Santander and HSBC lead UK mortgage rate cuts as lenders ease pricing in early May
Santander cut selected fixed, tracker and product transfer rates by up to 50bps from Monday 11 May, following HSBC's reductions of up to 30bps on 8 May. Swap rates have eased as markets digest a Middle East ceasefire after weeks of pricier funding. For buyers this is a modest reopening of pricing; for sellers, slightly better affordability may nudge enquiries back into stale stock. Cuts could stall or reverse if swaps push higher — not a sustained downtrend yet.
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
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