Santander to put customers on low rate SVR alternative

Santander mortgages applied for from 23 January onwards will transfer to its new follow-on rate (FoR) at the end of the fixed or tracker rate period.

Santander to put customers on low rate SVR alternative

Santander mortgages applied for from 23 January onwards will transfer to its new follow-on rate (FoR) at the end of the fixed or tracker rate period.

Santander’s FoR is a variable rate that tracks at 3.25% above the Bank of England Base Rate (currently 0.50%), giving a rate of 3.75%.

Products applied for before to this date will continue to move to Santander’s standard variable rate (SVR) at the end of their term.

The differential of 3.25% is guaranteed for as long as customers remain on the product. The rate payable will track all changes in base rate, either upwards or downwards.