As you know the Bank of England (BOE) base rate was reduced by 0.50% to 0.25% on 11 March. Since then it has been further reduced by 0.15% to 0.10% and we can confirm that we\u2019ll be passing on the full rate cut to existing customers as follows:<\/p>\n

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• The Santander and Alliance & Leicester Standard Variable Rates\u00a0will reduce to 4.49% from 4.99% in April, with a further reduction to 4.34% from 4.49% in May.<\/li>\n
• All tracker mortgage products linked to base rate will automatically reduce from April. This includes Santander\u2019s Follow-on Rate, which will reduce from 4.00% to 3.35%.<\/li>\n
• If a customer\u2019s existing Santander mortgage is affected, they\u2019ll receive a letter notifying them of their new interest rate and new monthly payment a minimum of five days before their monthly payment changes.<\/li>\n<\/ul>\n

  Further information<\/strong><\/h2>\n

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  • Any pipeline applications already submitted and\/or offered are not affected so you do not need to do anything.<\/li>\n
  • View our base rate FAQs<\/u><\/a> for more information.<\/li>\n<\/ul>\n<\/div>
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