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Santander rates update
On Wednesday 21 September, new business and product transfer range fixed rates will increase by up to 0.80%. At the same time, we’re reintroducing 60% and 85% LTV new business fixed rates.
We must receive FMAs for products in Rate Bulletin (Issue 16) by 10pm on Tuesday 20 September.
On Thursday 22 September 2022, the Bank of England (BoE) base rate increased by 0.50% from 1.75% to 2.25%.
Following this decision, we can confirm the following for existing mortgage customers:
- Santander tracker products will increase by 0.50% from 3 October 2022, but customers’ payments won’t increase until November. This includes the Follow-on-Rate, which will increase by 0.50% to 5.50%.
- Alliance & Leicester tracker products will increase by 0.50% from 1 November 2022 and customers’ payments will also change from November.
Please note that Standard Variable Rates (SVR) for both Santander and Alliance & Leicester will increase by 0.25% not 0.50%. This is because these rates are not directly linked to the BoE base rate.
- Santander’s Standard Variable Rate (SVR) will increase by 0.25% to 6.24% from the beginning of November 2022, but customers’ payments won’t increase until December
- Alliance & Leicester’s SVR will increase by 0.25% to 6.24% from the beginning of November 2022 and customers’ payments will also change from November