Multiple major lenders raised fixed mortgage rates between 23 and 25 March, with Accord adding up to 42 basis points (bps - one hundredth of one percentage point) and nearly 1,500 deals pulled from sale altogether. If you hold an SA (serviced accommodation) property with a mortgage, your cost base has changed.
What has been repriced - and what has been pulled
Halifax and BM Solutions raised prices on all their fixed rates on 24 March by an unspecified amount, according to Mortgage Strategy (23 March 2026). Nationwide raised some products by up to 30bps, and Gen H added up to 30bps on the same day. Accord is adding up to 42bps on 25 March.
Three lenders pulled products entirely. Family Building Society withdrew all fixed rates with immediate effect - including for existing customers - saying replacements will follow when "operationally possible" (Mortgage Strategy, 23 March 2026). Fleet withdrew all fixed rate deals at 5pm on 23 March, citing "extreme market volatility". Coventry is currently offering no new customer deals, and has not confirmed when products will return.
Moneyfacts data, reported on 23 March 2026, showed almost 1,500 deals have disappeared from the market since the outbreak of war.
Why rates are moving and what it costs your SA property
Lenders price fixed rates off swap rates - the wholesale funding cost they pay to lock in money. According to Nicholas Mendes, mortgage technical manager at John Charcol, the two-year SONIA swap rate stood at 4.483% as of 23 March 2026. SONIA stands for Sterling Overnight Index Average. The three-year rate sat at 4.420% and the five-year at 4.346% (John Charcol, 23 March 2026).
"A sharp repricing in expectations for further Bank Rate rises has already pushed swap rates higher, and that is now feeding directly into mortgage pricing," Mendes told Mortgage Strategy.
For SA operators, that swap rate shift translates directly to your numbers. On a £150,000 outstanding mortgage, a 42bps rate increase adds approximately £53 per month to your interest cost (£150,000 x 0.0042 / 12 = £52.50). That extra cost has to come from somewhere - either your nightly rate goes up, your occupancy improves, or your net return shrinks.
Mendes notes a new rate can usually be secured three to six months before your current deal ends. If rates fall before completion, there is often scope to switch to something lower.
