Several lenders have withdrawn their entire fixed-rate mortgage ranges from the market as the Gulf conflict continues to drive swap rates higher, with over 1,700 products pulled since 9 March.
Clydesdale Bank, Fleet Mortgages, Coventry Building Society and Family Building Society have all removed fixed-rate products for new customers, according to industry reports. Family Building Society went further, also pulling fixed-rate deals for existing customers.
Market volatility deepens
Caitlyn Eastell, personal finance analyst at Moneyfacts, said the outlook for interest rates had changed drastically. “The mortgage market has been extremely volatile, and over 1,700 products have been withdrawn since 9 March,” she said.
This follows Landlord Knowledge’s report on mortgage rates hitting 5.5%, which highlighted how average rates had climbed from 4.91% before the conflict began. The scale of product withdrawals now suggests lenders are struggling to price fixed-rate deals amid ongoing uncertainty.
Two-year fixed rates have risen from 4.85% to 5.56%, while five-year fixes have increased from 4.97% to 5.54%. Swap rates – which underpin lender pricing decisions – continue to rise sharply.
Further repricing expected
Nick Mendes, head of marketing at John Charcol, warned of further disruption ahead. “The immediate impact is likely to be further upward pressure on fixed mortgage rates, along with more short-notice withdrawals as lenders try to keep pace with fast-moving markets,” he said.
“Mortgage pricing does not wait for the Bank of England to come to fruition. If markets keep pricing in higher rates from here, lenders are likely to continue repricing in advance.”
Aldermore, Metro Bank, Gen H, TSB, Nottingham Building Society, Leeds Building Society, Shawbrook and Principality have all either raised rates, withdrawn products or repriced parts of their ranges in recent days.
For landlords with upcoming refinancing requirements, the rapid product withdrawals create additional urgency. Deals secured at current rates could be repriced or withdrawn before completion.
What this means for landlords
- If you’re approaching a rate expiry: Lock in rates now where possible – products are being withdrawn without notice as lenders struggle to price into volatile markets.
- Watch for: Further withdrawals from BTL specialist lenders – Fleet Mortgages’ decision to pull its fixed-rate range signals particular stress in the landlord mortgage market.
- Bottom line: This is not a normal repricing cycle – lenders are withdrawing entirely rather than adjusting rates, suggesting they expect further volatility ahead.
Editor’s view
When lenders stop offering products rather than just repricing them, it signals genuine uncertainty about where rates are heading. For landlords mid-refinance, speed matters more than ever. Those who can wait may find better deals once markets stabilise – but timing that moment requires a crystal ball nobody has.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 26 March 2026
Sources: Moneyfacts, John Charcol
Related reading: Mortgage rates hit 5.5% as landlord borrowing costs reach 19-month high
