Weekend Mortgage Rate Roundup: HSBC Hikes, Nationwide Follows - 5 April 2026

While no lenders updated their mortgage rates today, the past week has delivered significant upheaval across the mortgage market. Major rate increases from both HSBC and Nationwide have reshaped the competitive landscape, with borrowers now facing a markedly different pricing environment than just days ago.

HSBC's Substantial Rate Increases Hit All Products

The most dramatic moves came from HSBC nine days ago, when the high street giant implemented sweeping rate increases across its entire mortgage range. The changes were substantial and consistent, affecting every customer type and loan-to-value band.

For first-time buyers, HSBC's 2-year fixed rates jumped by 60 basis points across all LTV levels. At 60% LTV, rates climbed from 4.57% to 5.17%. Higher LTV borrowers faced similar increases — the 90% LTV rate rose from 4.69% to 5.29%. Five-year fixed rates saw 50 basis point increases, with the 60% LTV option moving from 4.68% to 5.18%.

Home movers weren't spared either. HSBC's 2-year fixed rate for 60% LTV home purchases increased from 4.49% to 5.09% — a 60 basis point jump that significantly impacts affordability calculations. The pattern repeated across higher LTV bands, with 85% LTV rates rising from 4.84% to 5.44%.

Remortgage customers faced even steeper increases in some cases. HSBC's 2-year fixed rate for 90% LTV remortgages surged by 60 basis points, from 5.19% to 5.79%. This represents one of the highest residential mortgage rates currently available from a major lender.

Buy-to-let investors also felt the impact, though the increases were more measured. HSBC's 2-year BTL rates rose by 60 basis points, while 5-year rates saw increases of 60 basis points for standard BTL products and 50 basis points for energy-efficient properties.

Nationwide Joins the Upward Trend

Nationwide followed suit four days ago with its own round of rate increases, though these were more modest than HSBC's dramatic moves. The building society increased rates by 10-25 basis points across most products.

First-time buyers saw Nationwide's 2-year fixed rates rise by 15 basis points at most LTV levels. The 60% LTV rate moved from 4.85% to 5.00%, while 75% and 80% LTV rates increased from 4.88% to 5.03%. Tracker rates also edged higher by 10 basis points.

Home movers faced similar increases. Nationwide's 60% LTV 2-year fixed rate rose from 4.55% to 4.71% — a 16 basis point increase. The 90% LTV option saw a more significant 23 basis point rise, from 5.02% to 5.25%.

Remortgage rates followed the same pattern, with increases ranging from 13-25 basis points depending on the term and LTV. The building society's 90% LTV 2-year remortgage rate jumped from 5.01% to 5.26%.

NatWest Makes Strategic Adjustments

NatWest updated its rates five days ago, implementing increases across both purchase and remortgage products. The bank's 2-year fixed rates rose by 28 basis points for most LTV bands, while 5-year rates saw similar increases.

For new purchases, NatWest's 60% LTV 2-year rate increased from 4.52% to 4.80%. Higher LTV borrowers faced proportional increases, with 90% LTV rates rising from 4.90% to 5.18%.

Remortgage customers saw more varied increases. The 60% LTV 2-year rate jumped from 4.56% to 5.02% — a substantial 46 basis point increase. Tracker rates also rose significantly, with increases of 38 basis points across most LTV bands.

Market Leaders Emerge

Despite the recent increases, Nationwide has emerged as the current market leader for several key rate categories. The building society now offers the lowest 2-year fixed rate at 4.71% (60% LTV), the most competitive 5-year rate at 4.85% (60% LTV), and the best 10-year rate at 5.19% (60% LTV).

However, Halifax maintains its position as the tracker rate leader with a highly competitive 3.96% option, updated as recently as yesterday.

What's Driving These Increases?

The coordinated nature of these rate rises suggests lenders are responding to similar market pressures. With the Bank of England base rate holding steady at 3.75%, the increases likely reflect changes in funding costs, swap rates, or lender appetite for mortgage business.

HSBC's particularly aggressive increases may indicate the bank is looking to slow mortgage originations or improve margins. The consistent nature of the increases across all product types suggests a strategic decision rather than selective pricing adjustments.

Nationwide's more measured approach shows a different strategy — maintaining competitiveness while adjusting for market conditions. This has left the building society well-positioned in rate tables despite the increases.

Implications for Different Borrower Types

First-time buyers face a challenging environment, with entry-level rates now firmly above 5% for higher LTV products. HSBC's 95% LTV rates reaching 5.43% for 2-year fixed deals represents a significant affordability hurdle for those with limited deposits.

Home movers have more options but still face elevated costs. The gap between low and high LTV rates has remained relatively stable, meaning those with substantial equity retain pricing advantages.

Remortgage customers face the steepest increases in many cases. HSBC's 90% LTV remortgage rate of 5.79% highlights the premium charged for high LTV refinancing in the current environment.

Buy-to-let investors continue to face higher rates than residential borrowers, with HSBC's increases taking some BTL rates above 5.5% for international borrowers.

Looking Ahead

With major lenders having recently repriced, the market may see a period of stability while others consider their positions. However, the gap between the most and least expensive lenders has widened, creating opportunities for borrowers willing to switch providers.

Those with existing rate reservations should carefully review their options, as the rate environment has shifted significantly in recent weeks. The difference between the most competitive rates and higher-priced alternatives now represents substantial monthly payment variations.