per cent loan to value; it has no fee, and is available to all borrowers.
Commenting on the lower rates and new product offering, Phil Cliff, director of Santander mortgages, said: "Santander is committed to offering competitive deals and we continue to offer a variety of products to meet borrowers' needs.
"This is why we have further improved our deals by cutting the rates on our existing 5-year fixes at 70 and 75 per cent LTV. And for borrowers seeking a more short term deal, our new, market leading, two-year fee free tracker is an excellent option."
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