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23 Oct 2025
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23 Oct 2025
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Santander UK has cut rates across more than 70 mortgage products and introduced £250 cashback on low deposit deals.
The bank has chopped the rates available on selected fixed homeowner purchase and remortgage ranges by up to 0.23 percentage points.
It has introduced cashback of £250 on residential mortgages at 85% LTV (loan-to-value) and above.
Santander also reduced rates on some other deals, including a buy-to-let range, by up to 0.16 percentage points.
The new rates include a remortgage deal for borrowers with a 25% deposit, at a rate of 4.30% fixed for five years and a £999 fee. The rate has been reduced by 0.23 percentage points.
There is also a house purchase mortgage for borrowers with a 15% deposit with a two-year fixed rate of 4.69% and a £999 fee. The rate has been reduced by 0.07 percentage points and £250 cashback has been added.
According to financial information website Moneyfacts, across all deposit sizes, the average two-year fixed homeowner mortgage rate is 5.47% and the average five-year fixed rate is 5.25%.
Despite two Bank of England base rate cuts this year, some mortgage rates have recently been creeping up due to swap rates, which lenders use to price their loans.
Graham Sellar, head of intermediary channels at Santander, said: “We’re pleased to deliver this bumper range of rate cuts across more than 70 products, alongside adding cashback for those looking at higher LTVs.”
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: “It’s good to see a prominent lender making the decision to cut fixed mortgages and the two-year fixed deals from Santander are particularly competitive.
“Those borrowers who need a mortgage at a higher loan-to-value may be pleased to see a cashback incentive launched, however any deal should be weighed up by its overall cost.
“Santander’s two-year fixed mortgage at 85% loan-to-value has an impressive cost-saving package of a free valuation and £250 cashback. The deal does charge a fee of £999, but the fixed rate is a competitive 4.69%.
“It will be good to see if more prominent lenders decide to cut their fixed-rate mortgages in the weeks ahead in response.”
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