Santander has cut the rates on some of its mortgage range, effective from today, available through Santander and its Alliance & Leicester branches.

Following several other rates cuts in recent weeks, Santander has cut its mortgage rates again, with the new interest rates applying to both fixed rate and tracker mortgages, and with the addition of new deals to its mortgage range.

Santander has changed the cost of two of its tracker deals – a two year 70 per cent loan to value, which has fallen to 2.63 per cent for remortgages, and another two year deal for purchase and remortgage, at 75 per cent LTV, which now costs 2.89 per cent.

A new three year tracker mortgage is now available, for purchase and remortgage, which features no fee and a rate of 3.29 per cent, up to 75 per cent LTV.

Santander fixed rate mortgages are being cut by 0.4 per cent, with its two year fixed rate mortgage range now offering a rate of 4.99 per cent with a £995 fee, for a loan to value up to 80 per cent on remortgage and purchase loans.

For existing customers, the lender is launching a new 85 per cent four year fixed rate mortgage, with a rate of 4.99 per cent and a £995 arrangement fee.

Commenting on the rate cuts, Phil Cliff, director Santander mortgages, said: “For the third consecutive week, we have reduced mortgage rates. We want to offer our customers competitive rates and a good variety of products and the latest changes to our range are no exception.”

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