Santander has upped tracker product rates and its standard variable rate (SVR) following the Bank of England’s decision to increase the base rate to 2.25 per cent.
For existing mortgage customers, Santander’s tracker product will rise by 0.5 per cent from 3 October and customer payments will increase in November.
The follow-on rate will go up by 0.5 per cent to 5.5 per cent.
The Alliance & Leicester tracker product will increase by 0.5 per cent from 1 November and customers’ payments will change from November.
The SVR for Santander and Alliance & Leicester will rise by 0.25 per cent, with both standing at 6.24 per cent.
The change will come into force from November and customer payments will rise from December.
Existing mortgage customers will receive a letter notifying them of their new interest rate and monthly payments.
Tracker and reversion rates for new business and internal transfer products will rise in line with the base rate on 28 September.
HSBC ups tracker rates
From today, HSBC said that all tracker rates would be increased to include the Bank of England base rate.
For example, its first-time buyer residential two-year tracker up to 60 per cent loan to value is 0.79 per cent plus the base rate. It has a £999 fee and maximum loan size of £5m.
The lender said there were no changes to its residential and buy-to-let SVR.
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.
