Monday 30 March 2026: HSBC, Nationwide & Barclays All Hike Rates as Market Shift Accelerates

Major Rate Rises Across the Big Four

Today brought a wave of rate increases from three of the UK's biggest mortgage lenders, signalling a clear upward shift in pricing across the market. HSBC led the charge with increases of up to 60 basis points, while Nationwide added between 10-30bp across their entire range, and Barclays delivered some of the most dramatic hikes we've seen in months.

HSBC's Comprehensive Rate Review

HSBC implemented widespread increases across their entire mortgage portfolio, with existing customers bearing the brunt of the changes. The lender's 2-year fixed rates saw increases of 40-60bp depending on the product, whilst 5-year deals rose by 30-50bp across the board.

For existing customers looking to borrow more on residential mortgages, the 2-year rate at 60% LTV jumped from 4.29% to 4.69% – a significant 40bp increase. The 5-year equivalent rose from 4.40% to 4.70%, adding 30bp to monthly repayments.

First-time buyers weren't spared, with HSBC's 2-year deals at 60% LTV climbing from 4.57% to 5.17% – a substantial 60bp hike. The 5-year rate increased from 4.68% to 5.18%, adding 50bp. These changes push HSBC's first-time buyer rates well above the current market leaders.

Buy-to-let investors face similar pressures, with purchase BTL rates at 60% LTV seeing the 2-year product increase from 4.43% to 5.03% (60bp) and the 5-year rate climbing from 4.18% to 4.78% – a hefty 60bp rise.

Even HSBC's tracker rates didn't escape the increases, with most rising by 15-20bp across different LTV bands and product types.

Nationwide Adds Pressure Across All Products

Building society giant Nationwide implemented more modest but consistent increases across their entire range. The society's approach was methodical, adding 25-30bp to most 2-year and 5-year fixed rates whilst leaving tracker rates largely unchanged.

First-time buyers at Nationwide now face a 2-year rate of 4.85% at 60% LTV, up from 4.55% – a 30bp increase. The 5-year equivalent rose from 4.80% to 5.10%, also adding 30bp. These rates remain competitive despite the increases.

Home movers saw their 2-year rates at 60% LTV increase from 4.25% to 4.55% (30bp), whilst the 5-year rate climbed from 4.45% to 4.70% (25bp). The 10-year fixed rate also rose from 4.84% to 5.04%, adding 20bp.

At higher LTV bands, the increases were consistent. The 75% LTV 2-year home mover rate increased from 4.37% to 4.67% (30bp), whilst the 5-year rate climbed from 4.50% to 4.75% (25bp).

Interestingly, Nationwide's tracker rates remained largely static, with most seeing no change at all – suggesting the society is focusing increases on its fixed-rate products.

Barclays Delivers Dramatic Increases

Barclays implemented some of today's most significant rate rises, with increases exceeding 100bp in multiple product categories. The bank's 2-year fixed rate for existing customer switching at 60% LTV surged from 3.52% to 4.80% – a massive 128bp increase that repositions the product significantly higher in the market.

New purchase rates saw substantial increases too, with the 2-year rate at 60% LTV climbing from 3.55% to 4.60% (105bp) and the 5-year rate rising from 3.75% to 4.80% – also a 105bp jump.

Remortgage customers face similar pressures, with Barclays' 2-year rate at 60% LTV increasing from 3.62% to 4.66% (104bp) and the 5-year rate climbing from 3.68% to 4.81% (113bp).

At 75% LTV, the increases remained substantial. The 2-year new purchase rate rose from 3.78% to 4.66% (88bp), whilst the 5-year equivalent increased from 3.85% to 4.82% (97bp).

Even at higher LTV bands, Barclays continued the trend. The 80% LTV 2-year new purchase rate jumped from 3.88% to 4.67% (79bp), whilst remortgage customers at the same LTV saw their 2-year rate increase from 3.95% to 5.04% (109bp).

NatWest Maintains Competitive Position

While NatWest did implement increases, they were notably more restrained than their high street competitors. The bank's 2-year new purchase rate at 60% LTV rose from 4.15% to 4.52% (37bp), whilst the 5-year rate increased from 4.38% to 4.69% (31bp).

These more modest increases help NatWest maintain its position as the current market leader for both 2-year and 5-year fixed rates, according to our latest data.

At 75% LTV, NatWest's 2-year new purchase rate climbed from 4.32% to 4.69% (37bp), with the 5-year rate increasing from 4.52% to 4.80% (28bp).

Market Implications and Outlook

Today's moves represent a clear shift upward in mortgage pricing across the major lenders. The scale of increases, particularly from Barclays and HSBC, suggests lenders are responding to funding cost pressures and potentially positioning for further base rate movements.

With the Bank of England base rate currently at 3.75%, today's increases have pushed many lenders' rates significantly higher than recent levels. This creates both challenges and opportunities for borrowers depending on their circumstances.

The fact that multiple major lenders moved simultaneously suggests coordinated market pressure rather than isolated pricing decisions. This pattern often precedes broader market shifts, making timing increasingly critical for borrowers.

For those currently shopping for mortgages, these increases highlight the importance of acting quickly when rates are suitable. The current best rates may not remain available for long if this upward trend continues.

What Borrowers Should Do Now

Current borrowers approaching the end of fixed deals should prioritise securing new rates sooner rather than later. Many lenders offer rate reservations up to six months in advance, providing protection against further increases.

First-time buyers may want to consider slightly longer-term fixes if they can find competitive rates, as today's increases suggest shorter-term products may continue rising.

Those considering remortgaging should compare rates urgently, as the gap between different lenders has widened significantly with today's moves. Some lenders remain more competitive than others across different scenarios.

Buy-to-let investors should be particularly cautious, as these products saw some of the largest increases across multiple lenders today.