Three more lenders moved on rates this afternoon. Santander increased mortgage rates by up to 53 basis points (hundredths of a percentage point), Clydesdale by up to 78 basis points, and Virgin Money also repriced - all on 25 March 2026, according to Mortgage Finance Gazette. The cluster of moves confirms that lender repricing is accelerating, not slowing.
What the Numbers Mean for Your Deal
Run the numbers on a typical buy-to-let (BTL) scenario using a £200,000 interest-only mortgage.
A 53-basis-point increase - Santander's maximum move - adds £200,000 × 0.0053 / 12 = £88 per month to your payment. Over a two-year fix, that's £2,112 more out of your pocket.
Clydesdale's 78-basis-point maximum hits harder. The working: £200,000 × 0.0078 / 12 = £130 per month extra. Across a two-year term, that's £3,120 in additional costs.
Clydesdale's biggest rises landed on residential product transfers, with fixed rates jumping up to 78 basis points. Buy-to-let product transfers rose by up to 60 basis points, and some discount deals for residential purchase and remortgage increased by up to 20 basis points, according to Mortgage Finance Gazette.
Santander's Affordability Change
Santander also announced changes to the stress test rates (the assumed interest rates lenders use to check you can afford repayments) it applies in BTL affordability assessments. The standard BTL affordability rate moved up 50 basis points to 7.5%, and the five-year fixed BTL affordability rate increased to 5.50% from 5.00%, according to Mortgage Introducer. This tightens how much landlords can borrow against rental income - not just what rate they pay.
Swap rates (the wholesale rates that determine what lenders charge for fixed deals) rose approximately 30 basis points over the prior week, with two-year swaps moving from 3.44% to 3.77%, according to The Intermediary. When funding costs move this fast, lenders reprice quickly. More moves are likely before the week is out.
If your application is live or your rate lock is due to expire, consider asking your broker to confirm the exact deadline before the next round of increases hits.
