Santander has added £250 cashback to its three and five-year fixed mortgage guarantee scheme products at 95 per cent loan to value (LTV).

The three-year fix is priced at 3.99 per cent while the five-year fix has a rate of 4.09 per cent. Both products have no fee.

The bank has also reduced rates on its standard residential and new-build mortgage range by as much as 0.20 per cent.

Products to see the largest cuts include the 85 per cent LTV two-year fixed purchase and remortgage deal with a £999. This now has a rate of 2.43 per cent, down from 2.63 per cent.

Another product to receive a 0.20 per cent reduction is the purchase and remortgage five-year fixed mortgage at 85 per cent, which is priced at 2.95 per cent.

The product changes are effective from today.