Major Lender Rate Shake-Up: Monday 30 March 2026 Mortgage Market Update

A busy few days in the mortgage market has culminated in significant rate adjustments across four major lenders, with changes spanning everything from first-time buyer deals to buy-to-let remortgages. Let me walk you through exactly what's shifted and what it means for your mortgage search.

The Week's Biggest Movers

HSBC has made the most comprehensive changes, pushing rates higher across virtually their entire range. Their first-time buyer products have seen some of the steepest increases, with 2-year fixed rates jumping from 4.57% to 5.17% at 60% LTV — a substantial 60 basis point rise. The 5-year equivalent moved from 4.68% to 5.18%, up 50 basis points.

International borrowers face even steeper climbs. HSBC's international purchase rates at 60% LTV have increased dramatically: 2-year deals now sit at 5.58% (up from 4.98%), whilst 5-year rates have risen to 5.58% from 5.08%. These 60 and 50 basis point jumps respectively represent some of the largest single-day increases we've tracked.

Existing HSBC customers aren't escaping the upward pressure either. Product transfer rates for residential borrowers have climbed across the board, with 2-year deals at 60% LTV moving from 4.29% to 4.69% — a 40 basis point increase that will affect thousands of customers coming to the end of their current deals.

Nationwide's Measured Response

Nationwide has taken a more measured approach, implementing increases of 10-30 basis points across most products. Their first-time buyer offerings now start at 4.85% for 2-year deals at 60% LTV (previously 4.55%), whilst home mover rates have risen to 4.55% from 4.25%.

The building society's rate switch products — designed for existing customers — have seen smaller increases. At 60% LTV, 2-year switcher rates have moved to 4.34% from 4.09%, a 25 basis point rise that maintains Nationwide's competitive position for customer retention.

Higher LTV borrowers at Nationwide face steeper increases. At 95% LTV, first-time buyer rates have jumped to 5.55% for 2-year deals (up from 5.40%) and to 5.54% for 5-year products (previously 5.39%).

Barclays' Substantial Repricing

Barclays has implemented some of the week's most dramatic changes, with increases exceeding 100 basis points on several products. Their new purchase rates at 60% LTV have surged to 4.60% for 2-year deals — up a massive 105 basis points from 3.55%. The 5-year equivalent has risen to 4.80% from 3.75%, another 105 basis point jump.

Remortgage customers face equally significant increases. At 60% LTV, 2-year remortgage rates have climbed to 4.66% from 3.62% — a 104 basis point rise that fundamentally alters the proposition for switchers. Five-year remortgage deals have increased by 113 basis points to 4.81%.

Even Barclays' existing customer switching rates haven't escaped the repricing. At 60% LTV, these have jumped to 4.80% from 3.52% — a staggering 128 basis point increase that will significantly impact customer retention strategies.

NatWest's Targeted Adjustments

NatWest has made more modest but consistent increases across their range. New purchase rates at 60% LTV have risen to 4.52% for 2-year deals (up 37 basis points from 4.15%) and to 4.69% for 5-year products (previously 4.38%).

Remortgage rates have seen similar treatment, with 2-year deals at 60% LTV now priced at 4.56% versus the previous 4.17%. Tracker rates have experienced sharper increases, with the 60% LTV product rising to 4.35% from 3.92% — a 43 basis point jump.

At higher LTVs, NatWest's increases remain relatively contained. Their 90% LTV new purchase rates show minimal movement, with 2-year deals unchanged at 4.90% and 5-year products increasing just 11 basis points to 5.01%.

Buy-to-Let Market Under Pressure

The buy-to-let sector has experienced significant upheaval, particularly at HSBC. Their purchase BTL rates at 60% LTV have jumped 60 basis points for both 2 and 5-year terms, now sitting at 5.03% and 4.78% respectively.

Remortgage BTL products have seen even steeper increases. HSBC's 65% LTV remortgage BTL rates have risen 60 basis points to 5.19% for 2-year deals and 5.24% for 5-year products (up 50 basis points).

International BTL borrowers face the steepest increases of all. HSBC's international BTL purchase rates at 60% LTV have climbed to 5.54% for 2-year deals — a 60 basis point rise from 4.94%.

Market Context and Next Steps

These widespread increases reflect broader market pressures, with lenders responding to funding cost changes and demand patterns. The Bank of England base rate remains at 3.75%, but swap rates and funding costs continue to influence pricing decisions across the market.

Despite these increases, competitive options remain available. NatWest currently offers the best 2-year rate at 4.52%, whilst their 5-year deals at 4.69% represent strong value in the current environment. For 10-year fixes, Nationwide's 5.04% rate stands out, particularly given the rate security it provides.

For borrowers with applications in progress, these changes underscore the importance of securing rate commitments quickly. Most lenders provide rate guarantees once a formal application is submitted, protecting against further increases during the processing period.

If you're comparing options across these lenders, consider both the headline rate and the associated fees. Our mortgage comparison tool can help you calculate the total cost across different scenarios, ensuring you make the most informed decision for your circumstances.