THE PROPERTY FILTER TAKE
Santander brought back two-year buy-to-let trackers at 4.25% (60% LTV) on 21 October, trimmed BTL remortgage fixes by 0.05 points and raised BTL product transfer fixes by up to 0.15 points.
If you hold several Santander BTL loans, the switch you are offered now costs a little more than it did, but its 60% LTV two-year fix with a £1,749 fee still sits below the new-customer remortgage rate.
What I'd do with this information: consider asking your broker to price the new tracker, the switch fix and an outside remortgage side by side for each loan coming up for refinance.
Santander has brought back two-year buy-to-let (BTL) tracker mortgages for landlords who remortgage or switch. They are priced from 4.25% at 60% loan-to-value (LTV, the loan as a share of the property's value). The change took effect on 21 October 2026, according to Santander for Intermediaries' rate change notice. In the same round, it cut BTL remortgage fixes and raised BTL product transfer fixes.
What did Santander change for landlords on 21 October?
For landlords coming to Santander as new remortgage customers, Santander's new business rate change guide for brokers (21 October 2026) shows every listed BTL fix falling by 0.05 percentage points. The two-year and five-year fixes now sit at 5.08% at 60% LTV, 5.13% at 65% and 5.19% at 75%, each with a £1,749 fee. The new trackers (variable rates that move with a reference rate) come in at 4.25%, 4.30% and 4.35% across the same three LTV bands.
Existing borrowers see the opposite move. A product transfer (a switch to a new deal with your current lender) now costs more, according to Santander's product transfer rate change guide for brokers (21 October 2026). The 60% LTV two-year fix with a £1,749 fee rose 0.05 points to 4.94%, and the 75% version rose 0.15 points to 5.14%. The 60% LTV five-year fix rose 0.04 points to 5.01%. Switchers also get the new trackers, at 4.25% (60% LTV) and 4.35% (75% LTV).
Santander made no change to BTL purchase rates (Santander for Intermediaries, 19 October 2026). Residential pricing was mixed too. The 60% LTV two-year home mover fix with a £999 fee and £250 cashback rose 0.02 points to 5.01% (new business guide, 21 October 2026). The 95% LTV fee-free version, also with £250 cashback, fell 0.10 points to 5.84%.
What does a mixed repricing mean for a portfolio facing refinance?
From a portfolio perspective, the gap between the switch rate and the new-customer rate is what matters. At 60% LTV with the same £1,749 fee, the two-year switch fix of 4.94% still sits 0.14 points below the 5.08% remortgage fix (Santander guides, 21 October 2026). On a £200,000 interest-only loan, that is £280 a year, or about £23 a month. Across a portfolio of five to twelve loans, small gaps like that add up, but only if each loan's switch beats what the wider market offers.
The tracker is the bigger decision. At 60% LTV, the 4.25% switch tracker sits 0.69 points below the 4.94% switch fix, worth £1,380 a year on the same £200,000 interest-only loan. But a tracker rate moves, so that gap is today's figure, not a promise. You may wish to run each property through our free stress test calculator at a higher rate before deciding how much of the portfolio to leave floating.
The flat fee also deserves a look. A £1,749 fee is about 1.75% of a £100,000 loan but about 0.70% of a £250,000 one, so smaller loans carry more drag. Our negotiation and finance guides cover how to weigh fees against rate when you compare deals with a broker.
What has Santander done since September, and what comes next?
This is the latest step in a busy autumn. By 21 September, Santander had withdrawn all of its fee-free BTL purchase and remortgage products (Mortgage Solutions, 21 September 2026). The withdrawn purchase deals included two-year fixes of 5.49% up to 60% LTV and 5.6% up to 75% LTV. On 6 October it reduced new business fixed and tracker rates and raised selected product transfer fixes (Santander for Intermediaries).
Timing now matters for landlords with Santander loans. From 21 October, March product transfer maturities became eligible to book a new deal, with a product transfer completion deadline of 5 March 2027 (Santander for Intermediaries, 19 October 2026). When we checked Santander's intermediary site on 30 October, the 21 October round was still its latest rate news.
If you hold over the cycle, this kind of split pricing tends to favour a loan-by-loan refinance plan. Our property investment strategies hub covers how landlords structure that across a growing portfolio.
Key takeaways
Santander reintroduced two-year BTL trackers for remortgage and product transfer customers on 21 October 2026, from 4.25% at 60% LTV with a £1,749 fee.
Santander's BTL remortgage fixes fell 0.05 points, to 5.08% at 60% LTV for both two and five years.
Santander's BTL product transfer fixes rose by up to 0.15 points, with the 60% LTV two-year fix with a £1,749 fee now at 4.94%.
Santander made no change to its BTL purchase rates in the 21 October round.
Santander borrowers with March maturities could book a new product transfer from 21 October 2026.
Frequently asked questions
When did Santander's latest buy-to-let rate changes take effect?
Has Santander brought back buy-to-let trackers?
Did Santander change its buy-to-let purchase rates?
Are Santander's buy-to-let product transfer rates going up?
When can a Santander landlord book a product transfer for a March maturity?
