Interest rate cut & Santander

ferry

Just curious but should the BOE cut interest rates again, are Santander known for passing this onto their SVR customers?

Thanks

Thrugelmir

A commercial decision. As there's little direct correlation of the cost of lenders funding and BOE base rate.

amnblog

They already have

Jhoney_2

Also tracker products- effective from September payment.

ferry

Out of interest will they wrte to us telling us new payment amount and when effective？

dano17439

Should be instant shouldn't it?

Marvel1

ferry wrote: »

Out of interest will they wrte to us telling us new payment amount and when effective？

Mortgages
The decrease in the Bank of England base rate might reduce your mortgage payments.
All mortgage products linked to the base rate and all Standard Variable Rate (SVR) mortgages will reduce by 0.25% from the beginning of September.
If your mortgage is affected we'll write to you shortly to confirm your new monthly mortgage payment.

http://www.santander.co.uk/uk/base-rate-change

ferry

Did any qualifying Santander customers on here actually get a letter confirming rate cut?

fewcloudy

My mortgage is with Alliance and Leicester, now part of Santander, and I received a letter yes. Effective from 1st Sep.


fc

Jhoney_2

No, however they kindly did confirm by post this morning that their everyday saver was reducing from 0.25 to 0.10 - It was very sweet of them!

onlyroz

I haven't yet received any letter from Santander about the base-rate cut and my online mortgage account hasn't shown any changes to the upcoming mortgage payments (the next of which is due on Sept 15th).