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Halifax and Santander increase mortgage rates

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Written by: Owain Thomas
21/07/2020
The lenders have nudged up the cost of mortgage deals for borrowers with a small deposit
Halifax and Santander increase mortgage rates

Halifax and Santander are increasing rates on higher loan to value (LTV) products.

Halifax is making changes to its homemover and first-time buyer products today.

It is increasing rates by 0.20 per cent on 80 and 85 per cent LTV two-year, three-year and five-year fixed rate deals.

However, the lender is reducing rates by up to 0.10 per cent on 60 and 75 per cent LTV two-year, three-year and five-year fixes.

Ian Wilson, head of Halifax Intermediaries, said: “As part of our commitment to the intermediary market, we continually adapt our product range based on broker feedback and these changes are aimed at continuing to support homemovers and first-time buyers in the current climate.”

Santander

Santander is increasing interest rates on its 85 per cent LTV purchase and remortgage products from 22 July.

Four deals at 85 per cent LTV are increasing by 0.15 per cent – a pair of two-year fixes and a pair of five-year fixes.

The two-year fee free deal is increasing to 2.19 per cent while the £999 fee product will rise to 1.89 per cent.

The five-year fee free product will hit 2.35 per cent while the £999 fee deal will be 2.24 per cent.

The lender is also withdrawing five fixed rate products at 60 per cent and 75 per cent LTV, a pair of three-year deals and three 10-year deals.

They are:

  • 60 per cent LTV three-year fixed rate at 1.60 per cent with £0 fee – remortgage
  • 75 per cent LTV three-year fixed rate at 1.74 per cent with £0 fee – remortgage
  • 60 per cent LTV 10-year fixed rate at 2.39 per cent with £0 fee – remortgage
  • 75 per cent LTV 10-year fixed rate at 2.49 per cent with £0 fee – remortgage
  • 75 per cent LTV 10-year fixed rate at 2.34 per cent with £999 fee – remortgage and purchase.

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