THE PROPERTY FILTER TAKE
Rely cut its fixed mortgage rates by up to 0.54% in April 2026, while Clydesdale raised product transfer rates by up to 0.63% on BTL products in the same week.
The moves signal a fragmented market: some lenders are cutting on new business, others are tightening on existing customers rolling off their fix.
Speak to your broker about which segment of this market your next deal sits in before your current fix expires.
Interest rate movements do not just change your monthly payment. They change your entire refinance strategy. Three BTL (buy-to-let) mortgage rate changes from Rely, Leeds Building Society and Clydesdale Bank in April 2026 show how differently lenders are pricing the same market right now.
Rely's Cuts: Where the Opportunity Sits
Rely, part of OneSavings Bank, confirmed rate reductions across its full range in April 2026 - including its limited edition products. According to Mortgage Finance Gazette, the new rates are: a one-year fixed at 3.68% (down 0.54%), a two-year fixed at 3.80% (down 0.54%), and a five-year fixed at 4.73% (down 0.49%).
From a portfolio perspective, a 0.54% reduction is meaningful. On a BTL (buy-to-let) mortgage of £200,000, that move cuts annual interest by over £1,000. Across five or six properties, you are looking at a material shift in cash flow.
The shorter fixes are the more interesting play here. If you hold the view that rates will ease further over the next 12 to 24 months, a one or two-year product keeps your options open. The five-year fixed at 4.73% offers certainty, but it locks you in during a period where rates may still fall.
Leeds BS and Clydesdale: A More Mixed Picture
Leeds Building Society's April changes were less straightforward. The society increased selected residential fixed rates, while cutting selected limited company BTL fixed rates by up to 0.23% and selected affordable housing fixed rates by up to 0.35% - both per Mortgage Finance Gazette.
This split is worth noting. Leeds is tightening on standard residential and softening on limited company structures. If you hold properties in a limited company - common among portfolio investors for tax efficiency - this is a directional signal to monitor.
Clydesdale Bank moved the other way entirely. The bank announced selected rate increases from 14 April 2026 on core residential and BTL product transfer rates. Residential product transfer rates rose by up to 0.28% and BTL product transfer rates by up to 0.63%, per Mortgage Finance Gazette.
Product transfers (deals offered to existing customers at the end of a fixed term) matter a great deal at portfolio scale. A rise of up to 0.63% across several properties is a significant cost increase if you are rolling onto a new Clydesdale deal.
What This Means Over the Cycle
Three lenders. Three different directions, depending on product type. That is the current mortgage market in summary.
Rely is pricing aggressively on new business. Leeds is differentiating by ownership structure. Clydesdale is tightening on product transfers. No single lender is moving the same way across all products.
If your portfolio contains a mix of personal name and limited company properties, the best deal depends on which segment you sit in. The headline rate tells only part of the story.
You may wish to review which fixes in your portfolio are expiring in the next six months. Then map each one against the relevant lender's direction of travel before deciding where to go next.
Key takeaways
Rely cut its fixed mortgage rates by up to 0.54% in April 2026, while Clydesdale raised product transfer rates by up to 0.63% on BTL products in the same week.
The moves signal a fragmented market: some lenders are cutting on new business, others are tightening on existing customers rolling off their fix.
Speak to your broker about which segment of this market your next deal sits in before your current fix expires.
Related Property Filter resources
Interest rate movements do not just change your monthly payment. They change your entire refinance strategy. Three BTL (buy-to-let) mortgage rate changes from Rely, Leeds Building Society and Clydesdale Bank in April 2026 show how differently lenders are pricing the same market right now.
Rely's Cuts: Where the Opportunity Sits
Rely, part of OneSavings Bank, confirmed rate reductions across its full range in April 2026 - including its limited edition products. According to Mortgage Finance Gazette, the new rates are: a one-year fixed at 3.68% (down 0.54%), a two-year fixed at 3.80% (down 0.54%), and a five-year fixed at 4.73% (down 0.49%).
From a portfolio perspective, a 0.54% reduction is meaningful. On a BTL (buy-to-let) mortgage of £200,000, that move cuts annual interest by over £1,000. Across five or six properties, you are looking at a material shift in cash flow.
The shorter fixes are the more interesting play here. If you hold the view that rates will ease further over the next 12 to 24 months, a one or two-year product keeps your options open. The five-year fixed at 4.73% offers certainty, but it locks you in during a period where rates may still fall.
Leeds BS and Clydesdale: A More Mixed Picture
Leeds Building Society's April changes were less straightforward. The society increased selected residential fixed rates, while cutting selected limited company BTL fixed rates by up to 0.23% and selected affordable housing fixed rates by up to 0.35% - both per Mortgage Finance Gazette.
This split is worth noting. Leeds is tightening on standard residential and softening on limited company structures. If you hold properties in a limited company - common among portfolio investors for tax efficiency - this is a directional signal to monitor.
Clydesdale Bank moved the other way entirely. The bank announced selected rate increases from 14 April 2026 on core residential and BTL product transfer rates. Residential product transfer rates rose by up to 0.28% and BTL product transfer rates by up to 0.63%, per Mortgage Finance Gazette.
Product transfers (deals offered to existing customers at the end of a fixed term) matter a great deal at portfolio scale. A rise of up to 0.63% across several properties is a significant cost increase if you are rolling onto a new Clydesdale deal.
What This Means Over the Cycle
Three lenders. Three different directions, depending on product type. That is the current mortgage market in summary.
Rely is pricing aggressively on new business. Leeds is differentiating by ownership structure. Clydesdale is tightening on product transfers. No single lender is moving the same way across all products.
If your portfolio contains a mix of personal name and limited company properties, the best deal depends on which segment you sit in. The headline rate tells only part of the story.
You may wish to review which fixes in your portfolio are expiring in the next six months. Then map each one against the relevant lender's direction of travel before deciding where to go next.
Key takeaways
Rely cut its fixed mortgage rates by up to 0.54% in April 2026, while Clydesdale raised product transfer rates by up to 0.63% on BTL products in the same week.
The moves signal a fragmented market: some lenders are cutting on new business, others are tightening on existing customers rolling off their fix.
Speak to your broker about which segment of this market your next deal sits in before your current fix expires.
