Santander UK customers can get a free £250 cash payment as part of a new deal.

The bank has announced a major cut to rates across 70 of its mortgage products and introduced £250 cashback on low deposit deals.

Rates have been cut on selected fixed homeowner purchase and remortgage ranges by up to 0.23 percentage points, while a cashback payment of £250 is up for grabs on residential mortgages at 85% loan-to-value (LTV) and above.

Santander has also slashed rates on some of its other mortgage…