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Santander - New business and product transfer rates going up

ended 14. September 2026

On Wednesday 16 September, we’re increasing all residential and Buy to Let fixed and tracker rates in our new business and product transfer ranges.  new-business-rate-changes-16-september-2026.pdf

Home mover: • 60% LTV 2 year fixed rate with a £1,499 fee and £250 cashback. Rate increased by 0.45% to 5.06%. 

60% LTV 5 year fixed rate with a £1,499 fee and £250 cashback. Rate increased by 0.40% to 5.05%.

 

5 responses from the Newspage community

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Aaron StruttVerified
Product and Communications Director at Trinity Financial
These Santander rate rises are not very funny. A price hike of 0.45% on the two-year fixes and 0.4% on the five-year fixes is going to come as a bit of shock to customers who check Santander’s rates today and again on Wednesday. I can’t remember the last time five of the big six lenders hiked their rates on the same day. It looks like this Santander rate change means the bank is pulling the last of its sub-5% rates. Santander had a 4.52% two-year fix a few days ago.
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Nouran MoustafaVerified
Practice Principal & IFA at Roxton Wealth
Santander putting every fixed and tracker rate up is a pretty loud signal that borrowers should stop assuming cheaper mortgages are just around the corner.

A 0.45% jump on a low-LTV two-year fix is not a tiny tweak. That is the kind of move that materially changes monthly payments and affordability.

My concern is that too many borrowers are still waiting for rates to “come back down” before acting. Mortgage pricing can move far faster than people expect, and once a lender reprices, yesterday’s deal is gone.

If your mortgage is coming up for review, start early, secure something workable and keep monitoring the market. If pricing improves before completion, you can reassess.

Waiting is a strategy too and sometimes it is the most expensive one.
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Justin MoyVerified
Managing Director at EHF Mortgages
More gloom for borrowers as Santander is the latest to push rates up significantly; its lowest range of fixed deals has crossed the 5% line for the first time in years, up nearly 1.5% since the Middle East conflict started 6 months ago. Those coming off rates from 2021/22 will be the most affected, with rates around 5 times their lowest point this decade. This has quickly become a very tricky financial period with no clear resolution on the horizon.
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Craig FishVerified
Director at Lodestone Mortgages
Six lenders in a single day. Santander is the sixth to hike rates today, and this is no longer a wobble, it is a stampede. From Wednesday its best 60% LTV 2 year fixed jumps 0.45% to 5.06%, and its top 5 year fix climbs 0.40% to 5.05%, and that is with the biggest deposits in the country. Everyone else pays more. Increases hit residential, new build and buy to let, fixed and tracker, the lot. Borrowers have had good for long enough apparently, and the market is now snapping back hard. Six lenders moving on the same day is not a coincidence, it is a herd, and the herd is heading one way. Swap rates are rattled and lenders are following them up the ladder, not down.
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Ranald MitchellVerified
Director at Charwin Mortgages
This is alarming. When one major lender reprices, it can be noise. When Nationwide, HSBC, Halifax and now Santander all start pushing rates higher together, it becomes a trend. Santander moving a 60% LTV home mover rate above 5% is particularly significant. These are borrowers with substantial equity, traditionally among the lowest-risk customers, yet even they are now being hit with sharp increases. The mortgage market has changed direction very quickly. Rising energy costs, inflation fears and expectations of higher Bank Rate are feeding directly into pricing, and lenders clearly do not want to be caught on the wrong side of that risk.