Following the decision from the Monetary Policy Committee (MPC) to increase the Bank of England (BoE) base rate by 0.15% to 0.25%, Santander has made a series of changes to its interest rates.

All tracker mortgage products linked to the base rate have increased by 0.15%.

This includes the Santander Follow on Rate (FoR), increased to 3.50%.

These rates will be communicated to customers ahead of their monthly repayments changing and used to calculate mortgage repayments from the beginning of February.

In addition, the Alliance & Leicester and Santander standard variable rate (SVR) will increase by 0.15% to 4.49% from the beginning of February.

Santander savings products that are linked to the BoE base rate have been increased by 0.15%, effective from 12 January.

The products linked to the base rate are the Rate for Life and Good for Life savings accounts.

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