TSB, Halifax, Santander and HSBC cut fixed mortgage rates by up to 45bps as swap rates ease back from April highs

On Friday 1 May, TSB cut two-year fixed house purchase rates by up to 45bps, Halifax trimmed fixes by up to 35bps and Santander by up to 28bps, with HSBC also repricing. The trigger is five-year swap rates falling back towards 4% from highs near 4.4% in April, giving lenders room to ease pricing. For buyers, that puts Halifax's leading 2-year fix at 4.64% and starts to unwind the affordability hit from the April spike; for sellers, it is the first sign in weeks that conditions are moving the right way for offers. The cuts come off elevated April pricing, not pre-spike levels, and a reversal stays on the table if Middle East-driven inflation fears resurface.