Market Movements
Major Rate Hikes Hit Market: HSBC Jumps 60bp, Barclays Up to 128bp - 1 April 2026
Major lenders have implemented significant rate increases today, with HSBC raising rates up to 60bp and Barclays delivering hikes of up to 128bp. Nationwide, Halifax, and NatWest have also joined the repricing wave.
Significant Rate Increases Across Major Lenders
Today marks one of the most substantial rate repricing days we've seen this year, with virtually every major lender pushing rates higher. HSBC has implemented sweeping increases across their entire range, whilst Barclays has delivered some eye-watering hikes of over 100 basis points on certain products.
HSBC Delivers Comprehensive Rate Rises
HSBC has repriced their entire mortgage range with increases ranging from 15 to 60 basis points. The pattern is clear: existing customers fare better than new borrowers, but nobody escapes unscathed.
For existing customers borrowing more or switching, the increases are relatively modest. Their 60% LTV residential products have moved from 4.29% to 4.69% on 2-year fixes (up 40bp) and from 4.40% to 4.70% on 5-year deals (up 30bp). The 10-year fix has jumped from 4.84% to 5.24% - a 40bp increase.
New customers face steeper rises. First-time buyers at 60% LTV now pay 5.17% on 2-year fixes (up from 4.57% - a 60bp hike) and 5.18% on 5-year deals (previously 4.68% - up 50bp). Home movers see similar increases, with 2-year fixes rising 60bp to 5.09% and 5-year deals up 50bp to 5.02%.
The pattern continues across all LTV bands. At 90% LTV, first-time buyers now face rates of 5.29% on 2-year fixes (up 60bp from 4.69%) and 5.37% on 5-year products (up 50bp from 4.87%). The tracker rates have increased by 20bp across virtually all products.
HSBC's buy-to-let rates have also increased substantially, with most products seeing 30-60bp rises depending on the term and customer type.
Barclays Implements Dramatic Repricing
Barclays has delivered some of the most aggressive rate increases seen in recent months. Their existing customer switching products have been hit particularly hard, with 2-year fixes at 60% LTV jumping from 3.52% to 4.80% - a massive 128bp increase. The 5-year equivalent has risen from 3.62% to 4.71%, representing a 109bp hike.
New purchase rates, whilst still seeing substantial increases, haven't been hit quite as severely. At 60% LTV, 2-year fixes have risen from 3.55% to 4.60% (up 105bp) and 5-year deals from 3.75% to 4.80% (also up 105bp).
Even at higher LTV levels, the increases remain significant. New purchase rates at 75% LTV have seen 2-year fixes increase from 3.78% to 4.66% (up 88bp) and 5-year products from 3.85% to 4.82% (up 97bp).
The tracker rates haven't escaped either, with increases ranging from 43bp to 57bp depending on the product and LTV.
Nationwide Joins the Rate Rise Party
Nationwide has implemented more measured increases across their range, typically in the 13-25bp bracket. Their first-time buyer products at 60% LTV have seen modest rises, with 2-year fixes moving from 4.85% to 5.00% (up 15bp) and 5-year deals from 5.10% to 5.25% (also up 15bp).
Rate switch products - for existing Nationwide customers - have seen slightly larger increases. At 60% LTV, 2-year fixes have risen from 4.34% to 4.59% (up 25bp) and 5-year deals from 4.49% to 4.69% (up 20bp).
At the higher LTV end, the increases become more pronounced. For 90% LTV borrowers, first-time buyer 5-year fixes have jumped from 5.25% to 5.50% - a 25bp increase that takes them above the 5.50% threshold.
Halifax and Lloyds Deliver Smaller Increases
Halifax and Lloyds Banking Group have implemented more restrained increases, typically in the 5-15bp range. New purchase products at 60% LTV have seen 2-year fixes rise from 4.66% to 4.81% (up 15bp) whilst 5-year deals have increased just 5bp from 4.90% to 4.95%.
The pattern continues across their ranges, with most products seeing single-digit to mid-teen basis point increases. Tracker rates remain unchanged across Halifax and Lloyds products.
NatWest Rounds Out the Increases
NatWest has implemented increases ranging from 23bp to 67bp across their mortgage range. New purchase products at 60% LTV have seen both 2-year and 5-year fixes increase by 28bp, taking them to 4.80% and 4.97% respectively.
Their remortgage products have been hit harder in some cases. The 75% LTV 5-year remortgage rate has jumped from 4.74% to 5.41% - a substantial 67bp increase that represents one of the larger single product increases seen today.
Market Impact and Borrower Implications
Today's widespread repricing represents a significant shift in the mortgage market. With the Bank of England base rate currently at 3.75%, lenders appear to be responding to funding cost pressures and perhaps anticipating future rate movements.
The current best rates remain competitive despite today's increases. The lowest 2-year fix is now 4.60% from Barclays (with an £899 fee), whilst the best 5-year deal sits at 4.80% (also Barclays). For those seeking longer-term certainty, Nationwide's 10-year fix at 5.19% remains the market leader.
For borrowers currently in the market, these increases underscore the importance of acting quickly when you find a suitable deal. The mortgage market remains volatile, and today's moves suggest lenders are becoming increasingly cautious about their pricing.
Those with applications already submitted should check with their brokers or lenders about rate guarantees. Most lenders offer rate protection for a period after application, but this varies significantly between providers.
If you're comparing deals, use our mortgage comparison tool to find the most competitive rates for your circumstances, and consider speaking with a broker who can navigate the current market volatility on your behalf.
Frequently Asked Questions
Why have so many lenders increased rates on the same day?
Lenders often respond to similar market pressures simultaneously, including changes in funding costs, swap rates, and economic outlook. Today's coordinated increases likely reflect rising wholesale funding costs and potential concerns about future interest rate movements.
Should I rush to submit my mortgage application before rates rise further?
If you've found a suitable deal and meet the lending criteria, it's worth acting quickly in the current volatile market. However, ensure you're fully prepared with all documentation, as rushed applications can lead to delays or rejections that might cost you the rate.
Are tracker mortgages still worth considering given today's increases?
Tracker rates have increased by 15-57bp today but remain competitive, with Halifax and Lloyds offering trackers at 3.96%. They're worth considering if you believe the base rate might fall, but remember they'll rise if the Bank of England increases rates further.
How long do mortgage rate guarantees typically last?
Rate guarantees vary by lender but typically last 3-6 months from application. Some lenders offer shorter periods during volatile market conditions. Always confirm the guarantee period with your lender when applying, especially given today's widespread rate increases.
Will these rate increases affect my existing mortgage deal?
No, if you're currently in a fixed-rate deal, your rate won't change until the end of your current term. However, if you're on a tracker or standard variable rate, you may see increases if your lender's tracker margin has risen or if they increase their SVR in response to market conditions.