Boost for buyers as Santander becomes first major lender to cut mortgage rates since Iran war

Santander will cut the rates across its higher loan to value (LTV) mortgages by up to 0.3 per cent from Thursday, making it the first major lender to reduce rates since the start of the Iran war.

The bank has announced a raft of rate reductions, which include up to 0.28 per cent being cut from two-year fixed deals at 85-95 per cent LTV. It brings the lowest rate on a two-year deal down to 4.9 per cent.