New buy-to-let mortgage offerings

Today, Santander announced several changes to its residential and buy-to-let mortgage offerings:

For landlord mortgages:
– Introducing a new 75% loan-to-value (LTV) two-year tracker rate for landlords at 5.64%, accompanied by a £1,999 product fee.
– All other buy-to-let (BTL) tracker products will be withdrawn.

For residential mortgages:
– Selected fixed rates for residential mortgages will see increases ranging from 4 to 33 basis points (bps) for both purchases and remortgages.
– The maximum loan size for selected residential fixed rates will increase to £1 million from £570,000 at 90% loan-to-value.

Regarding product transfers:
– Selected fixed rates for BTL mortgages will see increases ranging from 11 to 15 bps.
– Introducing a new two-year tracker rate for BTL mortgages at 5.64%, with a £1,999 product fee.
– All other BTL two-year tracker products will be withdrawn.
– Selected fixed rates for residential mortgages will see increases ranging from 8 to 23 bps.

These adjustments come in the wake of the Bank of England’s decision last week to keep interest rates unchanged at 5.25%, maintaining a 16-year high for the sixth consecutive time.

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