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"Now we’re cooking on gas" - Competition heats up as HSBC, Co-op and Gen H cut rates

Journalist: Justin Moy, Contributing Editor

ended 15. April 2025

Several lenders have announced fixed rate cuts this morning, improving options for home movers and those looking to remortgage. HSBC, Co-op and Gen H are all reducing rates, with cuts of up to 0.26%. With the expected slowdown in purchase activity following the Stamp Duty change, and around 1.4m borrowers looking for a new deal this year, all three lendershave improved their pricing, heating the market a little. Views from brokers below.

 

9 responses from the Newspage community

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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
This is great news for borrowers and a massive push for the new financial year. It may indicate lenders think a base cut is on the horizon or they may be just trying to hit targets early on in the year. Either way, let’s hope it continues
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Hannah Bashford
Director at Model Financial Solutions
Now we’re cooking on gas. Lenders have started to pass on the savings to borrowers and competition is heating up with HSBC, Co-op and Gen H announcing rate reductions today. The question is how long will they last and is FOMO among other lenders enough to keep rates coming down?
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Justin Moy
Managing Director at EHF Mortgages
Plenty of positive news from some key mortgage lenders on Tuesday morning, with better deals available for those moving home and those looking for a new deal on their existing mortgage. Rate improvements reflect some Swap market improvements, combined with healthy competition, which can only be good news for borrowers.
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Michelle Lawson
Director at Lawson Financial
Rates tumbling on Tuesday is good news for borrowers. We have more cuts from key players as well as lending enhancements from other lenders. Expect more to follow as they won't want to be alone as swap rates have triggered the moves. Borrowers should secure the rates while they can.
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Jack Tutton
Director at SJ Mortgages
This is the news that mortgage holders have been waiting for. Finally we have some significant reductions coming to the mortgage market. These come after sustained reductions in the cost of borrowing since Trump announced his tariffs earlier this month. With so many lenders deciding to reduce their rates today, this should drive more competition with the expectation being that more follow shortly.
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Harry Goodliffe
Director at HTG Mortgages
Lenders are back in the ring and the rate war’s heating up. HSBC, Co-op, and Gen H have all cut fixed rates this morning — a clear sign they’re fighting for business. With fewer buyers post–stamp duty shake-up and a wave of remortgages coming, lenders know they’ve got to compete. This is excellent news for borrowers. Let’s hope this momentum builds
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
The mortgage market is waking up. With 1.4 million borrowers searching for a better deal and purchase activity cooling after the stamp duty shift, lenders are stepping up, slashing rates and easing criteria to stay competitive. This long-overdue battle for business isn’t just about rates anymore; it’s about who can lend smarter. For borrowers, it’s a real opportunity to take control and benefit lending innovation from a market finally reinventing itself their favour. The agenda is becoming clear. Get mortgage money moving again.
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David Stirling
Independent Financial Adviser at Mint Wealth
We’re seeing some welcome movement from HBOS lenders, Halifax and BM Solutions, who have not only improved their affordability criteria for both residential and buy-to-let mortgages, but also significantly reduced their rates. With HSBC and several smaller lenders having already made reductions earlier today, and inter-bank lending rates continuing to fall, there’s growing optimism for borrowers hoping to secure a competitive deal. In a market this volatile, it’s wise to secure a rate early—most lenders will allow you to switch to a lower rate if one becomes available before completion. As always, having a knowledgeable broker on your side can make all the difference in navigating these changes and ensuring you secure the best terms available.
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Pete Mugleston
Mortgage Advisor & Managing Director at onlinemortgageadvisor.co.uk
Never mind trade wars, this could be the opening salvo in a rates war between major lenders. We could see more lenders respond this week to stay competitive, but the big winners in all of this are borrowers. With rates starting to come down and the market pricing in a cut by Threadneedle Street soon, it's a good time to be looking at getting a mortgage.