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’s and Alliance & Leicester’s Standard Variable Rates (SVR) will increase to 4.99% from 4.74%.
- Santander's Follow-on Rate will increase to 4.00% from 3.75%.
- Interest rates on all existing base rate trackers will increase by 0.25%.
These new rates will be used to calculate mortgage payments from the beginning of September 2018. If a customer’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.
For any new business applications, you’ll need to tell your client about the change; however, if your case has already been submitted and/or offered, there’s nothing more we need from you.
View our base rate FAQs for more information.Back