Executive Summary for Brokers
Lenders Active This Week
35
⚠️ Material upward repricing across the panel this week. The 93:7 increase-to-decrease ratio is the most aggressive we've seen in several months. Pipeline cases with DIP/AIPs should be progressed to full application urgently. New enquiries need rate protection within 48-72 hours.
SONIA & Funding Cost Analysis
Key Observation: SONIA remained exceptionally stable (range: 3.7260%-3.7279%, total movement +1.9bps) throughout the week, yet lenders repriced aggressively upward. This disconnect suggests:
| Date |
SONIA Rate (%) |
Daily Δ (bps) |
Cumulative Δ (bps) |
| Mon 02 Feb |
3.7260% |
- |
0 |
| Tue 03 Feb |
3.7260% |
0 |
0 |
| Wed 04 Feb |
3.7265% |
+0.5 |
+0.5 |
| Thu 05 Feb |
3.7278% |
+1.3 |
+1.8 |
| Fri 06 Feb |
3.7279% |
+0.1 |
+1.9 |
Market Intelligence:
- Not funding cost driven: +1.9bps SONIA movement cannot justify +4 to +7bps mortgage rate increases
- Swap rate positioning: Lenders pricing for expected term rate movements, not current funding costs
- Margin rebuild: Several lenders (particularly Santander) taking opportunity to increase margins after aggressive Q4 2025 pricing
- Volume management: Some lenders may be using pricing to moderate application volumes and processing queues
Featured Lenders
Santander - Systematic Repricing (16 Products)
Broker Impact: All Santander repricing increased by +4bps across 2yr and 5yr fixes. Pipeline cases submitted before Monday retained original pricing if AIP issued.
| Product |
LTV |
Fee |
Cashback |
Old Rate |
New Rate |
Δ (bps) |
| 2yr Fix |
75% |
£999 |
£0 |
3.65% |
3.69% |
+4 |
| 5yr Fix |
75% |
£999 |
£0 |
3.80% |
3.84% |
+4 |
| 2yr Fix |
80% |
£999 |
£0 |
3.79% |
3.83% |
+4 |
| 5yr Fix |
80% |
£999 |
£0 |
3.94% |
3.98% |
+4 |
| 2yr Fix |
85% |
£999 |
£0 |
3.88% |
3.92% |
+4 |
| 5yr Fix |
85% |
£999 |
£0 |
4.03% |
4.07% |
+4 |
| 2yr Fix |
90% |
£999 |
£0 |
4.07% |
4.11% |
+4 |
| 5yr Fix |
90% |
£999 |
£0 |
4.19% |
4.23% |
+4 |
Sample of 8 products shown. Additional £0 fee variants and cashback products saw identical +4bps movement.
Cumberland BS - Mixed Directional Movement (9 Products)
Broker Impact: Cumberland predominantly increased +7bps with one strategic decrease at 85% LTV (-7bps), likely to compete with mainstream lenders at this tier.
| Product |
LTV |
Fee |
Old Rate |
New Rate |
Δ (bps) |
| 2yr Fix |
60% |
£999 |
3.87% |
3.94% |
+7 |
| 5yr Fix |
60% |
£999 |
3.99% |
4.06% |
+7 |
| 2yr Fix |
75% |
£999 |
4.04% |
4.11% |
+7 |
| 5yr Fix |
75% |
£999 |
4.16% |
4.23% |
+7 |
| 2yr Fix |
85% |
£999 |
4.34% |
4.27% |
-7 |
| 5yr Fix |
85% |
£999 |
4.46% |
4.53% |
+7 |
Panel Positioning & Sourcing Recommendations
Best Execution Analysis - 75% LTV Fixed Rate Products
| Lender |
2yr Fix Range |
2yr Avg |
5yr Fix Range |
5yr Avg |
Sourcing Priority |
| Halifax |
3.60% - 4.45% |
3.89% |
3.83% - 4.38% |
4.02% |
TIER 1 |
| Santander |
3.65% - 4.11% |
3.88% |
3.80% - 4.10% |
3.95% |
TIER 1 |
| HSBC |
3.73% - 4.13% |
3.95% |
3.82% - 4.23% |
3.99% |
TIER 1 |
| Barclays |
3.70% - 4.10% |
3.87% |
3.82% - 4.18% |
4.02% |
TIER 1 |
| Accord |
4.00% - 4.54% |
4.25% |
4.09% - 4.54% |
4.31% |
SPECIALIST |
Panel Management Strategy:
- Lead with Halifax/Santander: Best headline rates post-repricing. Halifax marginally ahead on 2yr, Santander leads on 5yr.
- HSBC as alternative: Strong 5yr positioning (3.99% avg), good for clients prioritising longer-term security.
- Barclays competitive sweep: 2yr products at 3.87% average match tier-1 pricing, good for procfee/higher loan relationships.
- Avoid Accord unless specialist case: 38bps more expensive on 2yr vs. Halifax (4.25% vs 3.87% avg). Only source for complex income, adverse, or portfolio landlord cases.
Lender Repricing Cycles - Tactical Intelligence
Observed Update Patterns (Valid for Next 4-6 Weeks):
Monday 8:00-9:00 AM
Halifax
Santander (Phase 1)
492 Halifax products updated Monday 2nd Feb | 146 Santander products updated Monday 2nd Feb
Action: Check rates Monday morning for both lenders. Submit AIPs before 9am if existing quotes look vulnerable to repricing.
Tuesday 8:00-9:00 AM
Santander (Phase 2)
Nationwide
147 Santander products updated Tuesday 3rd Feb (second wave)
Action: Santander operates two-phase updates. If Monday pricing holds, Tuesday is final adjustment day. Nationwide typically follows suit.
Wednesday 8:00-9:00 AM
HSBC
NatWest
299 HSBC products updated Wednesday 4th Feb | NatWest pattern observed but not heavily active this week
Action: Mid-week pricing window. HSBC tends to follow big bank moves from Mon/Tue with 1-2 day lag.
Thursday 8:00-9:30 AM
Barclays
Accord Mortgages
Skipton BS
122 Barclays products, 162 Accord products updated Thursday 5th Feb
Action: Late-week adjustments. Barclays often moves Thursday to undercut Monday movers. Accord reprices to maintain specialist premium positioning.
Friday
Minimal Activity: Lenders avoid Friday changes due to weekend application processing blackout and reputational risk of "bad news Friday" announcements. Occasionally see product withdrawals but rarely rate increases.
Rate Movement Forecast & Swap Rate Context
Short-Term View (Next 7-14 Days)
| Lender |
Probability |
Expected Movement |
Rationale |
| Santander |
Low (20%) |
Hold |
Just repriced +4bps. Typically 10-14 day pricing cycle. |
| Halifax |
Medium (45%) |
+3 to +5bps |
Moved Monday. May follow market if swap rates continue upward trajectory. |
| HSBC |
Medium-High (60%) |
+4 to +6bps |
Moved Wednesday. Likely second adjustment within 10 days based on historical patterns. |
| Barclays |
Low (25%) |
Hold |
Thursday move was reactive. Next cycle likely 10-14 days out. |
| Nationwide |
High (70%) |
+5 to +8bps |
Did not move significantly this week. Overdue for repricing given market movement. |
| NatWest |
High (65%) |
+5 to +7bps |
Limited activity this week. Typically reprices 7-10 days behind market leaders. |
Medium-Term Outlook (1-3 Months)
Swap Rate Drivers:
- 2yr Swap: Currently ~3.85-3.95% range. Mortgage pricing typically swap +80-120bps depending on lender cost of funds and margin targets.
- 5yr Swap: Currently ~3.75-3.85% range. Inverted curve creating compressed 2yr/5yr mortgage spreads (explaining why 5yr products sometimes cheaper than 2yr).
- BOE Path: Next meeting critical. Market pricing in 2-3 cuts by year-end 2026. Any hawkish pivot would drive swaps +10-15bps and trigger another repricing round.
- Volume Dynamics: Spring market bounce expected Feb-Mar. Lenders may use pricing to manage application volumes vs. processing capacity.
Tactical Recommendation: The current repricing cycle has 2-3 weeks to run. Expect another 5-10bps across the panel before stabilisation. Priority should be protecting existing AIPs and progressing pipeline cases to offer stage to lock in current pricing.
Client Management Framework
🔴 URGENT ACTION REQUIRED
Scenario: Existing AIP/DIP issued before Monday 2nd February
- Risk Profile: Very High - rates have moved 4-7bps since issue
- Action: Contact client within 24 hours. Progress to full application immediately if property identified.
- Script: "Market has repriced this week. Your reserved rate of [X]% is now [X+0.05]% for new applications. We need to submit your full application within 48 hours to protect your current rate."
- Escalation: If client delays, send follow-up email documenting rate change and confirming their acceptance of risk.
🟡 HIGH PRIORITY MONITORING
Scenario: Active enquiries, no application submitted yet
- Risk Profile: High - current rates likely 5-15bps better than 2-week forward rates
- Action: Expedite fact-find and AIP within 48-72 hours. Don't wait for "perfect" documentation - get rate protection first.
- Panel Strategy: Lead with Halifax (3.60% 2yr) or Santander (3.80% 5yr). Secondary applications with HSBC/Barclays if borderline cases.
- Communication: "Based on this week's market movement, I recommend we secure your rate this week. Rates have increased 4-7 basis points across major lenders and we expect further movement within 10 days."
🟢 STANDARD PIPELINE MANAGEMENT
Scenario: Offer stage or completion within 4-6 weeks
- Risk Profile: Low - rate protected via offer
- Action: Standard progression. Monitor for product withdrawals but rate changes shouldn't impact.
- Exception: Extended completion dates (8+ weeks). Check product availability window and consider requesting rate extension in writing if approaching expiry.
🔵 RETENTION & REMORTGAGE BOOK
Scenario: Existing clients with 3-6 months remaining on fixed term
- Opportunity: Current rates still historically attractive despite this week's increases
- Action: Proactive outreach to clients with end dates Apr-Jul 2026. "Rates have moved up this week but we can still secure excellent pricing if we act now rather than waiting until closer to your maturity date."
- Positioning: Frame as "locking in current market" rather than "rates are going up" (avoids panic)
- ERC Calculation: For clients 3-4 months out, calculate ERC payable vs. potential rate increase. If ERC <0.5% of loan amount and rates likely to move 10-15bps, early remortgage may be economically justified.
Compliance & Documentation Notes
Rate Protection Documentation:
- Ensure all client communications regarding rate urgency are documented in CRM/file notes
- When advising clients to expedite applications due to rate environment, document the specific rate available vs. current market
- If client chooses to delay despite advice, obtain written acknowledgment of risks (email acceptable)
- For cases where repricing occurs mid-application, document client notification and options provided (proceed at new rate / switch lenders / withdraw)
Suitability Considerations:
- Rate vs. Fee Trade-offs: With £999-£1,999 fee products typically 20-30bps cheaper than no-fee equivalents, ensure suitability documentation covers the fee vs. rate analysis over the fixed term.
- 2yr vs 5yr: Current market has 5yr products only 6-15bps more expensive than 2yr (historically 20-30bps spread). Document why chosen term suits client circumstances.
- Tracker Alternatives: SONIA +60-80bps trackers (effective 4.35-4.50%) only 45-65bps more than best 5yr fixes. For clients expecting aggressive BOE cuts, document tracker vs fixed comparison.
Execution Summary & Next Steps
Repricing Cycle Status
Active
2-3 weeks remaining
Expected Further Movement
+5-10bps
Across panel average
Best Execution
Halifax
2yr 75% LTV @ 3.60%
Next Major Moves
Mon-Wed
Week of 9th Feb
Broker Action Plan - Week of 9th February
- Monday Morning (Before 10am): Review all AIPs issued prior to 2nd Feb. Contact clients with property identified to progress applications urgently.
- Monday-Tuesday: Submit new applications for active enquiries. Prioritise Halifax/Santander for best execution. Monitor for morning rate changes 8-9am both days.
- Wednesday: HSBC repricing likely. Review pipeline for any HSBC-suitable cases and submit before potential rate change.
- Thursday: Barclays/Accord repricing possible. Final window for rate protection before potential weekend rate review announcements.
- Friday: Pipeline review and client communications for the following week. Identify at-risk cases and prepare client outreach strategy.
Critical Window: The next 5-7 business days represent the optimal rate protection window before the next repricing wave. Firms should prioritise application velocity over perfect documentation - secure rates first, tidy paperwork second.
Technical Appendix
Methodology Notes
- Like-for-Like Definition: Products with identical term, LTV, product fee, and cashback across different dates. Minor variance in lender incentives (£250 vs £0 cashback) treated as separate products.
- Data Coverage: 5,352 products from 35 lenders analysed across 5 trading days (2-6 Feb 2026).
- Top 10 Lender List: Based on market share data: Nationwide, NatWest, Barclays, Halifax, HSBC, Santander, Accord, Leeds BS, Skipton BS, TSB.
- Repricing Detection: Automated comparison of product specifications across dates. Manual validation of all 27 detected changes performed.
Swap Rate Context (Week Average)
| Tenor |
Swap Rate (Approx) |
Typical Mortgage Pricing |
Observed Best Mortgage |
Spread (bps) |
| 2-Year |
~3.90% |
Swap +80-120bps |
3.60% (Halifax) |
-30bps |
| 5-Year |
~3.80% |
Swap +80-120bps |
3.80% (Santander) |
±0bps |
Note: Halifax 2yr pricing below typical swap spread suggests aggressive volume capture strategy or relationship banking cross-sell objectives. Santander 5yr at swap rate indicates minimal margin - likely loss leader for remortgage market share.
Questions or Panel Support?
This briefing is designed to support broker decision-making and client management during active market conditions.
Analysis Period: 2-6 February 2026 | Data: Panel Rate Feeds, BOE SONIA, Swap Rate Estimates
Report Generated: 13 February 2026