Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, particularly highlighted the bank’s five-year fixed-rate mortgages.

She explained: “This week, Santander has reduced the rate on its five-year fixed rate deal by 0.29 percent, now priced at 5.15 percent, available to house purchase customers at 90 percent loan-to-value.

“Borrowers looking to secure a competitive rate and package will be glad to hear this offer also includes a free valuation incentive and a fair product fee of £999, which can also be added to the mortgage advance.

“This deal makes it an attractive choice to those looking to save on the upfront cost of their mortgage. Overall, this deal earns an Outstanding Moneyfacts product rating.”

Here is a list of some other mortgage products from Santander which have had their rates slashed:

• 60 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.6 percent, down from 4.95 percent
• 75 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 4.74 percent down from five percent
• 90 percent LTV five-year fixed rate residential purchase mortgage with a £999 product fee is now priced at 5.15 percent, down from 5.44 percent.

Here is a list of some of Santander’s remortgage products which have also been awarded with rate reductions:

• 60 percent LTV two-year fixed rate residential remortgage with a £999 product fee is now priced at 5.33 percent, down from 5.64 percent
• 75 percent LTV two-year fixed rate residential remortgage with a £999 product fee is now priced at 5.44 percent, down from 5.69 percent
• 85 percent LTV two-year fixed rate residential remortgage with a £999 product fee is now priced at 5.94 percent, down from six percent.