Santander updates rates following BoE rate change

Jessica Bird

December 16, 2021

santander loan

Following the decision from the Monetary Policy Committee (MPC) to increase the Bank of England (BoE) base rate by 0.15% to 0.25%, Santander has made a series of changes to its interest rates.

All tracker mortgage products linked to the base rate have increased by 0.15%.

This includes the Santander Follow on Rate (FoR), increased to 3.50%.

These rates will be communicated to customers ahead of their monthly repayments changing and used to calculate mortgage repayments from the beginning of February.

In addition, the Alliance & Leicester and Santander standard variable rate (SVR) will increase by 0.15% to 4.49% from the beginning of February.

Santander savings products that are linked to the BoE base rate have been increased by 0.15%, effective from 12 January.

The products linked to the base rate are the Rate for Life and Good for Life savings accounts.

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