Santander has introduced changes to its mortgage and base rate linked savings products following the Monetary Policy Committee’s (MPC) decision to decrease the Bank of England base rate by 0.25% to 5.00%.
All Santander tracker mortgage products linked to the base rate will decrease by 0.25% from 3rd September 2024.
This includes the Santander Follow-on Rate (FoR) which will decrease to 8.25%.
The Santander Standard Variable Rate (SVR) will also decrease by 0.25% to 7.25%, passing on the full base rate decrease, from 3rd September 2024.
In addition, Santander savings products linked to the Bank of England base rate will decrease by 0.25%, effective from 15th August 2024.
The products linked to the base rate include its Rate for Life and Good for Life savings accounts.
