Santander UK has increased the rates on its mortgage products, following the Monetary Policy Committee’s decision to increase the Bank of England base rate by 0.25% to 1.25%.
All Santander 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 (FoR) which will increase to 4.50%.
All Alliance & Leicester mortgage products linked to the base rate will increase by 0.25% from the beginning of August.
Finally, the Alliance & Leicester and Santander Standard Variable Rates (SVRs) will increase by 0.25% to 5.49%, again from the beginning of August.
Santander has also passed the rate rise on to savers and current account holders by increasing their interest rates by 0.25%.
