- Santander mortgages applied for from 23 January onwards will transfer to our new Follow-on Rate (FoR) at the end of the fixed or tracker rate period
- Products applied for prior to this date will continue to move to Santander’s Standard Variable Rate (SVR) at the end of their term
- Santander’s FoR is a variable rate that tracks at 3.25 per cent above the Bank of England Base Rate (currently 0.50 per cent), giving a rate of 3.75 per cent
Customers who secure a new mortgage with Santander from 23 January onwards will automatically be moved onto the new FoR at the end of the product term unless they select an alternative new product. Previously, customers were automatically moved onto our SVR at the end of their product term.
Santander’s new FoR is a variable rate that tracks at 3.25 per cent above the Bank of England Base Rate (currently 0.50 per cent), giving a current rate of 3.75 per cent. The differential of 3.25 per cent is guaranteed for as long as customers remain on the product. The rate payable will track all changes in base rate, either upwards or downwards.
More information is available at www.santander.co.uk/uk/mortgages or through our branches and telephone teams.
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Notes to Editors
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. At 30 June 2017, the bank serves around 14 million active customers with c19,500 employees and operates through 826 branches (which includes 61 university branches) and 65 regional Corporate Business Centres. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK. All accounts opened with Santander UK plc, Isle of Man Branch have sites in the Isle of Man and therefore are covered by the Isle of Man Depositors’ Compensation Scheme as set out in the Isle of Man Depositors’ Compensation Scheme Regulations 2010 and not covered by the UK Financial Services Compensation Scheme.
Banco Santander is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful market share in 10 core countries in Europe and the Americas, and is among the world’s top banks by market capitalization. At the end of June 2017, Banco Santander had EUR 1.65 trillion in managed funds, 131 million customers, 13,800 branches and 200,000 employees. Banco Santander made attributable profit of EUR 3.6 billion in the first half of 2017, an increase of 24% compared to the same period last year.
Cecilia Cran: T: 0207 756 4209 M: 0778 965 1947 E: firstname.lastname@example.org
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