Here’s Your Best Rates May 2026
Despite mortgage rates increasing in March and April we have seen a shift over the last week with six Mainstream lenders reducing rates including HSBC, Santander and Barclays.
Over the last couple of weeks 2-year and 5-year swaps have all eased slightly and lenders who had previously priced defensively are now repricing to regain market share.
While this is a step in the right direction, lenders seem to be competing hardest in the lower loan to value bandings and we can still expect short term volatility in pricing as the global situation continues to evolve.
The reason that mortgage rates have come down slightly is because when the situation in Iran escalated, lenders reacted quickly – pulling products and increasing rates to protect themselves against volatility. Hundreds of mortgage deals were pulled and products were withdrawn as lenders scrambled to keep pace with the rising cost of funds. This created a degree of overpricing in the market and lenders have now reduced pricing to remain competitive.
As markets have settled slightly and Swap rates have come down it has allowed lenders to reprice more competitively again and correct some of their earlier overreaction. Once a few lenders start cutting rates, others follow quickly to stay competitive.
Here’s your best rates in the market today:
If you’d like to review your current mortgage, discuss a remortgage, or explore your options, please get in touch.
