Santander has now launched a new range of fixed rates, including a ten year fixed rate of 2.79% at 60% loan to value (LTV) and a high LTV first time buyer exclusive rate of 2.44% at 90% LTV for two years.
Five year fixed rates are also now available at 2.09% up to 60% LTV or from 2.29% at 75% LTV, available for both purchases and remortgage.
Two year fixed rates from the lender now start from 1.34% at 60% LTV, with other selected buy to let fixed rates also reduced to 1.94% at 60% LTV or 2.29% at 75% LTV – both with a 1% product fee.
In line with changing conditions across the market, various Santander tracker rates are also now available from 1.44% at 60% LTV, 1.54% at 75% LTV and 1.79% at 85% LTV.
While the market continues to improve mortgage affordability for borrowers following the Bank of England base rate cut, Nationwide also made news this week by reducing its stress rate for all residential affordability calculations by 0.25% to 6.74%.
The lender’s lower stress rate will include equity share, applying to all applications started or reprocessed on or after 24th August 2016.
Nationwide is not the only lender to have relaxed its stress test for residential borrowers, however, with the likes of Barclays doing the same, while Mansfield Building Society and National Counties Building Society have both reduced their Standard Variable Rates (SVRs) with effect from September 2016.
Mansfield has reduced its SVR by 0.25% to 5.34%, as well as launching a new two year discounted rate mortgage at a variable pay rate of 1.9%. This comes with a maximum LTV of 80% or 75% for interest only. In line with the base rate, the lender has also reduced its Owner Occupier Monthly SVR to 4.54% and its Residential Investment Monthly SVR to 5.29%.