Santander has launched a one-year fixed rate buy-to-let mortgage – the first of its kind from a major mortgage lender in the UK.
The mortgage has a rate of 5.37% with a £1,749 fee and is available to 75% loan-to-value.
Graham Sellar, head of intermediary channel as Santander UK, said: “We know that the volatile rates this year have made it a tricky market for both customers – and brokers supporting them – with a remortgage or new borrowing.
“We’re pleased to introduce a one-year fixed rate product to our buy-to-let offering, giving landlords certainty of payments, while offering more flexibility than a traditional longer fixed rate.”
Following reductions, other options for buy-to-let landlords with Santander include a rate of 5.29% for a two-year fix at 60% LTV with no fee, following a reduction of 0.13%.
There is also a five-year fix at 4.81%, as well as a two-year fix at 5.43%, both to 75% LTV with no product fee.
Finally, landlords can take out a two-year fixed rate at 4.78% with a £1,749 fee to 60% LTV, following a rate cut of 0.04%.