Santander increases mortgage rates

Santander has become the latest lender to increase savings and mortgage rates after the Bank of England brought the base rate up to 0.75 per cent last week.

This change follows similar moves by Nationwide and Sainsbury’s Bank.

From 03 September, alongside all tracker mortgage products linked to the base rate receiving a bump upwards of 0.25 per cent, the Alliance and Leicester and Santander standard variable rate will increase by 0.25 per cent to 4.99 per cent.

The Santander follow-on rate will also increase 0.25 per cent, bringing it to 4.00 per cent.

Within the bank’s suite of savings products, the Help to Buy Isa will see a 0.25 per cent increase from 03 September, too.

Santander head of customer solutions Reza Attar-Zadeh says: “We have carefully considered our options and sought to achieve a balance between the rates we offer our savers and borrowers.

“Despite the continued low interest rate environment, we continue to offer compelling propositions for our customers and are pleased to have been able to increase rates by up to 0.25 per cent on a range of our popular savings products.”

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