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Borrowers "being given something to be positive about" as Santander and Accord follow Barclays and TSB

Journalist: Justin Moy, Contributing Editor

ended 11. December 2024

Both Santander and Accord have cut fixed rates and introduced new deals, starting later this week. Santander is cutting rates by up to 0.23% for new and existing borrowers. Newspage asked brokers for their views, below.

8 responses from the Newspage community

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Darryl Dhoffer
Founder at The Mortgage Geezer
After the Budget saw rates rise, borrowers are finally being given something to be positive about. Lenders are once again starting to shave their rates, which could see a stronger start to 2025 than we had expected just a week or so ago. The Budget took a wrecking ball to sentiment but with more lenders introducing cuts, that sentiment will improve.
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David Stirling
Independent Financial Adviser at Mint Wealth
Lenders are leading us to the New Year Hootenanny with Santander joining other major lenders and making significant cuts. This is all positive news for borrowers who have been bewildered post-Budget and are holding out for competitive cuts. Those looking to buy should consider moving soon before the stamp duty window shuts in April and secure themselves a deal as soon as possible.
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Justin Moy
Managing Director at EHF Mortgages
These are noticeable cuts from Santander, as they look to stay competitive within the market. Additional products with low or no fees, or those that qualify for Green products, add to the improvements that borrowers are benefitting from ahead of 2025. Accord's changes are slight, but they're at least in the right direction.
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Ben Perks
Managing Director at Orchard Financial Advisers
Good things come in little packages and these reductions, whilst small, are no exception. The year looks set to finish how it started as more lenders join the tussle to attract business during the last few weeks of 2024.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Like the peloton bringing in a breakaway group, no lender wants to drop off the pace. Accord and Santander are following the lead from the lenders who have already reduced and sprinted ahead.
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Aaron Strutt
Product and Communications Director at Trinity Financial
Many borrowers have been holding off securing a mortgage because they have seen that rates have gone up. The hope is that we will get sub-4% mortgages again soon as the lenders look for a busy start to the New Year. There are also a lot of people still coming off super cheap rates who will be very keen for fixes to keep edging down.
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Craig Fish
Director at Lodestone Mortgages
The reductions are coming thick and fast, and will be warmly welcomed by brokers and borrowers alike. Some cuts are small, and some a little bigger, but nevertheless, they are long overdue. It looks set to be a positive end to the year, and here's hoping that 2025 starts in the same vein.
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Simon Bridgland
Broker at Charwin Private Clients
Though Accord’s rate reductions will go unnoticed by most passers-by, Santander is clearly looking to make up lost ground before the year is out. Reductions at that level will grab the attention of any broker looking to secure funds for borrowers before the festive break.