The new products include a two-year fix at 70% loan to value (LTV) for remortgagors, available exclusively to Current Account customers at 2.69% with a £745 fee; a three-year fix at 75% LTV for homebuyers and remortgagors at 3.85% and no fee; a four-year fix at 70% LTV for homebuyers and remortgagors at 3.59% with a £995 fee; a five-year fix at 70% LTV for homebuyers and remortgagors at 3.79% with a £995 fee and a five-year fix at 90% LTV available exclusively for first time buyers at 5.99% with a £495 fee.

At the same time, Santander will cut the rate charged on its two-year fixed rate to 60% LTV by 0.26% to 2.89, cut the rate at 70% LTV to 2.69% and also shave the rates charged on its two-year trackers slightly.

Phil Cliff, Director of Santander Mortgages, said:

“As the ‘Home of UK Mortgages’, we are continuing to support homebuyers with our new range of competitive products plus extensive reductions on over 40 products across our range. For those borrowers seeking a great rate with the added security of a longer term product we have slashed a number of our five year products by up to 1.00 per cent.

“We understand the challenges faced by homebuyers today and are committed to helping First time buyers, movers and remortgagers alike. These products signify our continued commitment to supporting the UK housing market with great products.”