Posted on November 11, 2025 at 9:57 AM
Two major mortgage lenders have cut rates in what brokers describe as a pre-Budget rush.
Despite swap rates edging up slightly – reflecting economic uncertainty – both HSBC and TSB have reduced rates this week.
TSB’s three and five-year fixed rates on home purchases are reducing by up to 0.1%, while HSBC will reveal its cuts later today.
Emma Jones, managing director at Whenthebanksaysno.co.uk, told Newspage: “Lenders cutting while swaps rates have edged up says one thing: they are keen to get lending. Borrowers should take note.
“After last week’s pre-Budget Rachel Reeves speech, there is every chance this month could end on a very bleak note and rates could end up rising once again.”
Babek Ismayil, chief executive at homebuying platform OneDome, added: “Demand has ebbed away as borrowers batten down the hatches ahead of this month’s fiscal announcement and lenders need business.
“They’re trying to light a fire under demand by bringing rates down, even if that means their margins take a hit. Either way, it’s good news for borrowers and now could represent a good window of opportunity.”
Dariusz Karpowicz, director at Doncaster-based Albion Financial Advice, said: “Rate cuts from HSBC and TSB signal lenders scrambling for business before Budget uncertainty hits. With swap rates creeping up and just two weeks until potential fiscal shocks, this competitive window won’t last long.”
