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Top six mortgage lenders raise rates within 48 hours as Barclays hikes fixed deals

Barclays has become the latest major mortgage lender to increase its fixed rates, meaning the UK’s six biggest mortgage providers have all announced rate rises within the space of around 48 hours.

From Wednesday 16 September, Barclays is increasing rates on a selection of residential purchase mortgages. The bank only increased its fixed rates a few days ago on the 11th September. 

One of the most noticeable changes is to its market-leading two-year fixed rate, which will increase from 4.55% to 4.75%. The deal has a £899 arrangement fee and requires a 40% deposit.

The changes come after HSBC, Santander, Nationwide, NatWest and Halifax also moved to increase mortgage rates as lenders respond to higher wholesale funding costs.

Mortgage pricing has already been moving upwards during September as swap rates have increased. Major lenders including HSBC, NatWest, Santander, Lloyds/Halifax and Barclays had already made increases to fixed mortgage pricing earlier in the month.

Santander announces some of the biggest mortgage rate rises

Santander's latest changes have been particularly significant, with some mortgage rates increasing by as much as 0.45 percentage points.

Nationwide has also increased selected fixed rates by as much as 0.30 percentage points, while HSBC has raised pricing across a wide range of residential mortgages, including first-time buyer, home mover and remortgage products.

The speed and scale of the changes mean borrowers searching for a mortgage today are seeing a very different market from only a few days ago.

Aaron Strutt, Product Director at Trinity Financial, says: “Barclays' rate rises were widely expected because all of the other major lenders had already announced increases.

“It is unusual for so many of the biggest lenders to hike their mortgage rates in such a short space of time, and it highlights how challenging mortgage funding conditions have become.

“Barclays' market-leading 4.55% two-year fix is increasing to 4.75%, while lots of its other rates are now moving above 5%. We had hoped there would continue to be more sub-5% fixed rates available despite the economic tensions and higher funding costs.

“Santander's increases of up to 0.45% have been among the largest so far, although for the moment there are still two-year fixed rates available around the 4.75% mark.”

Barclays 3.99% tracker remains a standout deal

One particularly interesting point is that Barclays does not appear to be withdrawing its 3.99% two-year tracker mortgage as part of these changes.

The 3.99% tracker has been one of the most competitively priced tracker mortgages available and is significantly cheaper initially than many of the new fixed rates. Barclays originally launched the Premier two-year tracker at 3.99%, available up to 60% loan-to-value with a £999 fee.

This widening gap between tracker and fixed mortgage pricing could prompt more borrowers to consider variable-rate options.

More borrowers are going to be looking at tracker mortgages because some of them are now considerably cheaper than fixed rates.

The trade-off is that tracker repayments can rise if the Bank of England increases the base rate, whereas a fixed mortgage provides certainty over monthly payments. Borrowers need to weigh up the initial saving against the risk of rates moving higher.”

Expectations for Bank Rate have also become more uncertain. Recent economic forecasts suggest the Bank of England may keep rates higher for longer as policymakers assess inflation and energy-price pressures.

Should you secure a mortgage rate now?

Borrowers buying a property or remortgaging may want to check available mortgage rates sooner rather than later.

Mortgage lenders can change or withdraw deals at short notice, and the recent wave of repricing demonstrates how quickly the best-buy tables can change.

Trinity Financial's brokers have access to mortgages from high-street banks, building societies and specialist lenders and can compare fixed, tracker and other mortgage options.

If you are buying a property, moving home or approaching the end of your current mortgage deal, contact Trinity Financial to discuss the latest mortgage rates and find out which lenders are most suitable for your circumstances.

Mortgage rates and lending criteria can change at short notice. The most suitable mortgage will depend on your individual circumstances.

Speak to Trinity Financial

If you are buying a property and would like to understand how much you could borrow and what your monthly mortgage payments may be, contact Trinity Financial to discuss your options with one of our mortgage brokers.

Call Trinity Financial on 020 7267 9399 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Mortgage rates are rising again, with an unusually large number of banks and building societies announcing increases to their fixed-rate deals.

Nationwide, Halifax, HSBC and TSB are among the lenders increasing rates, while further repricing from other major providers is likely if wholesale funding costs remain elevated. 

From Tuesday 15 September, Nationwide is increasing a wide range of fixed mortgage rates by up to 0.30%. The Santander rate rises are not very funny as the two-year fixes are rising by 0.45% and 0.4% on the five-year fixes.

TSB is increasing selected two and five-year residential purchase and remortgage fixes by 0.10%, while two and five-year Buy-to-Let and Portfolio Buy-to-Let rates up to 75% loan-to-value are rising by 0.25%.

Halifax Intermediaries is also increasing selected home mover and first-time buyer fixed rates, as well as all fixed-rate remortgage products. HSBC has confirmed increases across a number of its residential and Buy-to-Let mortgage rates.

Why are mortgage rates rising?

Fixed mortgage pricing is heavily influenced by swap rates, which lenders use when working out how much it will cost them to fund fixed-rate mortgages.

Swap rates have risen sharply as financial markets price in greater inflation risk, higher borrowing costs and the possibility that interest rates will remain higher for longer. Rising energy prices, geopolitical uncertainty and higher government bond yields have added to the pressure.

When funding costs increase quickly, lenders often have little choice but to reprice their mortgage ranges. This can lead to several large lenders making changes within days of each other.

Could the cheapest fixed rates move towards 4.75%?

Trinity Financial Product and Communications Director Aaron Strutt says:

“It has been a pretty grim start to the week for anyone looking for a mortgage because an unusually high number of lenders have announced they are putting up their rates due to pricing fluctuations and swap rate hikes.

“Lots of the big and small lenders are pushing up their fixes, so if you do need a mortgage it is worth trying to secure a rate as soon as you can. When NatWest, HSBC and Halifax bump up their prices, Santander, Barclays and Nationwide are generally not far behind.

“It looks like two, three and five-year fixes will be noticeably more expensive given the number and scale of rate rises. Lenders are under much more pressure to fund their mortgages because borrowing costs have increased.

“We currently have two-year fixes starting from around 4.55% for borrowers with a 40% deposit, but over the coming days the best-buy deals could move closer to 4.75% or higher.

“The mortgage market has really turned into a drawn-out waiting game for borrowers hoping fixed rates will get back closer to 4%.”

Should you secure a mortgage rate now?

Borrowers purchasing a property or remortgaging should be particularly careful about waiting for cheaper deals when wholesale funding costs are moving higher.

Mortgage rates can be withdrawn at short notice, and lenders do not all reprice at the same time. This means there can temporarily be a significant difference between the cheapest lenders and those that have already increased their rates.

Trinity Financial's brokers can compare rates across a wide range of banks, building societies and specialist lenders and check whether it makes sense to secure a deal now rather than risk paying a higher rate later.

Mortgage rates and lending criteria can change at short notice. Contact Trinity Financial for the latest mortgage rates and advice on the most suitable options available for your circumstances.

Speak to Trinity Financial

If you are buying a property and would like to understand how much you could borrow and what your monthly mortgage payments may be, contact Trinity Financial to discuss your options with one of our mortgage brokers.

Call Trinity Financial on 020 7267 9399 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Homebuyers looking for the most competitively priced mortgage rates currently available have a choice of thousands, but two of the lowest are the Barclays 3.99% tracker mortgage and Santander’s 4.52% two-year fixed rate.

The Barclays deal clearly has the lower starting rate, but repayments rise if the Bank of England increases the Bank Rate. Santander’s mortgage is more expensive initially, although borrowers get certainty because their monthly repayments are fixed for two years.

For buyers deciding whether to fix or track, the difference between the two rates is significant, especially if you are looking for a larger mortgage loan.

Barclays 3.99% tracker mortgage

Barclays is offering one of the most competitively priced tracker mortgages currently available.

The 3.99% tracker is available to eligible Barclays Premier customers earning more than £75,000, subject to the lender’s full mortgage and Premier Banking criteria.

Because the mortgage tracks Bank Rate, the interest rate can move up or down during the tracker period.

One of the attractions of Barclays tracker mortgage is flexibility as the product does not have any early repayment charges. Barclays also offers its Switch & Fix facility, allowing eligible tracker borrowers to move onto a fixed mortgage if they become concerned about rising rates. Applicants need a 40% deposit to qualify, and the maximum loan size is £2 million. The arrangement fee is £999.

At the current 3.99% rate, borrowers start substantially below Santander’s 4.52% fixed rate.

Santander 4.52% two-year fixed mortgage

Santander currently offers a 4.52% two-year fixed mortgage for home movers with a 40% deposit, with a £1,499 product fee. This is also one of the most competitively priced fixed mortgage rates currently available unless you earn over £100,000, and it is available for mortgages up to £2 million. 

The main benefit is certainty. Regardless of what happens to the Bank of England base rate or financial markets during the fixed period, the mortgage rate remains at 4.52%.

That can be particularly valuable for homebuyers who want predictable monthly payments after moving into a new property. The Santander rate has 2% early repayment charges in the first year and 1% in the second year.

How much could the two mortgages cost?

Based on a £500,000 repayment mortgage over 30 years, the approximate payments would be:

At their current rates, the Barclays tracker would therefore cost around £155 less each month, or roughly £3,700 less over two years, assuming the tracker rate did not change. This is unlikely over a period of two years.

How far would Bank Rate need to rise?

The starting difference between the two mortgages is 0.53 percentage points.

If the Barclays tracker moved broadly in line with Bank Rate:

• A 0.25% increase would take the tracker to around 4.24%

• A 0.50% increase would take it to around 4.49%

• A rise of approximately 0.55% would take the tracker above Santander’s current 4.52% fixed rate

This means Bank Rate could rise by around half a percentage point before the headline Barclays tracker rate became more expensive than Santander’s fix.

That does not necessarily mean the tracker will always be cheaper, because Bank Rate could rise further and fixed mortgage rates available in the future could also become more expensive. 

The Bank of England is set to hold rates this month, according to Arbuthnot Latham, but is fully priced to hike by year-end given the underlying inflationary pressures, with speculation growing around fiscal policy ahead of next month’s Budget given the constraints of the UK's public finances and high levels of government debt across the world. The European Central Bank has raised interest rates to 2.5% and warned that the risk of higher inflation over the next year has risen following renewed fighting in the Middle East.

Should homebuyers take the tracker or the fix?

For borrowers who have sufficient disposable income to cope with changing monthly payments, the Barclays 3.99% tracker could be particularly attractive. It offers a substantially lower starting rate and greater flexibility.

The Santander 4.52% fixed rate may suit buyers who prefer certainty, particularly where mortgage payments already represent a significant proportion of their monthly expenditure.

Neither mortgage is automatically the best choice for every borrower. Income, deposit size, loan amount, employment structure, credit history and property type can all affect which lender offers the best mortgage.

Aaron Strutt, product director at Trinity Financial, says: "There is a lot of choice in the mortgage market at the moment, with a range of different fixes and tracker rates, but the acceptance criteria vary quite wildly between the banks and building societies. Most people are taking two- or five-year fixes, but trackers are still very popular. Barclays offers up to six times salary mortgages while Santander offers up to 5.5 times salary and has a really good part interest-only and part capital-repayment policy."

ARPC Representative examples

Representative example: A capital and interest mortgage of £400,000 payable over 30 years, initially on a variable rate basis at 3.99% for two years and then on the lender's 5.74% standard variable rate for the remaining 28 years. The 3.99% rate would require 24 monthly repayments of £1,912.12 followed by 336 payments of £2,314.85 The total amount repayable would be £823,911.48. This amount is illustrative and may vary, made up of the loan amount, plus interest (£417,154.85) and £999 (product fee), £80 (final repayment charge), £25 (completion fee). The overall cost for comparison is 5.6% APRC representative.

Representative example: A capital and interest mortgage of £400,000 payable over 30 years, initially on a 4.52% fix until 2 December 2028 on a standard variable rate of 6.50% for the remaining 28 years would require 25 payments of £2,037.36 followed by 335 monthly repayments of £2,509.05. The total amount repayable would be £891,875.50. This amount is illustrative and may vary, made up of the loan amount, plus interest (£492,065.01) and £1,499 (product fee), £225 (final repayment charge), £35 (completion fee). The overall cost for comparison is 6.4% APRC representative.

Call Trinity Financial on 020 7267 9399 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Nationwide increases mortgage rates as funding costs rise

Nationwide Building Society is increasing selected fixed and tracker mortgage rates by up to 0.20% from Thursday 10 September 2026, affecting First Time Buyer, Home Mover, Remortgage and existing customer deals.

One of the most noticeable changes is Nationwide’s cheapest two-year fixed rate, which is increasing from just below 4.50% to just below 4.65%. The deal had been one of the standout best-buy options for borrowers looking for a competitively priced shorter-term fix.

Nationwide’s cheapest five-year fixed rate is also rising, although by a smaller amount, from around 4.50% to 4.60%.

The lender last changed its mortgage pricing on 18 August, when it made selected rate reductions. Nationwide has therefore held its pricing for longer than many of the other major lenders during a period of rising mortgage funding costs.

How do Nationwide's new rates compare?

There are still cheaper deals available elsewhere, depending on borrowers' circumstances.

Halifax has a two-year fixed rate from around 4.40% with a £999 fee for eligible higher earners who have or open a Lloyds Premier current account. Its more widely available homebuyer two-year fix is around 4.60%.

Santander currently has a two-year home mover fixed rate at just over 4.50% with a £1,499 fee at 60% LTV, although Santander itself increased many fixed rates on 8 September.

Aaron Strutt, Product Director at Trinity Financial, says:

“Nationwide has held off repricing for longer than many of its competitors, but higher funding costs are now feeding through into mortgage rates.

“There are still some competitively priced deals available, and borrowers who are close to buying a property or remortgaging may want to secure a rate rather than assume cheaper fixes will become available in the short term.”

Mortgage rates and lending criteria can change at short notice. Trinity Financial's brokers can compare deals from high-street banks, building societies and specialist lenders to help borrowers find a suitable mortgage.

Speak to Trinity Financial

If you are buying a property and would like to understand how much you could borrow and what your monthly mortgage payments may be, contact Trinity Financial to discuss your options with one of our mortgage brokers.

Call Trinity Financial on 020 7267 9399 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Which lender is offering the most competitively priced fixed mortgages?

Mortgage rates have been increasing again over the last week, but Halifax is still offering higher-earner fixes starting from 4.40%.

Halifax for Intermediaries recently granted brokers like Trinity Financial access to Lloyds Premier current account mortgage rates for eligible borrowers earning over £100,000. The rates undercut many fixed-rate mortgages on the market, and for those earning less than £100,000 the rate is around 4.60%, although Santander has a home mover rate at just over 4.50% with a £1,499 fee for mortgages up to £2 million.   

The lender’s most competitively priced rate is fixed at 4.40%, and it has a £999 arrangement fee. Applicants will need a 40% deposit to qualify, and the mortgage is available between £25,000 and £2 million. If you would prefer to take a longer-term fix, Halifax also has a sub-4.45% three-year fix and a five-year fix priced around 4.5%. These rates also have £999 arrangement fees, and applicants need to earn over £100,000 to qualify.

Trinity Financial’s mortgage brokers have access to Halifax Intermediaries and can check whether borrowers qualify for Lloyds Premier mortgage rates. To be eligible, at least one applicant must hold a Lloyds Premier current account.

New customers may also be able to open a Lloyds Premier current account before applying for one of the mortgage deals, provided they receive their account number and sort code before the broker submits the mortgage application. The process takes around 30 minutes, and the current account should be opened on the same day.

Aaron Strutt, product director at Trinity Financial, says: "It is not always that tempting to open another current account, especially for a mortgage, but Lloyds is making it worthwhile with current account incentives as well as cheaper fixed rates. There is a lot of competition in the market to attract higher earners at the moment. For customers earning below £100,000, the lowest two-year fixed rate is around 4.55%."

Representative example: A Halifax capital and interest mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 4.34% until 31/12/2028 and then on the lender's 7.24% standard variable rate for the remaining 28 years. The 4.40% rate would require 26 monthly repayments of £5,008.34 followed by 334 payments of £6,714.92. The total amount repayable would be £2,373,100.12 made up of the loan amount, plus interest (£1,377,354.32) and £999 (product fee), £80 (final repayment charge), £15 (completion fee). The overall cost for comparison is 6.9% APRC representative.

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 020 7267 9399 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Mortgage rates have become more volatile again, with several major lenders increasing fixed rates as wholesale funding costs rise. While more lenders have raised rates, most changes so far have been relatively small.

Barclays is increasing many of its fixed mortgages, and one of its two-year fixes at 60% loan-to-value is rising from around 4.60% to 4.75%. TSB is raising selected residential fixed rates by 0.15 percentage points from 8 September, and Santander has also pushed rates up by up to 0.25%. Halifax and Nationwide are likely to raise theirs soon, as their rates undercut most other lenders.

Despite the price rises, Santander's lowest fixed rate is just over 4.5%, and Barclays is still offering a sub-4% two-year tracker mortgage.

Why are mortgage rates rising? 

Fixed mortgage rates are heavily influenced by swap rates, which have risen sharply in recent weeks. When swap rates increase, lenders often respond by raising fixed mortgage pricing to protect their margins.

The Bank of England is set to hold rates this month, according to Arbuthnot Latham, but is fully priced to hike by year-end given the underlying inflationary pressures, with speculation growing around fiscal policy ahead of next month’s Budget given the constraints of the UK's public finances and high levels of government debt across the world.

Should you fix your mortgage now or wait?

Borrowers who need a mortgage soon should be cautious about waiting for rates to fall. 

If you are buying a property or your current mortgage deal is ending within the next few months, securing a competitive rate now may provide useful protection if lenders continue increasing prices. Many remortgage borrowers can reserve a new mortgage several months before their existing deal expires. If rates later fall, it may be possible to switch to a cheaper product before completion.

Secure a competitively priced mortgage rate while it is available

Aaron Strutt, Product Director at Trinity Financial, says: “Borrowers should be careful about waiting for fixed mortgage rates to fall, especially if they need a mortgage soon. Swap rates have risen sharply, and major lenders are already raising prices. It can make sense to secure a competitive rate while it is available and review it again before completion if cheaper deals return.

“It is often easier to secure a rate and replace it later than wait and find the deal you wanted has become more expensive. In a volatile mortgage rate market, rates can go up a few times in the space of a week or two, so if you do not watch the market you could end up paying more than necessary potentially for years, especially if you take a five-year fix.”

Speak to Trinity Financial

Trinity Financial's brokers can compare the latest fixed, tracker and remortgage deals and help borrowers decide whether to secure a rate now or wait.

Call Trinity Financial on 020 7267 9399 to secure a larger mortgage loan, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage