Bank of England base rate information

This page gives you the latest updates on any changes to the Bank of England base rate and how it affects your clients.

The Bank of England base rate was reduced to 0.10% from 0.25% on Thursday 19 March 2020.

We passed on the full rate cut to existing customers as follows:

Standard Variable Rate

  • The Santander and Alliance & Leicester Standard Variable Rates reduced to 4.34% from 4.49% in May 2020.

Tracker/Follow-on Rate

  • All tracker mortgage products linked to base rate automatically reduced in April 2020. This included Santander’s Follow-on Rate, which reduced to 3.35% from 4.00%.

Product maturity

Please note all Santander mortgage products offered (or sold) since Tuesday 23 January 2018 automatically transfer to our Follow-on Rate when the fixed or tracker product period ends. Prior to this all products automatically transferred to our Santander or Alliance & Leicester Standard Variable Rate.