Barclays, NatWest, Coventry and Santander latest lenders to lower mortgage rates
Quick Summary
NatWest, Santander and Barclays announced UK fixed mortgage rate cuts for 11 and 12 November 2026, after the Bank of England raised its base rate to 4%. NatWest’s two- and five-year purchase fixes are below 4.90% for buyers with a 40% deposit, each with a £1,495 fee. Santander has two-, three- and five-year fixes below 5% for eligible existing customers switching deals at up to 60% loan-to-value. Barclays cut selected rates by up to 0.40 percentage points, with sub-5% options for buyers and remortgagers.
Halifax offers a 4.78% two-year fix for eligible Lloyds Premier customers. Coventry cut fixed rates in October and will raise selected variable rates from 1 December. Buying a home or coming to the end of your fixed deal? Call Trinity Financial on 020 7016 0790 to compare mortgage rates, product fees and early repayment charges.
11 November 2026 | More sub-5% fixes become available
NatWest, Santander and Barclays are the latest lenders to improve their fixed mortgage rates this week, less than a week after the Bank of England raised Bank Rate from 3.75% to 4%. From 12 November, NatWest will offer two- and five-year purchase fixes below 4.9% for buyers with a 40% deposit.
Santander is cutting selected fixed rates for new and existing borrowers, with two-, three- and five-year options below 5% for eligible customers switching deals. Barclays has lowered selected rates by up to 0.40 percentage points from 11 November.
Latest mortgage rate changes at a glance
| Lender | Selected fixed-rate deal | Maximum LTV | Product fee | Who it’s for |
|---|---|---|---|---|
| NatWest | Two-year fix, down from around 5.05% to below 4.90% | 60% | £1,495 | Homebuyers, from 12 November |
| NatWest | Five-year fix, down from around 4.95% to below 4.90% | 60% | £1,495 | Homebuyers, from 12 November |
| Santander | Two-year fixes around 4.90%, three-year and five-year fix below 5% | 60% | £999 each | Existing customers switching deals, from 12 November |
| Barclays | Five-year fix, down from around 5.30% to below 5% | 75% | £899 | Homebuyers, from 11 November |
| Barclays | Two-year fix, down from around 5.05% to below 5% | 60% | £999 | Remortgage customers, from 11 November |
| Halifax through Lloyds Premier | Two- and five-year fixes at 4.78% | 60% | £999 each | Eligible Lloyds Premier current account holders |
Source: Trinity Financial. LTV stands for loan-to-value. A 60% LTV purchase mortgage requires a 40% deposit. If you’re remortgaging, 60% LTV typically means you have at least 40% equity in your home. Rates are subject to availability and lender criteria.
NatWest improves two- and five-year purchase fixes to below 4.90%
From Thursday 12 November, NatWest is reducing selected rates across its new business, existing customer and additional borrowing ranges. Its two-year purchase fix at 60% LTV drops by 0.17 percentage points, while the equivalent five-year fix drops by 0.08 percentage points. Both will be priced below 4.90% with a £1,495 product fee. For buyers offered both terms, the choice comes down to how long they want payment certainty and whether they’re likely to move or repay early.
Santander lowers fixed rates for new and existing customers
Santander is reducing selected fixed rates in its new business and product transfer ranges from Thursday 12 November. For existing residential borrowers switching deals at up to 60% LTV, the two-year fix falls to 4.90%, the three-year and five-year fixes to around 4.95%, each with a £999 fee. For home movers with a 10% deposit, one two-year fix falls to below 5.2% with a £1,499 fee.
Barclays cuts selected mortgage rates by up to 0.40 percentage points
Barclays’ largest cut takes its five-year remortgage fix at 85% LTV from around 5.75% to below 5.35% with a £999 fee. Buyers with a 25% deposit can access a five-year fix at just below 5% with an £899 fee. Barclays also reduced selected rates for existing customers, including a two-year fix at around 4.95% up to 60% LTV with a £999 fee.
Coventry confirms variable-rate rises from 1 December
Coventry Building Society cut residential fixed rates by up to 0.15 percentage points on 28 October. Following November’s Bank Rate decision, Coventry says its Base Rate Tracker, Flexx for Term, Standard Variable Rate and Privilege Rate will rise by 0.25 percentage points from 1 December. If your Coventry fix is ending soon, compare the rate the society can offer you directly with the cost of remortgaging to another lender.
Halifax offers 4.78% fixes through Lloyds Premier
Halifax’s Lloyds Premier range includes two- and five-year fixes at 4.78% up to 60% LTV, each with a £999 fee. Borrowers need a qualifying Lloyds Premier current account. For purchases and remortgages into Lloyds Banking Group, at least one applicant must earn £100,000 or more a year.
Representative mortgage example: A Halifax capital and interest repayment mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 4.78% until 31 December 2028, followed by the lender's current standard variable rate of 7.24% for the remaining term. The 4.78% rate would require 25 monthly repayments of £5,235.28, followed by 335 monthly repayments of £6,734.82. The total amount repayable would be £2,387,146.70, based on the lender's illustration plus interest (£1,391,429.33). The mortgage has a £999 product fee, added to the loan, and a £100 valuation fee. The overall cost for comparison is 7.0% APRC representative.
Why are fixed mortgage rates falling after the base rate rise?
Lenders use wholesale swap rates as one benchmark when pricing fixed mortgages and five-year two-year funding has undercut five-year funding for the first time in a while. That helps explain why some lenders have been able to cut fixed rates even as Bank Rate rose. The outlook for energy prices and inflation remains important. Lower oil prices or signs of easing tensions in the Middle East could ease pressure on funding costs.
Buying a home or coming to the end of your fixed rate?
If you’re remortgaging, Trinity Financial can compare a rate switch with your existing lender against deals from other banks and building societies. We’ll factor in product fees and any early repayment charges so you can see what each option would cost over the deal period. If you already have an offer, we can check whether there’s a cheaper rate available before you complete.
Speak to a Trinity Financial adviser today
The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.
Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar
The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.
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