The Society has also launched new residential and shared ownership products.
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85% LTV two-year fixed rate residential products have seen the largest reductions.
The Society has cut residential purchase and remortgage rates.
Six new five-year fixes with no fee and 5% fee options have launched at 65% LTV.
Sellar has worked at Santander since 1996.
Rates have reduced by up to 0.20%.
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