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Fixed rate reductions in the new business and product transfer ranges
On Friday 4 August, we’re reducing all residential and Buy to Let new business fixed rates by up to 0.39%. As a result, we’re withdrawing rates which are exclusively available to existing Santander mortgage customers moving home.
In the product transfer range, residential and Buy to Let fixed rates will reduce by up to 0.25%, and selected tracker rates by up to 0.60%.
New business
- All purchase and remortgage fixed rates are reducing by between 0.10% and 0.39%
- Buy to Let fixed rates are reducing by between 0.09% and 0.29%
- Rates exclusively for Santander mortgage customers moving home are being withdrawn
Product transfers
- Residential fixed rates are reducing by between 0.07% and 0.25%
- Buy to Let fixed rates are reducing by between 0.06% and 0.20%
- Selected tracker rates are reducing by up to 0.60%
- From Friday 4 August you can log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of rates. You won’t find these on sourcing systems
- Whilst a product transfer is pending, your client cannot make any other changes to their mortgage until that new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, and other changes such as overpayments. If they already have a Mortgage Charter change in place, you can’t submit a request for a product transfer
Further information
- Full details of our new business range can be found in Rate Bulletin (Issue 20). You’ll find this on our Latest mortgage rates page from Friday 4 August
- For current products, you must submit your product transfer request by 10pm on Thursday 3 August
Response to the Bank of England base rate change
On Thursday 3 August, the Bank of England (BoE) base rate increased by 0.25% from 5.00% to 5.25%.
Following this decision, we can confirm the following for existing mortgage customers:
- Santander tracker products will increase by 0.25% from the beginning of September. Payments will change from October onwards. This includes the Follow-on Rate, which will increase by 0.25% to 8.50%
- Alliance & Leicester tracker products will increase by 0.25% from the beginning of September and customers’ payments will also change from September
- Standard Variable Rate (SVR) for both Santander and Alliance & Leicester is not changing and will stay at 7.50%
If a customer’s existing mortgage is affected, they’ll receive a letter notifying them of their new interest rate and new monthly payment at least 7 days before their monthly payment changes.
If they’re worried about how interest rate increases will affect their mortgage, they can find useful tools and tips in the ‘Bank of England base rate and your mortgage’ section of the Manage your mortgage page.
All tracker rates, including the Follow-on Rate, on our new business and product transfer ranges will increase in line with the base rate on Wednesday 9 August.
Further information
Any pipeline applications already submitted and/or offered are not affected so you don’t need to do anything
Take a look at our base rate FAQs for more information