Here is a breakdown of some mortgage rate changes which are being implemented by the lender:

• 60 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.39 percent, down from 4.64 percent
• 75 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.51 percent, down from 4.74 percent
• 85 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.76 percent, down from 4.91 percent
• 90 percent LTV five fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.89 percent, down from 4.99 percent.

Furthermore, Santander has slashed interest rates for customers for certain buy-to-let products, including:

• 60 percent LTV five year fixed rate buy to let remortgage or purchase mortgage with a £1,749 product fee is now priced at 4.71 percent, down from 4.89 percent
• 75 percent LTV five year fixed rate buy to let remortgage or purchase mortgage with a £1,749 product fee is now priced at 4.92 percent, down from 5.07 percent.

A full list of the rate cuts by the bank can be found by visiting the Santander website here.

Sarah Coles, head of personal finance at Hargreaves Lansdown, broke down the dire state of the property market as of late.

She explained: “Mortgage rates have had a torrid year. They shot sky-high in the aftermath of the mini-Budget at the end of 2022, so spent the first few months of the year gradually dropping back. This slowed as inflation’s downward path proved bumpy, and then reversed, climbing gradually from late April.

“In May, when April’s inflation data revealed core inflation had risen, they rose more quickly, and in June, when May’s inflation rate didn’t move at all, they continued their rapid ascent.

“They peaked at 6.85 percent at the beginning of August, but have fallen as the market has started to believe we have passed peak interest rates.”