Santander Mortgage Rates: Full table, 7% follow-on Rate and Switch Deals

Santander runs two reversion rates. Mortgages applied for from 21 November 2023 revert to the Standard Variable Rate of 6.50% when the deal ends, while those applied for between January 2018 and November 2023 revert to the Follow-on Rate of 7.00%, which tracks Bank of England base rate plus 3.25 points and moves the day base rate does. Either way the reversion is among the highest in the big six, second only to Halifax's 7.24%. Current fixed periods run to 2 December 2028 on the 2-year products and 2 December 2031 on the 5-year, with a 10% annual overpayment allowance, and a £1,499 fee tier prices 0.03 to 0.07 points lower again.

The fee arithmetic runs the usual way. The fee-free 2-year at 60% LTV is 4.84% against 4.59% with the £999 fee, a 0.25 point gap that makes the fee pay for itself on loans above roughly £200,000, while on the 5-year the gap narrows to 0.12 points and the fee earns its keep above about £167,000. The cheapest product on the sheet is the 2-year tracker at 4.08% at 60% LTV, base rate plus 0.33 points with a £999 fee, the lowest tracker margin among the big six at this check, and the 90% tracker carries no early repayment charge at all. Our loan to value calculator fixes the LTV band first, because Santander prices at 60, 75, 85, 90 and 95 and caps 90% lending at £1,000,000.

Is Santander dropping mortgage rates?

Not at the latest move. Santander cut most fixed rates on 7 August and again by up to 0.13 points on 19 August 2026, then raised most new business fixed rates and selected trackers on Tuesday 8 September, with product transfer fixes at 60% and 75% LTV rising by 0.05 points.

The summer has been two-way traffic. Santander cut by up to 0.17 points on 4 June, taking its 2-year fixed at 60% LTV with a £999 fee to 4.48% with £250 cashback, a round our coverage of the June easing wave recorded. It then raised fixed rates twice in July, on 22 and 29 July, as swap rates moved higher, before two August rounds of cuts pulled the range back down. The 8 September increases, now in the table, reverse part of that August easing, which is why the checked date on this page matters more than any single headline, and our round-up of mortgage rate cuts in August 2026 shows how far the market as a whole moved in the same window.

The Bank of England base rate was held at 3.75% on 30 July 2026 and the next decision lands on 17 September 2026. The market-implied path points modestly higher into 2027 rather than lower, and our UK interest rate projection tracks that path around each decision. Santander prices its fixed range off swap rates and reprices between decisions in both directions, six times since June, which is why this page carries a checked date rather than any claim to be live.

If you would like Santander's pricing on either side of the 8 September change set against the whole of market for your own case, call 01202 155992 or contact Mortgage One.

Who do Santander's lending criteria and income multiples suit?

Santander suits higher earners, first-time buyers with small deposits and straightforward employed cases. Its income multiple steps with income: 4.45 times below £45,000, 5 times from £45,000 and 5.5 times from £100,000, all to 90% LTV, with 5.5 times on any remortgage. It lends to age 75 at the end of term and up to 95% LTV.

The income ladder is the lead criterion. A household on £100,000 can borrow 5.5 times income at up to 90% LTV, which puts Santander level with Barclays and behind only Nationwide's 6 times Helping Hand, and the 5.5 times multiple applies to every remortgage regardless of income, a rule no other big six lender matches. At 95% LTV the multiple drops to 4.45 times for everyone. Our guide to mortgage income multiples sets those tiers against the rest of the market.

First-time buyers get the most distinctive product. My First Mortgage lends to 98% LTV on houses, a 5-year fixed at 5.75% with no fee, on loans up to £500,000 at 4.5 times income with a minimum £10,000 deposit, and the standard first-time buyer range prices six basis points above the home mover range on the 2-year fixed at 60% and 75% LTV. The first-time buyer mortgage guide covers the rest of the application. The limits are on the other side of the book: self-employed applicants are capped at 90% LTV and normally need two years of accounts or SA302s with tax year overviews, the latest year end within 18 months, and large loans step down by size, 90% LTV up to £1,000,000, 85% to £2,000,000 and 75% to £3,000,000. Criteria change and every case has its own wrinkles, so treat this as a broker's-eye view rather than a promise on any individual application.

Existing Santander customers: the product transfer pricing is fair

Santander opens its product transfer window just over four months before a deal ends, with no affordability assessment on a like-for-like switch, and publishes a rule that transfer rates are always the same as or lower than its remortgage rates. At our check the transfer 2-year fixed at 60% LTV was 4.59%, identical to the home mover rate.

That parity is unusual and it is the broker point on this page. Barclays prices its switch range up to 0.60 points above new business at 90% LTV. Santander's transfer 5-year at 60% LTV is 4.64% against 4.59% for a home mover, a five basis point gap, and at 90% LTV the transfer 2-year is 5.03% against 5.01% and the 5-year 4.98% against 5.03%, so the 8 September rise in new business pricing has closed the transfer premium at that band to two basis points on the 2-year and put the transfer 5-year five basis points below the home mover rate, a long way under Barclays' equivalent. Santander also lets a customer take a lower transfer rate early with the early repayment charge waived, so a borrower who reserves a deal and sees pricing fall before it starts can drop to the new rate without penalty. Our Nationwide mortgage rates page sets a different switch model beside this one.

Fair transfer pricing does not remove the reason to compare. The reversion rate is the cost of doing nothing, and at 7.00% against 4.59% on the cheapest 2-year fix, a £200,000 balance left on the Follow-on Rate costs about £4,800 a year more in interest than a switch would. Get the transfer offer from Santander, then price it against the whole of market before accepting, because on any given day another lender is sharper for a particular LTV band or loan size even after the cost of moving. Our analysis of whether to fix now or wait weighs the timing.

What is the Santander 2 year fixed rate, and is 5 years better?

Santander's 2-year fixed rate starts at 4.59% at 60% LTV with a £999 fee, 4.69% at 75% and 5.01% at 90%, fixed to 2 December 2028. The 5-year fixed is priced within four basis points at every band, 4.59%, 4.73% and 5.03%, so five years of certainty costs nothing extra at 60% LTV.

Most of the big six price 5-year money at or close to 2-year money at this check, and our HSBC mortgage rates page shows how the shape compares band by band. The trade is the early repayment charge, which runs to 5% on Santander's 5-year products against 2% on the 2-year, so a £250,000 5-year fix carries a £12,500 charge in year one for anyone who redeems in full or moves lender. Porting and the 10% overpayment allowance sit outside the charge.

For a borrower who expects to stay put, the 5-year fixed at 60% LTV at 4.59% is the cleanest product on the sheet, and the fee-free 4.71% beats the £999 version below about £167,000 of borrowing. For a borrower who might move within two years, the 2-year tracker at 4.08% is half a point cheaper than the 2-year fix and, at 90% LTV, carries no early repayment charge, which makes it the flexible route for anyone with a sale or a move in view.

Before you accept a Santander product transfer, or for a free initial consultation on whether Santander fits your case at all, call 01202 155992 or contact Mortgage One.

Back to Rate Forecast and Economic Drivers

The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you'd like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.

FAQs

1. What is the current Santander mortgage rate?

At our 9 September 2026 check, Santander's published home mover rates started at 4.59% on both the 2-year and 5-year fixed at 60% LTV with a £999 product fee, with fee-free versions at 4.84% and 4.71%, a 2-year tracker at 4.08% and the Standard Variable Rate at 6.50%. Santander raised most fixed rates on 8 September 2026, so read every figure alongside its checked date.

2. Is Santander dropping mortgage rates?

Not at the latest move. Santander cut fixed rates on 7 August and by up to 0.13 points on 19 August 2026, then raised most new business fixed rates and selected trackers on Tuesday 8 September, with product transfer fixes at 60% and 75% LTV rising by 0.05 points. It has repriced six times since June, in both directions.

3. What is the Santander 2 year fixed rate?

Santander's 2-year fixed rate started at 4.59% at 60% LTV with a £999 product fee at our 9 September 2026 check, 4.69% at 75% and 5.01% at 90%, fixed to 2 December 2028 with a 2% early repayment charge. Fee-free versions price 0.25 points higher, and first-time buyers pay 4.65% at 60% LTV on the same product.

4. What is Santander's follow-on rate?

Santander's Follow-on Rate is 7.00%, Bank of England base rate plus 3.25 points, and applies to mortgages applied for between January 2018 and November 2023 when their deal ends. Mortgages applied for from 21 November 2023 revert to the Standard Variable Rate of 6.50% instead. Both are among the highest reversion rates in the big six, second only to Halifax.

5. Can existing Santander customers get a better rate?

Yes. Santander opens its product transfer window just over four months before a deal ends, with no income or affordability assessment on a like-for-like switch, and publishes a rule that transfer rates are always the same as or lower than its remortgage rates. At our check the transfer 2-year fixed at 60% LTV was 4.59%, identical to the home mover rate, and at 90% LTV the transfer 5-year fixed sat five basis points below the home mover rate.

6. Does Santander offer a 98% mortgage for first-time buyers?

Yes. My First Mortgage lends up to 98% LTV to first-time buyers on houses only, as a 5-year fixed at 5.75% with no product fee at our check. The loan is capped at £500,000 and 4.5 times income and the minimum deposit is £10,000.

7. Will mortgage rates drop to 3% again?

Not on the current outlook. Santander's cheapest 2-year fixed at 60% LTV was 4.48% in June 2026 and sits at 4.59% now after the 8 September increases, the Bank of England held the base rate at 3.75% on 30 July, and the market-implied path points modestly higher into 2027. Fixed rates near 3% would need swap rates to fall well below today's levels.

8. Do I need a broker to get a Santander mortgage?

No, Santander lends directly, but a broker prices its home mover, first-time buyer, remortgage and product transfer ranges against the rest of the market on the same day, checks whether the 5 or 5.5 times income tier or a rival's 6 times product fits your income, and can place a case Santander declines. Mortgage One is a whole of market mortgage adviser and the initial consultation is free.