Santander has confirmed that it will increase most of its fixed residential and buy-to-let (BTL) rates for new contracts and product transfers by up to 0.31% from 12 November.
Pay rates for all its new contracts and product transfer trackers will fall by 0.25% to reflect the recent cut in the Bank of England’s base rate from 5% to 4.75%. The Standard Variable Rate will also be reduced by 0.25% to 7%.
No action is required for pipeline cases.
For existing customers who have a basic interest tracker including a follow-up rate or standard variable rate, their rate will be reduced by 0.25% from December 3.
For new customers, the selected standard fixed rates for homes for purchase, mortgage refinancing and green products increase by a maximum of 0.29%.
All fixed interest rates for large loans increase by a maximum of 0.20% and all fixed interest rates for new construction increase by a maximum of 0.26%.
Selected fixed BTL and green BTL rates will increase by up to 0.31%, while tracker payment rates will decrease by 0.25%.
For product transfers, the selected fixed rates for residential properties increase by a maximum of 0.26%. Selected fixed BTL rates will increase by up to 0.31% and tracker payment rates will decrease by 0.25%.
For customers who wish to change or cancel their new agreement, if they have not yet accepted their product transfer offer, they can select a new product for them in the online mortgage service and a new offer will be issued.
If they have already accepted their new deal, they can switch to another deal or cancel the deal that has already been booked for them. This must be done at least 14 days before the start of their new deal.
While a product transfer is pending, customers will not be able to make any other changes to their mortgage until the new deal has taken effect. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, and other changes such as overpayments.
End date for new business benefits and all end dates and completion deadlines for charges will be extended by one month.
Completion deadlines extend to: May 30, 2025 for purchases; June 2, 2025 for remortgages; April 5, 2025 for product transfers.
Product codes will be replaced in the new company and product transfer series.