Santander's decision on their Standard Variable Rates
Following the recent 0.25% increase to the Bank of England base rate, we’ve been reviewing the Santander and Alliance & Leicester Standard Variable Rates and can now confirm the following:
- Santander Standard Variable Rate to increase to 4.74% from 4.49%
- Alliance & Leicester Standard Variable Rate to remain unchanged at 4.74%
The new Santander Standard Variable Rate will be used to calculate mortgage payments from the beginning of December 2017. 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 monthly payment changes.
As we are not increasing the Alliance & Leicester SVR, your client’s monthly payments will not change.
Any pipeline applications already submitted and/or offered are not affected so you do not need to do anything.
View our base rate FAQs for more information.