Santander UK has announced significant reductions to its fixed-rate mortgage and buy-to-let product offerings. This strategic adjustment, effective immediately, spans new business transactions including purchases, remortgages, and buy-to-let products.

The banking giant has updated its rates, introducing pricing structures that may provide financial relief or be seen as more attractive options. Among the notable changes, the two-year fixed rate for loans at 60% loan-to-value (LTV) ratio, with a £999 purchase fee, has been lowered from 4.69% to 4.65%. Meanwhile, the same LTV ratio for a five-year fixed term now stands at 4.24%, reduced from 4.29%.

Santander UK, which offers both personal and commercial financial products and services, has also adjusted rates for new builds. A three-year fixed rate at 75% LTV now comes at 4.64%, a decrease from 4.68%.