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Santander making selected mortgage rate cuts

ended 07. May 2026

Santander has announced they are reducing selected residential and BTL fixed and tracker rates in their new business range on Monday 11 May,. One 85% LTV FTB fixed rate is increasing by  0.05%. 

New products

  • FTB inc. new build - new 60% and 75% LTV fixed and tracker rates

    Fixed rate increases
  • FTB inc. new build - 85% LTV 2 year fixed rate with a £999 fee increasing by 0.05

    Fixed rate reductions
  • FTB - all 10 year fixed rates reducing by up to 0.15%.
  • Home mover inc. new build and large loans - selected fixed rates reducing by up to 0.15%.
  • Remo inc. large loans - selected fixed rates reducing by up to 0.19%.
  • BTL purchase and remo - all fixed rates reducing by up to 0.23%.


Tracker rate reductions

  • FTB and home mover inc. new build - all 2 year tracker rates reducing by up to 
    0.50%.
  • Large loans - remo and home mover - all 2 year tracker rates reducing by up to 
    0.40%.

    Product transfers

    Fixed rate reductions
  • Residential - selected 2, 3 and 5 year fixed rates reducing by up to 0.15%.
  • BTL - all 2 and 5 year fixed rates reducing by up to 0.23%.

    With HSBC also announcing cuts, are lenders doing their best to help the UK mortgage market? Could they be doing more? Is this enough to get Britain moving again?

5 responses from the Newspage community

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Riz Malik
Independent Financial Adviser at R3 Wealth
As we move towards the end of the first half of 2026, lenders are keen to bolster their mortgage books. They are still conscious of the global economic backdrop but also keen to do their best to get business on their books, and Santander is no exception. Reductions in tracker rates will also be welcomed by those not seeking to fix.
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Justin Moy
Managing Director at EHF Mortgages
Good to see Santander bringing their rates into line with the rest of the recent changes on the High Street. With almost every type of borrower benefiting in this round of changes, this will have a positive impact on those looking for a new deal or an active application.
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Ken James
Director at Contractor Mortgage Services
Lenders are pulling rates out of a top hat, and to the average borrower, it looks like a miracle, and to anyone who is involved in the financial markets it looks like a magic trick. Let’s be blunt: funding costs are rising, not falling. The 2‑year and 5‑year swaps have both jumped upwards this week. That’s not the backdrop for generosity, that’s the backdrop for repricing upwards. So why the cuts? It’s competition. Lenders are fighting for volume in a sluggish market, and they’re willing to take a margin hit today to keep pipelines alive tomorrow, This isn’t a market turning point. It’s a pricing strategy, lenders as always are managing their books, but! is it enough to get Britain moving again, not likley.
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Aaron Strutt
Product and Communications Director at Trinity Financial
Swap rates have started to come down again and some lenders are still improving their mortgage rates even though it looked pretty certain they were going to start putting them up just a few days ago. Santander is bringing the price of its trackers back down, which is good news because they are still very popular even though there are messages coming out that the base rate may have to rise. HSBC's 4.45% two-year fix, TSB's 4.64% three-year fix and HSBC's 4.61% five-year fix top the best buy tables, although Barclays and Halifax still have sub-4% trackers.
There is a lot of economic uncertainty at the moment, but lots of people still want to get on the property ladder. We are speaking to more renters trying to purchase their rented homes using concessionary purchase mortgages as the number of buy-to-let properties being put on the market continues to rise. We are still helping lots of buyers work out how much they can borrow and how much a mortgage would cost.
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Richard Davidson
Mortgage Advisor at onlinemortgageadvisor.co.uk
A strong move from Santander to reduce across the board, and an indication that other lenders should follow soon. The other key area is affordability, where lenders have been increasing income multiples across the board. The final piece of the puzzle to help buyers is deposit, and whilst we are seeing more low deposit options, they can be hard to secure. Lenders still view them as high risk, so only those lucky enough to live at home can realistically afford to save. That means buyers with parents who can house them, or help with a deposit, still hold the advantage over tenants, who are squeezed by high rents and left with little room to save.