Santander has been criticised by brokers after announcing that borrowers on a tracker mortgage will only start to see rates go down from 28 December, despite a cut to the interest rate today. Read this and the rest of today's personal finance and consumer news below.
Santander has been criticised by brokers after announcing that borrowers on a tracker mortgage will only start to see rates go down from 28 December, despite a cut to the interest rate today.The bank has been accused by one firm of 'sneaky profiteering', while another has described the move as 'simply not right'.Rohit Kohli, director at The Mortgage Stop, said that borrowers expect savings to be passed on 'promptly' and not 'at the convenience of the lender'.
He said that while the delay by Santander 'might be standard practice, it raises questions about fairness and whether lenders are truly acting in the spirit of consumer duty'.Justin Moy, managing director at EHF Mortgages, was equally unimpressed.'A decision made on 7 November will only be passed to the borrower after Christmas, but when the base rate increased last year, Santander passed that on from the start of the following month, some four weeks earlier than a cut in rates.
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