Major Rate Rises Hit Saturday 28 March 2026: HSBC, Nationwide & Barclays Push Mortgages Higher

Saturday brought no respite for borrowers, with major lenders delivering substantial rate increases across their mortgage ranges. HSBC, Nationwide, and Barclays all pushed rates higher, with some products seeing increases of over 100 basis points in a single move.

HSBC Delivers Widespread Rate Increases

HSBC led the charge with comprehensive rate rises across virtually every product line. The bank increased rates by between 15 and 60 basis points, with the largest moves hitting new borrowers hardest.

For existing customers, the increases were more modest but still significant. HSBC's Existing Customer Borrowing More residential product at 60% LTV saw its 2-year fix rise from 4.29% to 4.69% (+40bp), whilst the 5-year fix moved from 4.40% to 4.70% (+30bp). The 10-year fix jumped from 4.84% to 5.24% (+40bp), and the tracker rate increased from 4.09% to 4.29% (+20bp).

New borrowers faced steeper increases. First-time buyers seeking a 2-year fix at 60% LTV now pay 5.17%, up from 4.57% – a substantial 60 basis point rise. The 5-year equivalent climbed from 4.68% to 5.18% (+50bp). Similar patterns emerged across all LTV bands, with HSBC clearly repricing risk across its entire mortgage book.

International customers weren't spared, with HSBC's International Purchase product at 60% LTV seeing its 2-year rate leap from 4.98% to 5.58% (+60bp) and the 5-year from 5.08% to 5.58% (+50bp).

Buy-to-Let Rates Also Rise

HSBC's buy-to-let products followed suit, with Purchase BTL at 60% LTV seeing significant increases. The 2-year fix rose from 4.43% to 5.03% (+60bp), whilst the 5-year jumped from 4.18% to 4.78% (+60bp). These moves will particularly impact landlords looking to expand their portfolios or refinance existing properties.

Nationwide Matches HSBC's Aggressive Repricing

Nationwide proved equally aggressive, with some of the day's largest rate increases. The building society's First Time Buyers product at 60% LTV saw its 2-year rate surge from 4.02% to 4.85% – an eye-watering 83 basis point increase. The 5-year equivalent rose from 4.41% to 5.10% (+69bp).

Home movers at the same LTV band faced a 71 basis point increase on 2-year fixes, rising from 3.84% to 4.55%. Five-year fixes climbed from 4.05% to 4.70% (+65bp), whilst 10-year products increased from 4.49% to 5.04% (+55bp).

Even Nationwide's typically competitive Rate Switch products for existing customers weren't immune. At 60% LTV, the 2-year fix rose from 3.72% to 4.34% (+62bp) and the 5-year from 3.89% to 4.49% (+60bp).

The pattern continued across higher LTV bands, with increases ranging from 45 to 83 basis points depending on the product and term. Nationwide's 95% LTV products – crucial for borrowers with smaller deposits – saw 2-year fixes rise by between 26 and 56 basis points across different customer types.

Barclays Delivers Shock 128bp Increase

Barclays delivered the day's most dramatic single rate change, with its Existing Customer Switching product at 60% LTV seeing the 2-year fix rocket from 3.52% to 4.80% – a massive 128 basis point increase. The 5-year equivalent rose from 3.62% to 4.71% (+109bp).

New purchase customers at 60% LTV faced a 105 basis point increase on both 2-year and 5-year fixes, with rates moving from 3.55% to 4.60% and 3.75% to 4.80% respectively. The 10-year fix climbed from 4.72% to 5.35% (+63bp).

Barclays' remortgage products at 60% LTV saw similar treatment, with 2-year fixes rising from 3.62% to 4.66% (+104bp) and 5-year fixes from 3.68% to 4.81% (+113bp). These represent some of the steepest single-day increases we've tracked.

Higher LTV products faced substantial but slightly smaller increases, with 75% LTV new purchase rates rising by between 74 and 97 basis points. Even at 95% LTV – where competition is typically fiercest – Barclays increased its 2-year new purchase rate from 4.65% to 5.35% (+70bp).

NatWest Takes More Measured Approach

In contrast to its peers, NatWest took a more restrained approach, with increases ranging from just 9 to 52 basis points. New purchase rates at 60% LTV rose modestly, with the 2-year fix moving from 4.15% to 4.52% (+37bp) and the 5-year from 4.38% to 4.69% (+31bp).

NatWest's remortgage products saw slightly larger increases, with 80% LTV 2-year fixes rising from 4.47% to 4.99% (+52bp). However, these moves pale in comparison to the dramatic repricing from other major lenders.

Market Implications

Today's rate changes represent a clear shift in lender appetite, with three of the UK's largest mortgage providers simultaneously repricing their offerings upwards. The timing – on a Saturday – suggests these were pre-planned moves rather than reactive changes to swap rate movements.

The scale of increases, particularly from HSBC and Nationwide, indicates lenders are either responding to funding cost pressures or deliberately reducing mortgage lending volumes. Barclays' 128 basis point increase on existing customer switching suggests particular caution about retaining unprofitable business.

For borrowers, these changes significantly narrow the field of competitive options. With NatWest now offering some of the most competitive rates following today's moves, we may see increased application volumes there in coming days.

Current market leaders remain competitive, with 2-year fixes from 4.52% and 5-year products from 4.69%, both from NatWest. However, the pool of sub-5% options has notably shrunk.

Anyone with applications in progress should check whether their agreed rates remain valid. Those still shopping should consider acting quickly, as further increases may follow if funding costs continue to rise or if today's moves prove insufficient to manage application volumes.

For more detailed rate comparisons across all lenders, visit our mortgage comparison tool.