Santander and Barclays have become the first lenders in 2025 to introduce residential mortgage rates below 4%.

Santander UK will offer new two and five-year fixed-rate residential purchase and remortgage products at 3.99% for loans up to 60% loan-to-value (LTV). These products come with fees of £1,999 for purchases and £1,749 for remortgages.

In addition to these new offerings, Santander has announced rate reductions of up to 0.40% on over 80 existing mortgage products. These cuts will apply to residential purchases, remortgages, new-build homes, and buy-to-let properties, effective from Thursday.

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