Thousands of Santander customers face a mortgage rate hike from October after the lender increased its standard variable rate (SVR) by 0.5%.
The rise to 4.74% will affect hundreds of thousands of people, although 2011's second-biggest mortgage lender declined to give an exact figure.
The Spanish-owned bank, formerly the Abbey, said its SVR mortgage holders would see an average increase of £26 a month, or £312 a year, for a £100,000 mortgage as a result of the change, which is expected to take effect on October 3.
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