Rely has added buy-to-let fixes from 2.85 percent with a 3.5 percent product fee, Pepper Money has launched five-year fixes from 5.70 percent with a 2 percent fee, and Santander has removed its fee-free buy-to-let purchase and remortgage options.
The three moves leave landlords comparing more than the pay rate. Rely’s lowest figure is limited to a one-year, 65 percent loan-to-value single-let case; Pepper’s starting price is for a five-year fix; and Santander’s withdrawal removes a route that could suit borrowers whose balance or holding period makes a fee more significant than a slightly lower interest rate.
A landlord refinancing now needs to compare the rate, the pound cost of the fee, the loan-to-value and the likely exit date together. The cheapest-looking product on a rate table can be the wrong choice once the fee, early repayment charges and the time spent in the fix are included.
Rely’s 2.85 percent fix carries a 3.5 percent fee
Rely’s limited-edition one-year fix starts at 2.85 percent for non-portfolio, single-family-let borrowers at up to 65 percent LTV. It carries a 3.5 percent product fee. On a £200,000 loan, that is £7,000 before interest, valuation and any other borrowing costs are considered.
The lender also lists a two-year fix at 3.59 percent with a 5 percent fee and a five-year fix at 4.55 percent with a 7 percent fee for the same 65 percent LTV group. At 75 percent LTV, the equivalent rates start at 3.13 percent, 3.87 percent and 4.83 percent. HMO and complex-property options begin higher.
Rely’s current buy-to-let product range sets out the rate, fee, LTV and property-type conditions.
Pepper offers a five-year alternative from 5.70 percent
Pepper’s selected Pepper48 Light five-year fixes start at 5.70 percent with a 2 percent completion fee for borrowers at 65, 70 and 75 percent LTV. The lender’s product guide also shows that EPC band, credit profile, rental calculation and LTV can change the available rate and criteria.
The five-year term offers payment certainty, but its early repayment charges step from 4 percent in years one and two to 2 percent in year five. That makes it a different proposition from Rely’s one-year headline rate.
This follows Landlord Knowledge’s coverage of the Bank of England holding Bank Rate at 3.75 percent on a 6-3 vote, and its report on ModaMortgages’ fee-free fixes from 4.19 percent. The current lender moves show that product pricing is fragmenting by fee, property type and term rather than moving in one uniform direction.
Pepper’s live buy-to-let product guide should be checked against an individual illustration, particularly where a landlord has a recent credit event, a limited company or a property outside the cleanest EPC and LTV bands.
Santander removes fee-free buy-to-let options
Santander’s latest intermediary rate update has removed its fee-free buy-to-let purchase and remortgage products. The withdrawn purchase range included two-year fixes from 5.49 percent at 60 percent LTV and 5.60 percent at 75 percent LTV.
The removal does not mean Santander has withdrawn its wider buy-to-let range. It means a landlord who had modelled a refinance or purchase around a fee-free deal must run the calculation again using a live replacement product. Santander’s rate page is effective from 16 September and directs brokers to the current new-business and product-transfer rates.
The comparison is especially important for smaller balances, short planned holding periods and landlords weighing a product transfer against a new buy-to-let mortgage. A fee-paying product can still cost less overall where its rate is sufficiently lower, but that needs a full pound-and-pence illustration rather than a comparison of the advertised percentages alone.
Santander’s current intermediary rate page is the appropriate starting point for live availability. Product lists can change quickly, so a withdrawn best-buy rate should not be treated as an offer that remains open.
What this means for landlords
- If you are drawn to Rely’s 2.85 percent rate: price the 3.5 percent fee in pounds and compare it with the intended one-year holding period.
- If you want five-year certainty: test Pepper’s 5.70 percent deal against its 2 percent fee and full early-repayment-charge schedule.
- If you had planned around Santander’s fee-free range: obtain a fresh illustration before a refinance deadline or property purchase progresses.
- If you own specialist stock: compare the actual HMO, complex-property, EPC and credit-profile product rather than a clean single-let headline rate.
- Bottom line: lenders are offering sharply different combinations of rate, fee and flexibility, so the total cost over the expected holding period matters more than a single starting percentage.
Editor’s view
Rely’s 2.85 percent rate will draw attention, but the more useful story is the spread of choices behind it. A high fee, a five-year tie-in and the removal of fee-free options can each change the answer for a landlord, even when the advertised rate looks competitive.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 22 September 2026
Sources: Rely Mortgages buy-to-let product range, Pepper Money buy-to-let product guide, Santander for Intermediaries
Related reading: Moda launches fee-free BTL fixes from 4.19%
