Santander UK has announced changes to its mortgage products following the Monetary Policy Committee’s decision to decrease the Bank of England base rate by 0.25 percentage points to 4.75%.

All existing Santander tracker mortgage products linked to the base rate will decrease by 0.25% from 3 December 2024. This includes the Santander Follow-on Rate (FoR) which will decrease to 8.00% from 8.25%.

The Santander Standard Variable Rate (SVR) will also decrease by 0.25% to 7.00% from 7.25%.