More than 25,000 mortgage rates have been repriced this month as lenders scramble to adjust to the ongoing Middle East conflict, with brokers warning that the scale of withdrawals now exceeds the chaos that followed Liz Truss’s mini-Budget in 2022.
Data from L&C Mortgages shows the repricing surge in the first three weeks of March has already outstripped the combined totals from September, October and November 2022 – the months of greatest turmoil after the disastrous fiscal event that sent swap rates soaring.
Scale of repricing ‘unprecedented’
David Hollingworth, director at L&C Mortgages, said: “We’ve seen more repricing in the last three weeks than we saw in September, October and November 2022, after the mini-Budget, combined.”
The brokerage recorded 25,483 withdrawn mortgage deals and 25,219 product launches this month alone. By comparison, September 2022 saw 12,390 rates withdrawn and 9,390 launched across the entire month.
The Bank of England yesterday held the base rate at 3.75% unanimously, citing geopolitical uncertainty, with MPC members remaining “alert to the increased risk of domestic inflationary pressures”.
This follows Residential Landlord’s coverage of sub-4% fixed rates disappearing earlier this week, but the latest figures show the market turbulence is far more severe than initially reported.
Rates climb but remain below 2022 peaks
According to Moneyfacts data, average mortgage rates edged up from 5.01% on 11 March to 5.32% on 19 March – a significant rise but still below the peaks seen after the mini-Budget.
Two key differences are keeping the situation from spiralling further. Lenders are applying incremental changes rather than dramatic overnight hikes, and withdrawn products are being replaced rather than vanishing entirely, preserving some borrower choice.
Ray Boulger, senior mortgage technical manager at John Charcol, warned: “We should expect even more short-notice rate withdrawals and possibly even some temporary lender withdrawals as pricing fixed rates in such a volatile market becomes increasingly difficult.”
For buy-to-let landlords facing refinancing, the message from brokers is clear: act now. The average two-year fixed rate has risen from 4.86% for those who secured rates in December to 5.32% today – a shift that could add hundreds of pounds to monthly payments on typical buy-to-let loans.
Brokers report 50% jump in applications
John Fraser-Tucker, head of mortgages at Mojo Mortgages, reported: “The ‘wait-and-see’ approach has become riskier. With swap rates increasing already, the window for locking in a lower fixed rate is currently narrowing.
“We’ve seen a 50% increase in customers proceeding to application from enquiry, which speaks to the urgency of beating the increases or hedging against further rises.”
Landlords with mortgages expiring within six months can typically lock in current rates without committing, giving them protection against further increases while retaining the option to switch if rates fall. FCA Mortgage Charter data shows more than 230,000 households reserved rates up to six months ahead in the final quarter of 2025.
For full details on swap rate movements and lender responses, see Mortgage Solutions’ analysis.
Opinion
The comparison to the mini-Budget is sobering. While individual rate rises remain smaller, the sheer volume of repricing suggests lenders are deeply uncertain about where borrowing costs will settle. Landlords who delayed refinancing in hopes of spring rate cuts now face a market moving firmly against them. Those still sitting on the fence may find waiting costs them more than decisive action would.
