Six lenders moved to raise or pull fixed rate products in a single weekend. That is the clearest signal yet that the recent swap rate spike is feeding through to mortgage pricing.

Multiple Lenders Repricing Within Days

Halifax and BM Solutions are increasing prices on all fixed rates, according to Mortgage Finance Gazette (23 March 2026). The lender had already raised rates on Friday. Nationwide is adding up to 30 basis points (bps - hundredths of a percentage point) to some of its fixed deals.

Gen H is also hiking by up to 30bps, on top of increases it made on Friday (Mortgage Finance Gazette, 23 March 2026). That is two rounds of rises in three days from a single lender.

Coventry Building Society has stopped offering new customer deals entirely. It gave brokers one extra day to take up existing borrower products before repricing on Wednesday (Mortgage Finance Gazette, 23 March 2026). The society has not said when new customer products will return.

Fleet went further. It withdrew all fixed rate deals at 5pm on 23 March, citing "extreme market volatility" (Mortgage Finance Gazette, 23 March 2026). No relaunch date has been given.

Swap Rates Behind the Repricing

The underlying pressure is coming from SONIA swap rates (the benchmark lenders use to price fixed rate mortgages). Two-year swaps sit at 4.483%, three-year at 4.420%, and five-year at 4.346%, according to data cited by Nicholas Mendes, mortgage technical manager at John Charcol (Mortgage Finance Gazette, 23 March 2026).

Mendes says: "Lenders price fixed rates off future funding costs, not simply where Bank Rate sits today." He adds that a "sharp repricing in expectations for further Bank Rate rises has already pushed swap rates higher."

Mendes notes that most lenders allow a new rate to be secured three to six months before an existing deal ends (Mortgage Finance Gazette, 23 March 2026). That matters for borrowers approaching a remortgage. If rates improve before completion, there is often scope to switch to a lower deal.

If swap rates remain elevated, expect this repricing cycle to spread to mid-tier lenders in the coming weeks. Borrowers who lock in now secure certainty; those who wait risk finding fewer deals on the shelf.