Santander to write to 270,000 borrowers

Santander UK is to write to over 270,000 borrowers to make it clear to customers about when it would increase the cap on its mortgage standard variable rate.

The FCA has agreed the deal with Santander after the regulator found the letters the lender sent to customers about increasing the SVR cap were unclear. Some borrowers did not receive any letters at all.

Santander will start writing to affected borrowers next week, and will be contacting customers in batches until the autumn.

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