Lenders extend June rate cuts: Principality, Kensington and HSBC reprice fixed deals by up to 50bps
On 22 June another wave of lenders trimmed fixed rates — Principality by up to 50bps, Kensington up to 25bps and HSBC up to 10bps — extending a month of cuts that also drew in Barclays and Santander. Swap rates have eased after CPI held at 2.8% in May and the Bank kept Bank Rate at 3.75%, giving lenders room to move. For buyers that means modestly cheaper fixes and some sub-4% deals returning at lower loan-to-values; for sellers, firmer affordability supports demand. This is gradual easing, not a return to pre-2022 pricing.
What this means for…
Buyers· 2/3
Sellers· 2/3
Wider market· 2/3
Each axis scored 1 (minor) to 3 (major). Total 6/9.
More Rates commentary
23 Sept 2026 · Impact 5/9
NatWest cuts selected mortgage rates by up to 0.22 points, the first big lender to reverse September's hikes
22 Sept 2026 · Impact 7/9
Clydesdale and HSBC join a second wave of fixed-rate rises as the average two-year fix reaches 5.9%
18 Sept 2026 · Impact 7/9
Average five-year fix reaches 5.88%, the highest since October 2023, after a week of lender rate rises
Related reading
Thinking about your own move?
See what your home is worth with free, side-by-side valuations from competing local agents. Your details stay private until you choose one.
Get your free valuations →