New build purchases with Santander can be reserved up to nine months prior to completion

Prospective homebuyers should thoroughly assess any mortgage they consider taking on to ensure they can comfortably manage the monthly payments, especially given the current high mortgage rates. Starting tomorrow (1 March), TSB will be raising the prices of certain residential fixed-rate packages. The increase will be up to 0.15 percentage points for new customers and up to 0.25 percentage points for existing customers who are transferring their products. However, the company is decreasing the interest rates on its tracker mortgage options for new borrowers by a maximum of 1.05 percentage points.

Additionally, it is reducing the interest rates on its two-year fixed-rate buy-to-let remortgage options by a maximum of 0.5 percentage points. The bank’s three-year fixed-rate residential refinancing agreement will increase from 4.54% to 4.69% due to the rate changes. The agreement entails a cost of £995 and is exclusively accessible to property owners who own a minimum of 25% equity in their property. The interest rate for the three-year fixed rate agreement for home movers will increase from 4.44% (with a loan-to-value ratio of 60%) to 4.54%, along with a charge of £995.

Interest rates for residential product transfer packages, such as two-, three—, and five-year fixed remortgage deals, will universally rise for borrowers who have a minimum of 25% equity in their house. Currently, the starting interest rate for two-year fixed rates is 4.44% with a loan-to-value ratio (LTV) of 60% and a charge of £995. For five-year fixed rates, the starting interest rate is 4.04%. However, it is important to note that these rates may increase by up to 0.25 percentage points. The upcoming pricing and deals will be released tomorrow.

Santander for Intermediaries has introduced a fresh selection of mortgage options with a fixed interest rate for three years. These offers are exclusively available through brokers and are specifically designed for individuals purchasing newly constructed residences. Borrowers are required to provide a cash deposit of 5%, resulting in a loan-to-value ratio of 95%. The fee-free offer has an interest rate of 5.39% and provides a cashback reward of £250 upon completion. The comparable offer at a loan-to-value ratio of 90% begins at an interest rate of 4.97% accompanied by a fee of £999, or at an interest rate of 5.15% with no fee.

New build purchases with Santander can be reserved up to nine months before completion. Bank of Ireland is discontinuing specific residential fixed rates, available through brokers, starting at 5 pm today (29 February). The lender is anticipated to raise interest rates in the upcoming days.