HSBC, Santander, Virgin Money and Principality cut fixed rates by up to 45bps as lender repricing accelerates

Virgin Money trimmed fixed rates by up to 45 basis points on 22 April, HSBC and Principality followed with cuts from the next day, and Santander reduced first-time buyer, home mover and remortgage fixes by up to 0.25%, including its 95% LTV three-year deal from 5.55%. Lenders are passing through lower swap rates and competing harder for purchase business after weeks of repricing. For buyers, monthly payments on new fixes are edging down and higher-LTV deals are getting a sharper look. The caveat: Virgin lifted some tracker rates by 25bps on the same day, so this is a fixed-rate story rather than a broad easing.