Mortgage Rate Cuts: Who Is Cutting and Who Is Raising in November 2026

Barclays and Nationwide cut fixed mortgage rates in the week of the Bank of England's 5 November 2026 decision, and TSB cut its product transfer range from 30 October. On the other side, Bank Rate rose from 3.75% to 4% on 5 November, Santander raised selected fixes the same day, and the big lenders are lifting variable and tracker rates from December. This page tracks who is moving each way and what it means if your deal ends soon. Mortgage One is a whole of market mortgage adviser tracking every repricing so buyers, remortgagers and landlords can act before a cut is withdrawn.

If your fixed deal ends within the next six months and you want to know whether this month's cuts reach your deposit band and loan size, call 01202 155992 or contact Mortgage One.

Which lenders are cutting mortgage rates in November 2026?

Barclays cut its two-year fix at 60% LTV from 5.15% to 4.95% and its five-year from 5.13% to 4.99% on 3 November 2026, and Nationwide cut new borrower fixed rates by up to 0.15 percentage points on 4 November. TSB cut its product transfer fixes on 30 October, and Lloyds has trimmed its buy-to-let range.

Barclays' 3 November sheet also took its two-year fix at 75% loan to value (LTV) from 5.30% to 5.05%, all on an £899 fee, and the cuts held on its sheet effective 6 November, after the Bank Rate rise. At 60% LTV its two-year fix now sits 0.04 points below its five-year. Our Barclays mortgage rates table records the range on a stated date.

Nationwide's guide effective 4 November took its two-year home mover fix at 60% LTV from 5.04% to 4.94% and its five-year from 5.06% to 4.94% on a £999 fee, the society's first cut since three rises in September, and no fixed rate in the guide went up. Our Nationwide mortgage rates page shows the full range by LTV band.

TSB's 30 October guide cut its two-year product transfer at up to 60% LTV from 5.14% to 5.04% and its five-year from 5.14% to 5.09%, which puts the two-year switch level with its house purchase rate. Not every big lender moved. HSBC has held its October pricing, 4.96% on a two-year fix and 4.99% on a five-year at 60% LTV on 7 November, and NatWest's two-year purchase fix at 60% LTV is 5.09% and its five-year 5.00%, a touch above the 5.04% and 4.98% that followed its 15 October cut. Our HSBC mortgage rates and NatWest mortgage rates tables record both ranges on a stated date.

Bank of Ireland and others are raising rates against the trend

Not every lender is cutting. Santander raised its two-year fix at 60% LTV from 5.01% to 5.05% and its five-year from 4.94% to 4.99% on 5 November 2026, the day Bank Rate rose. Bank of Ireland raised its existing customer product transfer rates in October, and variable rates are now going up across the big lenders.

The larger rise is on variable rates. Lloyds and Halifax move their homeowner variable rates from 7.24% to 7.49% from 1 December 2026 and pass the 0.25 point Bank Rate rise to tracker customers on the same date. Nationwide's standard mortgage rate goes from 6.49% to 6.74% and its base mortgage rate from 5.75% to 6% from 1 December, and Santander's standard variable rate moves from 6.50% to 6.75% and its follow-on rate from 7.00% to 7.25% from 3 December. The fuller record of the increases sits on our page tracking lenders raising mortgage rates through the autumn.

Santander's own changes were mixed rather than one-way. At 90% LTV it cut its two-year fix from 5.33% to 5.30% and its five-year from 5.28% to 5.26%, so a borrower with a 10% deposit saw a small cut while a borrower with 40% equity paid a little more. Our Santander mortgage rates table carries the range band by band.

Direction matters as much as size. A lender can compete hard for new borrowers while repricing the retention range offered to customers already on its book, so an existing customer offer is never a benchmark on its own. Lenders price to their own funding, service capacity and lending targets, which is how TSB can cut its switch rates within a week of Santander raising its new business fixes. A whole of market mortgage broker reads that spread daily and places each case where the pricing actually is.

Why are lenders cutting while swap rates are still rising?

Through October lenders cut from margin while swap rates rose. In November the funding cost has started to help. The SONIA curve that swaps track, read on 7 November from Bank of England data to 5 November, puts Bank Rate at 4.38% by April 2027 and 4.67% by October 2027, against 4.52% and 4.92% on the 26 October read.

A fixed mortgage is priced from the swap rate for the matching term plus a margin covering capital, servicing, credit risk and distribution. When swaps rise, a lender either passes the cost on or accepts a thinner margin. Through September most lenders passed it on, several more than once, and HSBC raised its home-mover range three times in a month. Some of that repricing went further than funding costs required, which leaves room to give a little back. Our swap rates and lender margin chart shows how the gap between the two lines has moved since 2009.

Volume is the second driver. Remortgage demand builds into the year end, and a lender that wants its share of that pipeline has to sit near the top of the sourcing tables when those borrowers start looking, which for many is six months before their deal ends.

The cuts sit against a base rate outlook pointing the other way. Whether the cuts can run is weighed in our analysis of will mortgage rates go down, set against the path the market prices. The Bank of England raised Bank Rate from 3.75% to 4% on 5 November 2026 by eight votes to one, with Catherine Mann voting for 4.25%, and the next decision is due on 17 December. Our analysis of why lenders can cut while markets price a rise explains how the two coexist, and our report on the November Bank Rate rise covers what it changed for trackers.

If you would like this month's cuts priced against the offer your current lender has sent you, call 01202 155992 or contact Mortgage One.

Why average fixed rates are still rising while best buys fall

Averages lag best-buy cuts. Bank of England figures put the average two-year fix at 75% LTV at 5.39% in October 2026 and the five-year at 5.19%, against 5.13% and 4.98% in September, so the average was still climbing while lenders cut their sharpest rates.

The average covers the quoted rates of lenders across the market, so it moves slowly while the sharpest cuts land on a handful of headline products. At 90% LTV the two-year average rose from 5.37% to 5.60% over the same month. Our UK mortgage rates chart shows the average in each LTV band, and our page to compare current 2 year and 5 year fixed deals sets the two terms side by side.

Letting a fix lapse costs more from December. On £200,000 over 25 years, Nationwide's 6.74% standard mortgage rate from 1 December costs about £1,381 a month against about £1,162 at its 4.94% two-year fix, roughly £218 a month for drifting onto the standard variable rate instead of switching.

What the November cuts mean if your deal ends within six months

Reserve a rate now and keep the right to switch down. Most lenders let you secure a deal up to six months before your current one ends and move to a lower rate before completion. With variable rates rising from 1 December and the next Bank Rate decision on 17 December, a held rate costs nothing.

Compare the two routes on total cost. A product transfer with your existing lender is quick and usually avoids a fresh affordability assessment, and TSB's 30 October cut puts its two-year switch level with its purchase rate at 5.04%. Bank of Ireland's October increase shows retention pricing can rise in the same week new business pricing falls, so whether staying put pays depends on who you borrow from. Our product transfer guide and remortgaging guide weigh the two routes, and our analysis of whether to fix now or wait covers the timing.

Two-year or five-year is the second decision. At Nationwide's new pricing the five-year home mover fix at 60% LTV is level with the two-year at 4.94%, so longer certainty costs nothing extra there, while at Barclays the five-year costs 0.04 points more. A two-year fix suits borrowers who expect to remortgage into a lower market, while a five-year fix removes exposure to the further rises the market now prices. Our guide to the next Bank of England meeting covers how each vote feeds through to fixed pricing.

How do the November cuts reach landlords and expat borrowers?

Landlords are included. Lloyds' buy-to-let range now starts at 5.13% on a two-year fix and 5.21% on a five-year at up to 75% LTV with a £1,499 fee, against 5.18% and 5.32% at our 6 October check, and its fee-free two-year and five-year fixes have moved from 5.56% and 5.49% to 5.45% and 5.34%.

For landlords a lower pay rate does double work, because the rate also feeds the rental cover test most buy-to-let lenders apply, and a cut can turn a case that failed in September into one that fits. The other side is the variable rate: Lloyds moves its buy-to-let variable rate from 8.09% to 8.34% from 1 December, so a landlord whose fix has lapsed pays more from next month. Our buy-to-let rental stress test calculator runs the numbers on your rent, and our chart of buy-to-let mortgage rates tracks landlord pricing against the wider market. A high fee on a low rate often suits a larger loan and costs a smaller one, so the fee belongs in every comparison.

For British expats paid in foreign currency the pool of lenders is small and none of these cuts changes it on its own, so our expat remortgage page covers how lenders assess overseas income and what to have ready before you apply.

Figures as of 7 November 2026, London.

For a free initial consultation on which of this month's cuts fit your deposit, income and property, call 01202 155992 or contact Mortgage One.

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The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you'd like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.

FAQs

1. Which lenders have cut mortgage rates this week? Barclays cut its two-year and five-year fixes at 60% LTV and its two-year at 75% on 3 November 2026, Nationwide cut new borrower fixed rates by up to 0.15 percentage points on 4 November, and TSB cut its product transfer fixes on 30 October. Lenders reprice often, so read any rate alongside its date.

2. Why are lenders cutting mortgage rates when swap rates are rising? Through October the cuts came out of lender margin, because fixed pricing had overshot during September's rises. Since late October the market curve that swaps track has eased, with Bank Rate priced at 4.38% by April 2027 on the 7 November read against 4.52% on 26 October, so November's cuts have some funding behind them.

3. Which lenders have raised mortgage rates in November 2026? Santander raised its two-year and five-year fixes at 60% LTV on 5 November 2026, the day Bank Rate rose to 4%. Lloyds and Halifax raise their variable and tracker rates from 1 December, Nationwide its standard and base mortgage rates from 1 December, and Santander its standard variable and follow-on rates from 3 December.

4. Will more lenders cut mortgage rates? Smaller lenders and building societies usually follow within days when large lenders reprice, so Barclays and Nationwide may not be the last. The limit is swap rates. A curve that turns higher before the 17 December Bank Rate decision would stall the cuts quickly.

5. Do rate cuts apply to existing customers switching deals? Sometimes. TSB cut its product transfer rates on 30 October, while Bank of Ireland raised its product transfer rates in October. Retention pricing moves on its own timetable, so compare your lender's switch offer against the whole market before accepting it.

6. Can I move to a lower rate after I have reserved a deal? Usually, yes. Most lenders let you switch to a cheaper product with them before completion, so a cut that lands after you reserve is not lost. Someone needs to be watching for it, which is one reason borrowers use a broker rather than going direct.

7. Should I fix for 2 or 5 years after the November cuts? It depends on your plans and how much certainty you want. At Nationwide the five-year home mover fix at 60% LTV is level with the two-year at 4.94%, so longer certainty costs nothing there. A two-year fix suits borrowers who expect to remortgage into a lower market.

8. Can a mortgage broker find a better rate than my bank? Often. Some lenders price broker-only products, others place cases a high street bank would decline, and a whole of market broker compares your lender's retention offer against every other lender in one pass. Mortgage One checks all of those routes before you commit.