View here for Santander’s latest announcements. Please remember that you can access Santander products, including semi-exclusive mortgages, through our direct to lender mortgage club which pays on completion. Contact us for more information. Visit Santander for Intermediaries website
Selected residential fixed rate increases
On Thursday 11 May, we’re increasing selected residential new business and product transfer fixed rates by between 0.03% and 0.22%.
New business
- Selected residential fixed rates increasing by between 0.03% and 0.22%
- No change to Buy to Let rates
Product transfers
- Selected residential fixed rates increasing by between 0.04% and 0.21%
- No change to Buy to Let rates
- As our rates are increasing, we don’t expect to see any cancellations for pre-booked deals starting in June. Our usual post acceptance cancellation policy and timescales will apply from Thursday 11 May
- Please 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. If you’re happy to use an estimated LTV, you can find the full range in the product transfer rate bulletin on our latest rates page from Thursday 11 May
Further information
- Full details of our new business range can be found in Rate Bulletin (Issue 10). You’ll find this on our website from Thursday 11 May
Santander’s response to the Bank of England base rate change
On Thursday 11 May, the Bank of England (BoE) base rate increased by 0.25% from 4.25% to 4.50%.
Following this decision, we can confirm the following for existing mortgage customers:
Santander tracker products will increase by 0.25% from the beginning of June. Payments will change from July onwards. This includes the Follow-on Rate, which will increase by 0.25% to 7.75%
Alliance & Leicester tracker products will increase by 0.25% from the beginning of June and customers’ payments will also change from June
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 no less than 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 internal transfer ranges will increase in line with the base rate on Tuesday 16 May.
Further information
Any pipeline applications already submitted and/or offered are not affected so you do not need to do anything.
Take a look at our base rate FAQs for more information.