With so much shifting in the UK mortgage and property markets, landlords are understandably keeping a close eye on what comes next. Over the past week alone, we’ve seen significant movement in SWAP rates, rapid lender repricing, changing landlord behaviour, and new regulatory deadlines fast approaching.
Here’s your weekly MFB News update from 1st April 2026.
SWAP Rates: What’s Driving the Latest Increases?
As many landlords will know, SWAP rates are a key driver of mortgage pricing, and they’ve been moving sharply.
Five-year SWAPs sat at 4.18% as of last night, up from 3.47% a month ago, and above levels seen a year ago.
Two-year SWAPs tell a similar story, with current rates at 4.24%, compared with 3.31% a month ago.
The most notable detail? A flat yield curve. Two- and five-year SWAPs are virtually identical, signalling that markets expect the Bank of England Base Rate to remain broadly stable, potentially after one more rate rise, for an extended period.
Lender Pricing: Rapid Movements Across the Market
Mortgage lenders have been adjusting products at speed in response to fluctuating SWAP rates. In just the past week:
- Capital Home Loans increased some rates by up to 4%
- Skipton by up to 0.4%
- Santander by up to 0.8%
- HSBC by up to 0.7%
- Zephyr by 0.4% and 0.35%
- Others, including BM Solutions, Aldermore and TMW, have followed suit
For landlords, the key takeaway is that these changes aren’t random; they reflect the higher cost of funds lenders face when SWAP markets rise. When this happens, lenders typically reprice at short notice, which means attractive rates can disappear quickly. It also explains why many lenders are reluctant to provide long‑term rate guarantees in a volatile market.
In practice, this environment rewards being prepared to move quickly. Securing a rate early can offer protection, while still allowing you to switch to a lower product if pricing improves before completion.
How Landlords Are Responding to the Market
Despite rising mortgage rates, most landlords aren’t stepping back from their plans. Many have seen similar volatility before and recognise that market conditions can shift quickly. As a result, we’re still seeing landlords proceed with purchases, particularly where they expect rates to settle before their mortgage completes.
A similar mindset applies to remortgaging. Landlords are often choosing to secure a rate now as a safety measure, knowing they can switch to a better deal later if pricing improves. Overall, the trend is one of calm, long‑term thinking rather than short‑term reactions, a reminder of how resilient and adaptable the landlord community continues to be.
The Renters’ Rights Act: How to Prepare
Important Documentation: Information Sheet
The Renters’ Rights Act comes into force on 1st May 2026, and one of the first practical requirements for landlords is to provide tenants with the new official information sheet by 31st May 2026. Missing this deadline could lead to a sizeable fine of around £7,000, so it’s important to act promptly.
The key point for landlords is the need to evidence that the document has been issued. Good record‑keeping matters more under the new rules, and having a clear paper or digital trail will help protect you if disputes arise. If you’re unsure about the broader changes within the Act, now is the right time to familiarise yourself, review your processes, and check that your tenancy paperwork is fully up to date.
Learn more about what’s coming in the Renters’ Rights Act >>
Making Tax Digital: Changes for Higher-Earning Landlords
From April 2026, landlords earning more than £50,000 in total income will need to file quarterly digital tax submissions using HMRC‑approved software. This shift is designed to improve accuracy and streamline reporting, but it does mean landlords should start preparing early to avoid a last‑minute scramble.
Many landlords are beginning to explore accounting platforms like Hammock and similar tools that link to your bank accounts and automatically categorise income and expenses. Getting set up ahead of time can make the transition far easier and give you a chance to test the system before it becomes mandatory.
Discover more on Making Tax Digital >>
Rental Market Conditions: High Demand, Low Supply
Recent figures show that renters in the UK are now spending around 36.1% of their average earnings on rent, the highest level recorded. This increase reflects a long‑standing imbalance between tenant demand and the number of available rental properties. Demand rose sharply during and after the pandemic and has stayed elevated as higher interest rates continue to make home ownership less affordable for many households.
At the same time, the supply of rental homes has tightened. A combination of higher mortgage costs, increased taxation and ongoing regulatory changes has prompted some smaller landlords to exit the market, contributing to fewer properties being listed. The Royal Institution of Chartered Surveyors continues to report that tenant demand outweighs supply across most regions.
For landlords who remain active, this environment generally means strong occupancy levels and rising achievable rents. While this doesn’t necessarily translate into higher profits amid increased operating and financing costs, it does help offset some of the pressures created by today’s higher mortgage rates.
Next Steps
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