Lenders pulled 1,492 mortgage products in just two weeks. That is around a fifth of the entire market, according to Moneyfacts (23 March 2026). If you are mid-application or your fix is expiring soon, the product you were eyeing may already be gone.
Which lenders have pulled products
Clydesdale Bank withdrew all fixed rates for new customers on the evening of 23 March, according to Mortgage Finance Gazette. Coventry Building Society pulled all new customer fixed deals on 22 March and has yet to replace them. Fleet Mortgages pulled all fixed rate products on 23 March.
Buy-to-let (BTL) lender Rely also withdrew all products on 23 March but said it would relaunch new deals the following day - almost certainly at repriced rates.
Halifax, BM Solutions, Nationwide, TSB, Pepper Money and Gen H are among the latest lenders to announce price hikes, Mortgage Finance Gazette reported on 23 March 2026.
What this costs you per month
Run the numbers on a typical £200,000 interest-only BTL mortgage. Interest-only means you pay just the interest each month - not the loan itself, which is repaid at the end of the term.
At the start of March, the average two-year fix sat at 4.83% (Moneyfacts). Your monthly interest payment: £805. As of 23 March, that average stands at 5.43% - its highest since February 2025 (Moneyfacts, 23 March 2026). Monthly payment now: £905. That is £100 more per month on a single property.
The average five-year fix has climbed from 4.95% to 5.45%, its highest since July 2024 (Moneyfacts, 23 March 2026). The cheapest rate available to any borrower has risen from 3.51% before the Iran conflict began to 4.01% now (Moneyfacts, 23 March 2026).
Adam French, head of consumer finance at Moneyfacts, said: "Many deals are likely to return to the market in the coming days and weeks but repriced at higher rates. While a quicker resolution to the conflict could ease some of the pressure on rates, the reality is that a more volatile world is a more expensive world."
