Which? response to Santander increasing Standard Variable Rate mortgages

“This latest increase in mortgage interest rates is another blow to struggling households, many of whom are trapped on Standard Variable Rates. The banks are profiting from these mortgage prisoners while giving better deals to new customers with low loan to value ratios. Over 1.2 million people have already seen rises in their SVR mortgage which will cost them over £300 million in the next year. The Government needs to explain why thousands of homeowners are still being hit by increases when the banks are supposed to be passing on cheaper credit through the Funding for Lending scheme.”