The spokesperson for Santander has announced a temporary withdrawal of all their new business residential and Buy to Let fixed and tracker rates, effective from 7:30 pm on Monday, June 12. However, their product transfer range will still be available, and the full new business range will be relaunched on Wednesday, June 14.
Customers who submit their applications before the cutoff time will not be affected. Additionally, mortgage applications can still be made via Santander’s telephone channel on Tuesday.
According to Nick Mendes, mortgage technical manager at broker John Charcol, increasing swap rates, which determine lenders’ borrowing costs, are driving lenders to reprice their products.
Swap rates have risen on Monday, reaching approximately twice the level recorded this time last year.
The release of higher than expected inflation data in late May has unsettled financial markets and led to significant increases in interest rate expectations. Consequently, there has been a widespread repricing of fixed-rate deals.
Moneyfacts, a data company, reports that the average rate on a two-year fixed mortgage rose to 5.86%, representing a 0.53 percentage point increase since May 23, prior to the inflation data release.
This means that the annual cost of obtaining a typical £200,000 loan has risen by £1,069 in less than three weeks.
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