Santander has launched its lowest 10-year fixed rate mortgage product at 3.44% for properties at up to a 60% loan-to-value (LTV) with a £995 fee.

The bank has also cut rates on selected three and five-year fixed rate mortgages. Borrowers looking to purchase or remortgage with a 30% deposit can access a rate of 2.54% fixed for three years for £995.

Those with a 10% deposit can fix their rate at 4.45% for five years with no fee. The five-year fixed rate is available only to homebuyers. Miguel Sard, managing director of mortgages at Santander UK, said: “With the launch of our new 10-year fix we are widening our range of mortgage options on offer.

“Whether you want the security of a 10-year fix or simply the reassurance of a shorter-term deal we are currently offering some of the lowest fixed rates on the market.”