Santander is increasing its SVR mortgage rate tomorrow, Wednesday 3rd October, so if you're a customer you need to make sure you're prepared.

Here's what you need to know:

• The SVR will rise from 4.24% to 4.74%, adding around £26 a month to repayments on a £100,000 mortgage.

• Santander will have written to you with confirmation of your new monthly repayment if you're affected - if you haven't received anything but think you should have done contact them ASAP.
• Your repayments will be updated automatically if you pay by direct debit, but if you pay by standing order you'll need to contact your bank to notify them of the change.
• It's only those on the bank's standard variable mortgage rate that will be affected right now. If you're tied into a fixed rate, tracker, flexible or flexible offset deal your repayments won't change until the end of your mortgage term.

If you're an SVR customer you need to make sure you can afford your new repayments and, if you're going to struggle, contact Santander right away.

You should also check that the deal you're on is still the best, and most affordable that you can get. You can use our action plan: How to get the best remortgage deal to work out whether you should switch.

What else is happening?

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