Santander to pass on BoE base rate rise


Santander says it will pass on the recent Bank of England base rate increase to its customers.

Last week the Bank of England voted to raise the base rate from 0.25 to 0.5 per cent, the first increase in more than ten years.

Santander today announced it would increase its standard variable rate by 0.25 per cent to 4.74 per cent from the beginning of December.

All tracker mortgage products linked to the base rate will increase 0.25 per cent.

The rise will also be applied to Santander’s savings products.

Santander head of customer Reza Attar-Zadeh says: “Following last Thursday’s decision to increase the Bank of England Base Rate, we have carefully considered our options, and have sought to achieve a balance between rates we offer our savers and borrowers.”

Most other high street lenders have already passed the rate rise on.

Nationwide, Lloyds, RBS, Yorkshire Building Society HSBC and Barclays all made announcements within hours of the Bank of England decision.



BoE deputy says UK needs more rate rises

Bank of England deputy governor Ben Broadbent says the UK needs more interest rate rises. Broadbent said the Bank’s goal of two more rate rises before 2020 was “not a promise”. But speaking to the BBC Today programme this morning, Broadbent said yesterday’s rate rise was “moderate”. The Bank’s aim with the rate rises is […]


News and expert analysis straight to your inbox

Sign up