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.