Santander has increased tracker mortgage product rates by around 0.5 per cent, which includes Alliance and Leicester products.
The follow-on rate will rise from 4.5 per cent to five per cent, whilst the standard variable rate for both Santander and Alliance and Leicester products will rise to 5.99 per cent.
The lender said that if a customer’s existing mortgage was impacted it would receive a letter notifying them of the new interest rate and monthly payment a minimum of five days prior to the change in monthly payments coming into force.
It added that tracker and reversion rates on new business and internal transfer product would rise in line with the base rate from 9 August.
Santander said pipeline applications already submitted and or offered were not impacted so no additional action would be needed.
Platform withdraws select mainstream products
Platform will withdraw a selection of three and five-year mainstream fixed rates from its new business range.
This includes its three-year fixed rates between 60 and 75 per cent loan to value (LTV), both with £1,499 and £999 fee.
The lender’s three-year fixed rates between 80 and 90 per cent LTV, also with £1,499 and £999 fee, have been pulled.
Platform has also temporarily withdrawn its five-year fixed rate between 60 and 75 per cent LTV with £999 fee.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
