The four-year fixed rate, charged at 4.75%, will be offered up to a maximum loan-to-value of 75% to existing Santander mortgage customers looking for a new deal.

The booking fee has been slashed from £995 to £495, and the deal comes with a free valuation and £250 cashback on completion.

Phil Cliff, director of Santander mortgages, said:

“At a time when many borrowers are looking for the peace of mind provided by a fixed rate mortgage, we are delighted to reward our existing customers and support them with this new Best Buy product.”