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Response to the Bank of England base rate change
On Thursday 18 December, the Bank of England base rate went down by 0.25% from 4.00% to 3.75%.
Following this decision, we can confirm the following for existing mortgage customers from 3 January 2026:
- Tracker products will go down by 0.25%. This includes the Follow-on Rate, which will go down by 0.25% to 7.00%.
- Standard Variable Rate will go down by 0.25% to 6.50%.
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 want to find out how a base rate change affects their mortgage, we have useful tools and tips on the How does the Bank of England base rate impact your mortgage? page on santander.co.uk.
Tracker rates and our Standard Variable Rate will be updated to reflect the base rate change for new business and product transfer offers on Friday 19 December.
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.