This page gives you the latest updates on any changes to the Bank of England base rate and how it affects your clients.
On Thursday 18 December, the Bank of England base rate went down by 0.25% from 4.00% to 3.75%.
Following this decision, we can confirm the following changes for existing mortgage customers from 3 January 2026:
- Tracker products went down by 0.25%. This includes the Follow-on Rate, which went down by 0.25% to 7.00%.
- Standard Variable Rate went down by 0.25% to 6.50%.
If a customer’s existing Santander mortgage is affected, they'll have received a letter with their new interest rate and new monthly payment at least 7 days before their monthly payment changed.
Tracker rates were updated to reflect the base rate change for new business and product transfer offers on Friday 19 December.