Santander will make its five-year fixed-rate business and product transfer rate of 3.99% in the week after its launch.
Withdrawal will appear at 10 p.m. Friday On February 21, Main Street Bank said in a note to brokers that the move happened after “a rise in market swap rates in the last five years.”
The lender introduced interest rates below 4% on February 13 with a two-year and five-year term. The two-year period is not affected.
The bank said its withdrawals cover:
- 60% LTV is 3.99% for five-year fixed rate and costs £1,749
- 60% LTV five-year fixed amount is 3.99% with a charge of £1,999
- 60% and 75% LTV fixed at 3.99% for five years, and the cost is £1,749
Aaron Strutt, director of products and communications at Sany Financial, said: “Santander Bank will withdraw some of its products.
“Santander has kept its 3.99% two-year fixed rate, while Barclays still has a 3.99% five-year interest rate, although they may not last longer.
“There is still time to secure a Best Buy deal in Santander, but borrowers need to be quick.”
According to Chatham Financial, the five-year Sonia swap rate on February 18 was 3.93%, down from 4.04 a month ago. During the same period, the two-year swap ratio fell by 4.02% from 4.17%.
