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.
What this means for…
Buyers· 3/3
Sellers· 2/3
Wider market· 2/3
Each axis scored 1 (minor) to 3 (major). Total 7/9.
More Rates commentary
21 Jul 2026 · Impact 7/9
Barclays, Halifax, HSBC and TSB raise fixed rates by up to 20bps as swaps climb back above 4%
20 Jul 2026 · Impact 5/9
Barclays cuts fixed rates by up to 66bps as Nationwide raises selected deals, with swaps back above 4%
16 Jul 2026 · Impact 6/9
NatWest lifts fixed rates up to 27bps from 17 July as lenders reverse July's price war