Santander has launched a new large loan tracker range for purchase and remortgage and has also reduced selected residential and buy-to-let fixed rates in its new business range alongside selected residential product transfer fixed rates.
In the new large loan tracker range, two-year rates start from 6.04% at 60% LTV for loans up to £5 million and 6.24% at 75% LTV for loans up to £3 million. Both products come with a £1,999 fee.
Elsewhere, selected residential fixed rates have reduced by between 0.02% and 0.14% for purchases and remortgages, including a 60% LTV five-year fixed rate at 4.28% for loans up to £3 million for purchases.
Selected buy-to-let purchase fixed rates have also reduced by 0.14%.
Changes to retention window
Santander has reminded brokers that it has started to reduce its retention window from just over six months to just over four months.
The Bank previously increased its retention window under the Mortgage Charter, which allows existing customers lock in a new deal up to six months before their current deal ends to combat rising mortgage rates.
As market rates have stabilised over the last few months and the Bank of England base rate is forecast to go down later this year, Santander says it has seen a very low percentage of eligible customers requesting a new deal between four to six months before their current deal ends.
As a result, the Bank will now begin reducing the retention window. It will hold the product completion deadline for product transfer deals that it launches in June and July at 5th December 2024. Deals launched from 13th August will see the completion deadline move to 5th January 2025 which is just over four months.
