NatWest and TSB have announced further rate increases today, continuing the pricing movement that started yesterday. TSB is raising rates on residential and buy-to-let (BTL) purchase deals by up to 45 basis points (hundredths of a percentage point) on two-year fixes. Three-year products are up 30 basis points and five-year deals up 25 basis points (Mortgage Finance Gazette, 26 March 2026). NatWest is raising rates on product transfers and additional borrowing, following increases it implemented earlier the same day.

The pricing moves reflect heightened activity in the swap market. Two-year swap rates climbed 9.5 basis points and five-year swap rates rose 10.9 basis points from close of business the previous day (Mortgage Finance Gazette, 26 March 2026). Swap rates (the rates banks use to price fixed-rate mortgages) drive mortgage pricing within hours, not days.

The Broader Market Picture

The data shows considerable volatility. Fleet relaunched fixed-rate products after withdrawing them days earlier due to market instability. Coventry Building Society also brought new customer deals back, but with pricing up to 75 basis points above previous offerings (Mortgage Finance Gazette, 26 March 2026). Across major lenders, the picture is the same: real-time repricing as underlying conditions shift.

What This Means for Borrowers

Back-to-back rate increases within 24 hours confirm the fluid nature of current pricing. Two sequential moves from TSB and NatWest, coupled with similar action from other lenders, indicates this is not a one-off event. Borrowers with upcoming renewals or purchase timelines may wish to consider moving faster rather than waiting - each delay narrows the window before prices shift again.