Saturday 28 March 2026: Weekend Rate Analysis Shows HSBC and Nationwide Making Big Moves

Saturday brought fresh evidence of mortgage market volatility, with multiple major lenders implementing significant rate adjustments that will reshape the landscape heading into next week. HSBC led the charge with some of the most aggressive increases we've seen recently, while Nationwide, Barclays, and NatWest all contributed to what's shaping up as a decidedly upward trend.

HSBC Delivers the Weekend's Biggest Shock

HSBC has made the boldest moves today, with rate increases spanning their entire product range. The most striking changes hit their first-time buyer and home mover segments, where 2-year fixes jumped by a substantial 60 basis points across multiple LTV bands.

For first-time buyers at 60% LTV, HSBC's 2-year fix has climbed from 4.57% to 5.17% — a jump that will add approximately £34 monthly to a £200,000 mortgage. Their 5-year equivalent rose from 4.68% to 5.18%, representing a 50 basis point increase that many brokers will find difficult to stomach when presenting to clients.

The pattern continues across the LTV spectrum. At 75% LTV, first-time buyers now face identical rates of 5.24% for 2-year fixes and 5.28% for 5-year terms, both representing significant increases from their previous levels of 4.64% and 4.78% respectively.

HSBC's existing customer products haven't escaped either. Their "Existing Customer Borrowing More" residential range saw 2-year rates jump 40 basis points at 60% LTV, from 4.29% to 4.69%, while 5-year terms increased 30 basis points to 4.70%. Even their 10-year products, typically more stable, rose 40 basis points to 5.24%.

The buy-to-let sector faced equally aggressive pricing. Purchase BTL rates at 60% LTV increased 60 basis points for both 2-year (now 5.03%) and 5-year (now 4.78%) products, while remortgage BTL rates followed suit with identical increases.

Nationwide Joins the Upward March

Nationwide's rate adjustments, while implemented earlier in the week, continue to reverberate through weekend analysis. Their first-time buyer products have seen particularly sharp increases, with 2-year fixes at 60% LTV jumping 83 basis points from 4.02% to 4.85%.

The building society's home mover range shows a consistent pattern of increases. At 60% LTV, 2-year fixes rose 71 basis points to 4.55%, while 5-year products increased 65 basis points to 4.70%. Their 10-year fix at the same LTV band climbed 55 basis points to 5.04%.

Higher LTV borrowers face even steeper increases. At 95% LTV, Nationwide's first-time buyer 2-year fix has surged 56 basis points to 5.55%, while the equivalent 5-year product reached 5.54% after a 50 basis point increase.

Existing borrowers looking to switch rates haven't been spared. Nationwide's rate switch products at 60% LTV increased 62 basis points for 2-year terms (now 4.34%) and 60 basis points for 5-year terms (now 4.49%).

Barclays Takes Aggressive Action

Barclays has implemented some of the weekend's most dramatic percentage increases. Their new purchase 2-year fix at 60% LTV jumped 105 basis points from 3.55% to 4.60%, while the 5-year equivalent rose by an identical margin to 4.80%.

The bank's existing customer switching products faced particularly sharp increases. At 60% LTV, 2-year rates surged 128 basis points from 3.52% to 4.80%, while 5-year terms increased 109 basis points to 4.71%.

Barclays' tracker products tell an interesting story. At 60% LTV for new purchases, tracker rates increased 53 basis points to 4.01%, though some existing customer switching tracker rates remained unchanged at 3.89%.

Higher LTV bands show mixed but generally upward pressure. At 75% LTV, new purchase 2-year fixes rose 88 basis points to 4.66%, while remortgage products at the same LTV increased 74 basis points for both 2-year and 5-year terms.

NatWest's Measured Approach

NatWest has taken a more restrained approach compared to its competitors, though still implementing notable increases across key products. Their new purchase 2-year fix at 60% LTV rose 37 basis points from 4.15% to 4.52%, while the 5-year equivalent increased 31 basis points to 4.69%.

The bank's remortgage products show similar patterns. At 60% LTV, 2-year remortgage rates increased 39 basis points to 4.56%, while 5-year terms rose 29 basis points to 4.69%.

Tracker products haven't escaped NatWest's repricing. New purchase trackers at 60% LTV increased 29 basis points to 4.19%, while remortgage trackers at the same LTV jumped 43 basis points to 4.35%.

At higher LTV bands, NatWest's increases become more pronounced. 80% LTV new purchase rates rose 35 basis points for 2-year terms (now 4.80%) and 26 basis points for 5-year terms (now 4.88%).

Market Implications and Current Best Rates

Despite today's increases, some competitive rates remain available. NatWest currently offers the best 2-year fix at 4.52% (60% LTV, £995 fee), while their 5-year product at 4.69% also leads the market. For longer terms, Nationwide's 10-year fix at 5.04% represents the current benchmark.

The tracker market shows Halifax leading with 3.96%, though this rate wasn't affected by today's changes and may face pressure in coming sessions.

With the Bank of England base rate at 3.75%, current mortgage pricing reflects significant margin expansion as lenders price in various risk factors including funding costs and economic uncertainty.

For borrowers currently shopping for mortgages, today's changes reinforce the importance of swift decision-making. Those with offers in principle should consider proceeding quickly, while others should explore current market options before further increases materialise.

The weekend's rate movements suggest lenders are positioning for a more challenging rate environment, with HSBC's aggressive repricing potentially signalling broader market direction. Monday's trading will reveal whether other major lenders follow suit or attempt to capture market share with more competitive positioning.