Santander replaces expensive SVR with follow-on rate
Santander is changing the way it calculates the follow-on rate for new mortgage customers.
From 23 January new customers will revert to a Bank of England base rate tracker, rather than an expensive standard variable rate.
Aaron Strutt, product director at Trinity Financial, told The Telegraph: “The new rate will be appealing for customers who may run into financial difficulties and be unable to remortgage, but customers should always start researching new deals three months before their fixed-rate deal expires.”
Santander said the follow-on rate change was designed to help customers and make their mortgages easier to understand.
The bank says most borrowers who are currently paying the standard variable rate will be offered the chance to switch immediately.
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