On Thursday 5 May the Bank of England base rate increased from 0.75% to 1.00%.

This change is in addition to the Bank of England base rate increases in March 2022, February 2022 and December 2021.

Mortgages

From the beginning of June 2022, all Santander and Alliance & Leicester tracker mortgage products linked to the base rate will increase by 0.25%,  including Santander’s Follow-on Rate which will increase to 4.25%.

In addition, from the beginning of June 2022, the Santander and Alliance & Leicester Standard Variable Rates will increase by 0.25% to 5.24%.

If your mortgage is currently on a fixed rate, it will not be affected by this change. If your mortgage is affected, we’ll write to you to confirm the change to your interest rate and your new monthly payment. We’ll make sure you receive this letter at least 5 days before your monthly payment changes.

Find out how a change to the Bank of England base rate could affect your mortgage

Savings, current accounts and business customers

We’re increasing interest rates on savings accounts linked to the base rate on 1 June.

Our wider range of variable rate banking and savings products are not linked to the base rate. If we make any changes, we’ll tell you about them in line with your terms and conditions.

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