Santander responds to decision to reduce Bank of England base rate with mortgage rate cuts

Following today’s decision to decrease the Bank of England base rate by 0.15% to 0.10%, Santander can confirm it will be passing on the full rate cut to its Standard Variable Rates (SVRs) and its Follow-on Rate. The 0.15% reduction will also be reflected across its base rate mortgage trackers. 
 
The bank’s SVRs will reduce to 4.34% from the beginning of May and the Santander Follow-on Rate will reduce to 3.35% from the beginning of April.
 
Bradley Fordham, Head of Mortgages, Santander said: “Following the second Bank of England base rate reduction in a month, we are pleased to be able to confirm that we will be reducing our SVR by a further 0.15% from the beginning of May. We are reviewing other rates in the light of the current climate and changes will be communicated to customers. We continue to focus on offering our customers long term value through the range of products and benefits we provide.”
 
The bank is currently reviewing the pricing of its variable rate savings products and will communicate  any products changes to customers in line with their terms and conditions, with at least 14 days’ notice provided to existing non-payment account customers and 60 days’ notice to those with a payment account. 

 
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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. At 30 December 2019, the bank had around 23,500 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. 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’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK. 
 
Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of 2019, Banco Santander had EUR 1.05 trillion in total funds, 145 million customers, of which 21.6 million are loyal and 37 million are digital (52% of active customers), 12,000 branches and 200,000 employees. Banco Santander made underlying profit of EUR 8,252 million in 2019, an increase of 2% compared to the previous year.
 
Media Enquiries
Deborah Lewis        T: 020 7756 4212 M: 07845 051939 E: deborah.lewis@santander.co.uk
Miranda Seymour T: 020 7756 4189 M: 07860 857999 E: miranda.seymour@santander.co.uk
 
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