Santander has announced a reduction in mortgage rates for first-time buyers, marking a significant move aimed at boosting affordability in a challenging housing market. The bank\u2019s decision to cut fixed rates by up to 0.32% for new borrowers could offer welcome relief to many looking to secure their first home, as swap rates continue to fall.<\/p>\n\n\n\n
The cuts apply to selected 2-, 3-, and 5-year fixed-rate mortgages at 85%<\/strong>, 90%<\/strong>, and 95% <\/strong>loan-to-value (LTV), a change that makes homeownership more accessible to first-time buyers who have faced rising costs in recent months. This follows a similar trend among lenders, with other institutions like Nationwide Building Society<\/strong> also trimming their rates. The shift is seen as a reflection of ongoing fluctuations in the housing market, with rates generally trending downwards as lenders adjust to market conditions.<\/p>\n\n\n\n Santander\u2019s move to reduce rates for first-time buyers is a strategic response to growing demand in the sector. According to Katy Eatenton<\/a>, a Mortgage & Protection Specialist at Lifetime Wealth Management, these cuts are especially beneficial for new entrants to the market who are often hit hardest by rising mortgage costs<\/strong>. Eatenton noted that the reductions of up to 0.32% on selected mortgages will have a meaningful impact on affordability, providing crucial support for those seeking to purchase their first home.<\/p>\n\n\n\nFirst-Time Buyers Benefit the Most<\/h2>\n\n\n\n