Santander updates mortgage and base rate linked savings products following change to the Bank of England base rate

06 February 2025

Santander UK has today announced changes to its mortgage and base rate linked savings products following the Monetary Policy Committee’s decision to decrease the Bank of England base rate by 0.25 percentage points to 4.50%.

Santander UK will make the following changes:

Mortgages:

• All existing Santander tracker mortgage products linked to the base rate will decrease by 0.25% from 3 March 2025. This includes the Santander Follow-on Rate (FoR) which will decrease to 7.75% from 8.00%.
  
  
• The Santander Standard Variable Rate (SVR) will also decrease by 0.25% to 6.75% from 7.00% on 3 March 2025.

Savings:

• Santander savings products that are linked to the Bank of England base rate will decrease by 0.25%, effective from 3 March 2025. The products linked to the base rate are the Rate for Life and Good for Life savings accounts.

Any future changes made to other savings products will be communicated to customers separately.