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22 Apr 2026
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22 Apr 2026
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Some high street lenders are making a further round of mortgage rate cuts this week after having already chopped rates just days ago.
Santander has announced it plans to cut rates on lower deposit first-time buyer and home mover mortgage products from Friday.
It marks the second time the lender has reduced mortgage rates this month, following a range of reductions across its higher loan-to-value (LTV) products on Thursday last week.
Santander said that from Friday this week, it will reduce first-time buyer, home mover and remortgage fixed rates by up to 0.25 percentage points.
The reductions include Santander’s 98% LTV, My First Mortgage product which is reducing by 0.25 percentage points to 5.60%.
It will also launch first-time buyer products including a 5% deposit three-year fixed-rate mortgage at 5.55% with no fee and £250 cashback.
Santander will also offer a 15% deposit two-year fixed-rate mortgage with a £999 fee and £250 cashback at 4.80%, as well as a 15% deposit five-year fixed-rate mortgage at 4.98% with no fee and £250 cashback.
HSBC UK is also refreshing its mortgage range from Thursday, having cut mortgage rates on Friday last week.
HSBC’s changes from Thursday will include rate reductions for first-time buyers, home movers and people looking to remortgage.
Barclays and Skipton Building Society also reduced their mortgage rates on Wednesday.
Virgin Money is also cutting some mortgage rates from Thursday, including for home buyers and people remortgaging, as well as on buy-to-let products.
Swap rates, which are used by lenders to price mortgages, have been easing. The conflict in the Middle East has caused market volatility and pushed up expectations around interest rates staying higher for longer.
Despite signs of fixed mortgage rates easing, typical rates remain elevated, compared with the start of March.
According to financial information website Moneyfacts, the average two-year fixed homeowner mortgage rate on the market on Wednesday morning was 5.83%, down from 5.87% on Tuesday.
The average five-year fixed homeowner mortgage rate on Wednesday morning was 5.73%, down from 5.76% on Tuesday.
At the start of March, the average two-year fixed-rate mortgage was 4.83% and the average five-year fixed-rate mortgage was 4.95%, Moneyfacts said.
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