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Tomorrow (Tuesday 12th March) Santander will launch a 95% loan-to-value (LTV) 2-year fixed rate for residential purchases.

The lender will also be increasing residential fixed and tracker rates in its new business and product transfer ranges, along with reducing other selected residential fixed rates for remortgage clients, and all buy-to-let (BTL) fixed rates in its new business range.

As part of the changes, the lender reduced standard residential fixed rates by between 0.08% and 0.23% for remortgages.

In addition, selected standard residential fixed rates were increased by between 0.06% and 0.43% for purchases and remortgages.

All standard residential tracker rates increased by between 0.01% and 0.32% for purchases and remortgages, while all buy-to-let fixed rates reduced by between 0.09% and 0.23%.

In its product transfer range, Santander increased a number of residential fixed rates by between 0.02% and 0.36%.

Selected residential tracker rates increased by between 0.02% and 0.14%.

Finally, buy-to-let 5-year fixed rated will be increasing by 0.04%.

Nicholas Mendes, head of marketing at John Charcol, said: “Lenders have been swift to reprice early in the week, with Santander, co-operative, NatWest, and Principality making marginal increases in their latest round of pricing.

“5-year money has edged downwards in recent days which will see a positive reversal in pricing on 5-year fixed rates over the next fortnight.   

“The market needs some stimulation, however small. Even a 0.10% rate cut will provide enough confidence to help the future bank rate to price more favourably.

“However, it looks like we won’t be likely to see the first rate cut until June.”

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