Santander and NatWest cut over 200 mortgage rates each by up to 25bps as HSBC follows
Santander is repricing over 200 products down by up to 25bps from Tuesday, NatWest cut more than 200 rates by up to 24bps today, and HSBC lowers rates from tomorrow. Easing swap rates and competition for volume are driving the moves after July's increases. For buyers, sub-5% deals are returning: a Santander 90% LTV two-year fix drops to 4.89%. For sellers, cheaper borrowing supports demand. But rates remain above spring levels, a partial recovery, not cheap money returning.
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
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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