Santander has confirmed that from 12 November it is increasing most of its residential and Buy to Let (BTL) fixed rates across the new business and product transfer ranges by up to 0.31%.
The pay rates on all its new business and product transfer tracker rates are decreasing by 0.25% to reflect the recent Bank of England base rate decrease from 5% to 4.75%. The Standard Variable Rate will also reduce by 0.25% to 7%.
No action is required for pipeline cases.
For existing customers who are on a base rate tracker, including follow-on rate, or standard variable rate, their rate will decrease by 0.25% from 3 December.
For new business, selected standard residential fixed rates across purchase, remortgage and green products are increasing by up to 0.29%.
All large loan fixed rates are increasing by up to 0.20% and all new build fixed rates are increasing by up to 0.26%.
Selected BTL and green BTL fixed rates are increasing by up to 0.31%, while tracker pay rates are reducing by 0.25%.
For product transfers, selected residential fixed rates are increasing by up to 0.26%. Selected BTL fixed rates are increasing by up to 0.31% and tracker pay rates reducing by 0.25%.
For clients who want to change or cancel their new deal: if they haven’t accepted their product transfer offer yet, if they can select a new product in the online mortgage transfer service for them and a new offer will be issued.
If they’ve already accepted their new deal, they can change to a different deal or cancel the one that’s already booked for them. This must be done at least 14 days before their new deal starts.
Whilst a product transfer is pending, clients cannot make any other changes to their mortgage until that new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, and other changes such as overpayments.
Roll on of new business benefit end date, and all charge end dates and completion deadlines by one month.
Completion deadlines will roll on to: 30 May 2025 for purchases; 2 June 2025 for remortgages; 5 April 2025 for product transfers.
Product codes will be replaced across the new business and product transfer ranges.
