Santander under fire for shock mortgage rate rise

Santander wrote to those affected this week informing them the change will take place from 3 October. The bank, which is also increasing its SVR cap margin from 3.75% to 4.99% next month, said the move was prompted by the rising costs of regulation, mortgage provision and savings rates. But stakeholders criticised the bank for the increase. Mark Harris, the CEO of mortgage broker SPF Private Clients, said: "This move is profiteering, pure and simple. "Interest rates may have been held at 0.5 per cent for three and a half years but lenders such as Santander are raising their SVRs...