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Response to the Bank of England base rate change
On Thursday 4 August, the Bank of England base rate increased by 0.50% from 1.25% to 1.75%.
Following this decision, we can confirm the following changes for existing mortgage customers from the beginning of September:
All Santander and Alliance & Leicester tracker mortgage products will increase by 0.50%. This includes Santander’s Follow-on Rate (FoR) which will increase from 4.50% to 5.00%
The Standard Variable Rate (SVR) for both Santander and Alliance & Leicester will increase by 0.50% to 5.99%
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 5 days before their monthly payment changes.
All tracker rates and reversion rates on our new business and internal transfer products will increase in line with the base rate on Tuesday 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