As rate volatility continues across the UK mortgage market, many landlords are understandably wondering what the coming months may hold. In this week’s update, we break down the recent movement in SWAP rates, the wave of lender repricing, the outlook for the Bank of England Base Rate, delays to EPC reform, and growing concerns around ground rents and service charges.
Here’s your weekly MFB News update from 18th March 2026.
SWAP Rates Remain Volatile
SWAP rates have continued their upward climb, and the latest figures show a clear pattern of short-term increases and mixed longer-term movement.
2 year SWAP Rates
- Current: 3.89%
- One month ago: 3.36%
- One year ago: 3.996%
Month on month change:
+0.53 percentage points
Year on year change:
–0.106 percentage points
While 2 year SWAPs are half a per cent higher than last month, they remain slightly below where they were this time last year.
5 year SWAP Rates
- Current: 3.97%
- One month ago: 3.55%
- One year ago: 3.92%
Month on month change:
+0.42 percentage points
Year on year change:
+0.05 percentage points
The 5 year SWAPs had dipped below 4% earlier in the year, but recent volatility has pushed them back above that threshold at points, and they now sit fractionally higher than last year.
Lender Repricing Continues at Speed
Lender repricing has continued at a rapid pace, and this week, several lenders have adjusted their products not just once, but twice. This is happening because SWAP rates have risen again in a short space of time, leaving some lenders out of sync with their funding costs almost as soon as they updated their ranges.
Over the past week, lenders such as Virgin, Nottingham, BM Solutions, Molo, Skipton, CHL, Vita, Home Loans, Keystone, NatWest, Leeds, Moda, Coventry, Cumberland, and most recently The Mortgage Works have all increased pricing. The adjustments vary, but many fall in the region of 0.2% to 0.5%, which is significant enough to change the overall cost of a deal very quickly.
This volatility reinforces the importance of acting promptly when you see a rate that works and being prepared with documents and decisions so you can move quickly if needed.
Current Buy to Let Mortgage Rates: A Quick Snapshot
With SWAP rates rising and lenders repricing frequently, today’s buy to let rates reflect a market that’s still adjusting to higher funding costs.
For individual borrowers, current guide rates start from:
- 3.87% on a 5year fix (with a £1,749 fee)
- 4.26% on a 2year fix with no fee
Limited Company rates remain higher, with rates from:
- 4.76% on a 5year fix (with a 2% fee)
- 5.65% on a 2year fix
The gap between 2 and 5year pricing shows that lenders still see more volatility in the short term. And with products changing or disappearing quickly, landlords planning to refinance or buy soon may benefit from locking in a rate sooner rather than waiting for the market to settle.
Will the Bank of England Base Rate Move?
With the next MPC meeting approaching, the likelihood of a Base Rate (BBR) cut has effectively disappeared. Instead, the key question now is whether the Bank of England may be forced to hold or even increase BBR in the coming months.
Current modelling suggests that if oil prices rise towards $150 per barrel, inflation could push above 5%, putting pressure on the MPC to raise rates rather than pause. If oil prices stay below $125, there may be just enough room for the Bank to hold the rate steady, but it remains a very fine margin.
For landlords, this means the outlook is still uncertain, and expectations of falling rates have been pushed further out. It’s worth factoring this into refinancing plans, particularly if you’re considering whether to secure a rate now or wait for potential improvements that may take longer than hoped.
>> Search thousands of buy to let mortgage rates here
EPC Reform Timelines Pushed Back
The Government has quietly delayed the introduction of the Home Energy Model, which is set to replace the current EPC system. Originally due to roll out in 2026, the new model will now launch in the second half of 2027, with further details expected later this year.
For landlords, this means continued uncertainty around how future energy efficiency assessments will work and what improvements may eventually be required. While nothing needs to be done immediately, anyone planning refurbishments should keep an eye on the upcoming guidance to ensure future compliance.
Read more on the EPC Reform >>
Growing Lender Concerns: Ground Rents & Service Charges
Lenders are becoming increasingly strict with leasehold properties, particularly when ground rents or service charges are considered high relative to the property's value. As a guide, many lenders prefer:
- Ground rent up to around £1,000 per year in London, or £250–£500 outside
- Service charges not exceeding 1% of the property’s value
Cases are being declined where charges appear excessive or out of line with local comparables, as this raises concerns about future resale ability. For landlords, this means it’s essential to carefully review leasehold costs before purchasing, even if the property itself seems like a strong investment, because high charges can limit mortgage options and the ability to sell later.
Companies House Data Breach
A recent Companies House glitch allowed some users to view or even amend details on other companies’ records. While passwords and identity verification data weren’t compromised, landlords operating through Limited Companies should log in and confirm that no unexpected changes have been made, particularly around directors, registered addresses, or filed accounts.
It’s a quick check, but an important one, as inaccurate records could create problems with lenders, HMRC, or legal processes if left uncorrected.
Final Thoughts
Despite ongoing market volatility, most landlords are continuing to push ahead with their plans, whether refinancing, restructuring portfolios, or acquiring new properties.
The key challenge right now is the speed at which rates and lender criteria are shifting. Acting early, staying informed, and keeping documentation ready can make a meaningful difference when trying to secure the right deal in a fastmoving market.
Next Steps
Get in touch, call our experts on 0345 345 6788 or submit an enquiry here to see how we can help.
