Santander has joined NatWest and Halifax by raising their mortgage interest rates. The Spanish owned bank is the latest in the stream of banks deciding to bring misery to millions of mortgage borrowers across the UK despite the UK base rate remaining unchanged at 0.5%.
Santander confirmed that it had raised the interest rates on a number of its mortgage products that it sells through intermediaries this weekend.
Unlike the part government owned NatWest and Halifax banks, Santander’s rate rises will apply to new products rather than existing ones. The rise in mortgage costs is being blamed on the rising cost of funding mortgages.