Overview
- Santander, which trimmed selected first‑time buyer and mover deals Thursday, set off cuts that TSB, HSBC and Halifax rolled out Friday.
- Santander reduced some fixed and tracker offers by up to about 0.30 percentage points and TSB cut certain two‑year purchase fixes by up to 0.45 points, with most changes focused on new buyers rather than remortgages.
- Lenders say a drop in swap rates lowered their costs, and those swaps are the contracts banks use to lock in the funding price behind fixed‑rate mortgages.
- Average UK fixed rates have leveled off near 5.88% for two‑year deals and 5.77% for five‑year deals, and about 800 products have returned since late March though choice remains below pre‑conflict levels.
- Brokers warn the relief could fade if geopolitical tensions or inflation pick up again, so buyers who find a suitable deal may benefit from securing it while conditions are stable.