Rates have been cut by up to 0.31%, with the lender offering a two-year fix at 1.94%, which is a drop of 31bps with a £995 fee, available up to 60% LTV.

The bank is also offering a five-year fix at 2.99%, representing a drop of 30bps with a £995 fee, available up to 70% LTV and a two-year tracker at 1.84% with a £995 fee, available up to 60% LTV.

Santander has also launched two fee-free tracker rates with no early repayment charges. These include a two-year tracker at 2.49%, available up to 70% LTV and a two-year tracker at 2.89% offered at up to 80% LTV.

Santander has also cut its Loyalty rates for customers with a current account, to include a two-year fix at 2.09% and a £495 fee, available up to 70% LTV.

All the new rates are available direct and through intermediaries and offer a £250 cashback and a free valuation.

Miguel Sard, head of Santander Mortgages, said: “These are highly competitive new rates which positions Santander as the mortgage provider of choice for homeowners across the UK.”