Santander to pass on BoE base rate rise

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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.

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