Santander updates interest rates on mortgage products

It announces changes after BoE increases base rate

Santander updates interest rates on mortgage products

Santander UK announced on Thursday increases in rates to its mortgage products, following the Bank of England’s decision to increase its base rate by 0.25% to 1.25%.

Santander said all its tracker mortgage products linked to the base rate will increase by 0.25% from the beginning of July. This includes the Santander follow-on rate which will increase to 4.5%.

The bank added that all Alliance & Leicester mortgage products linked to the base rate will increase by 0.25% from the beginning of August.

Meanwhile, the Alliance & Leicester and Santander standard variable rates will increase by 0.25% to 5.49% from the beginning of August.

Santander also made changes to its in-credit interest rate on 1I2I3, select and private current accounts, as well as rate increases to its savings accounts.

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