More lenders moved this afternoon. Santander raised fixed rates by up to 53 basis points (bps - one hundredth of a percentage point). Clydesdale raised them by up to 78bps. Virgin Money announced increases of up to 70bps on residential two-year fixed rates for purchase, taking effect from tomorrow. They join NatWest, TSB, Leeds Building Society, Principality, and several others that repriced upward earlier today, according to Mortgage Strategy (25 March 2026).
Run the numbers
Here is what this costs you. Moneyfacts calculations show that borrowers coming off five-year fixes this month face a payment jump of £4,655 a year on a £250,000 mortgage at average rates (Mortgage Strategy, 25 March 2026). That works out at £388 per month more. This week's hikes are not small. Nottingham made increases of up to 80bps earlier this week - among the largest single moves of the current cycle.
At Clydesdale, the biggest increases hit residential product transfers with fixed rates jumping by up to 78bps. Buy-to-let (BTL) product transfers rise by up to 60bps. Some discount deals for residential purchase and remortgage increase by up to 20bps. Virgin Money's five-year fixes for purchase and two-year remortgage rates rise by up to 65bps from tomorrow. The Mortgage Works is also repricing upward, with new rates published on its intermediary website.
The BTL (buy-to-let) position is tighter still. Santander is raising its BTL stress test rate - the rate lenders use to assess whether a landlord can afford the loan - by 50bps. That tightens lending criteria and could push some BTL remortgages outside the bank's affordability window entirely.
One glimmer of hope
Two and five-year swap rates - the wholesale cost of borrowing that underpins fixed mortgage pricing - fell around 9.5bps from their peak yesterday (Mortgage Strategy, 25 March 2026). It is not enough to offset today's increases, but it signals the direction of travel may be turning.
Aaron Strutt, product and communications director at Trinity Financial, said: "Swaps are down a lot since the peak, but the rises keep on coming. If anyone thinking about taking a Virgin Money or Clydesdale mortgage holds off until tomorrow they will end up paying significantly more."
The window to lock in today's rates is narrow. You may wish to speak to your broker before the close of business.
