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• It’s a variable rate that tracks the Bank of England base rate so will always move in line with Bank of England base rate changes.
• This means your interest rate and monthly payments will move up and down as base rate changes.
• It has no early repayment charges.
• There is no product fee.

• The FoR tracks and is directly linked to the Bank of England base rate, so whenever the base rate changes so will the FoR. This means your interest rate and monthly payments will always move up or down in line with Bank of England base rates changes.
• SVR is a rate managed by Santander and it is not directly linked to the Bank of England base rate, so changes to base rate may not always result in a change to SVR.

• If you’re currently tied into a mortgage deal, such as a fixed rate that will transfer to SVR when it ends, you can’t transfer to the FoR straightaway. However, it will be available for you to consider as an option, alongside other deals, when your current product comes to an end.

To find out when your current deal ends you can check your original Mortgage Offer, annual mortgage statement or the mortgage account details screen in Online Banking.

• If you’re already on the Santander or Alliance & Leicester SVR the FoR is available for you to consider as an option now. You can review all the deals available to you in our online mortgage transfer service. Alternatively you can speak to one of our Mortgage Advisers on 0800 085 1352. Lines are open 9am to 7pm Monday to Friday and 9am to 2pm Saturdays.
• To work out how a change from SVR to the FoR could impact your monthly payments use our calculator.
• Your mortgage account must be up to date (i.e. no arrears) before you can transfer to a new deal, including the FoR.
• Once you’ve transferred to the FoR you won’t be able to transfer back to SVR.
• If you’re on SVR and don’t want a new deal, you don’t need to do anything.