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.
On Thursday 2 November 2017, the Bank of England base rate increased from 0.25% to 0.50%.
We can confirm the following for existing customers from the beginning of December:
- Santander Standard Variable Rate will increase to 4.74% from 4.49%
- Alliance & Leicester Standard Variable Rate will remain unchanged at 4.74%
- Interest rates on all existing base rate trackers will increase by 0.25%.
As the base rate has increased, the interest rate on all base rate trackers and products linked to the base rate (including flexible mortgages) will increase from the beginning of December.
As a result, your client’s monthly payments will also increase and they’ll receive a letter from us at least five days before their payment changes, to confirm how much their new monthly payment will be.
If your case has already been submitted and/or offered, there is no need for you to do anything.
As they have a fixed rate mortgage, their interest rate does not change and their monthly payments will remain the same until their fixed rate deal comes to an end.
If they’re not sure when their fixed rate deal ends, they’ll find it on their latest Annual Mortgage Statement or within the mortgage section of Online Banking on santander.co.uk.
As the Santander SVR has increased, the interest rate on all SVR-linked products will increase from the beginning of December.
As a result, your client’s monthly payments will increase and they’ll receive a letter from us at least five days before their payment changes, to confirm how much their new monthly payment will be.
The Alliance & Leicester SVR will remain unchanged at 4.74%. As we are not increasing the A&L SVR, your client’s monthly payments will not change.
Yes, you can use our mortgage payment calculator on santanderforintermediaries.co.uk > Calculators and forms.
Yes, if they’re currently on our SVR or a product without an ERC, you can quickly and easily switch them to a new deal with us using the online mortgage transfer service in Introducer Internet.
To find out more about our online mortgage transfer service, visit our Product transfers page on santanderforintermediaries.co.uk > Products and criteria > Product transfers.
An online form to sign up for Online and Mobile Banking can be found on santander.co.uk > Mortgages > Already have a Santander mortgage > Register to manage your mortgage online.
If your client’s existing mortgage is affected, they’ll receive a letter notifying them of their new interest rate and new monthly payment a minimum of five days before their payment changes.