It's been another busy week for the UK property and mortgage markets.
After a period of falling mortgage rates and a competitive pricing environment among lenders, we're now seeing the market move back in the opposite direction. SWAP rates are climbing, lenders are increasing mortgage pricing, and a new government is prompting fresh debate around housing policy, rent controls and landlord taxation.
For buy to let landlords, this creates a challenging landscape. The good news is that there are still opportunities to protect your position if you act early and keep a close eye on market developments.
Here's what landlords should be paying attention to.
Here’s your weekly MFB News update from 22nd July 2026.
SWAP Rates Are Rising Again
The biggest story affecting mortgage pricing this week is the movement in SWAP rates.
For those unfamiliar, SWAP rates are one of the key factors lenders use when pricing fixed-rate mortgages. When SWAP rates increase, lenders' funding costs typically rise too, making mortgage rate increases more likely.
Recent geopolitical tensions and concerns about future inflation have pushed SWAP rates higher, reversing some of the gains made during the recent mortgage price war.
As of the latest market update:
Two-year SWAP rates have risen to approximately 4.2%.
Five-year SWAP rates have increased to around 4.29%.
While inflation data has shown encouraging signs, markets remain concerned that higher energy and shipping costs could place renewed pressure on inflation in the months ahead.
For landlords approaching a remortgage or planning a purchase, the message is simple: don't assume rates will continue falling.
Mortgage Lenders Are Repricing
The increase in SWAP rates has already started filtering through to lender pricing.
A number of major lenders have increased mortgage rates in recent weeks, including:
- Nationwide
- The Mortgage Works
- NatWest
- Barclays
- Coventry Building Society
- Paragon
- Keystone
- Rely and others.
One of the challenges for borrowers is that lenders often provide only a few hours' notice before withdrawing products or increasing rates.
As brokers, we frequently receive notification during the afternoon that rates will be withdrawn later the same day. If you have found a mortgage product that works for your circumstances, delaying a decision could prove costly.
Remember, a mortgage rate is generally only secured once a full application has been submitted to the lender.
What Does the New Government Mean for Landlords?
Political change is always worth monitoring, particularly when housing policy is involved.
The new Prime Minister has appointed a cabinet that includes Angela Rayner as Secretary of State for Housing, Communities and Local Government, while Matthew Pennycook remains Housing Minister. John Healey has also been appointed Chancellor.
At this stage, much of the discussion around future housing policy remains speculative. However, landlords should be aware of several themes that are attracting attention.
Housing Development and Planning Reform
The expectation is that current planning reforms and housing delivery targets will continue. There is also support for increased housebuilding, including a significant programme of council house construction.
For the private rented sector, however, the most significant concerns lie elsewhere.
Growing Discussion Around Rent Freezes
One issue generating considerable discussion is the possibility of rent freezes.
While no policy has been confirmed, the idea has been publicly discussed as part of a broader cost-of-living support package. At the time of writing, any rent freeze remains under consideration rather than government policy.
Many landlords will understandably be concerned about the impact such measures could have on investment returns and the wider private rented sector.
For now, the key message is to stay informed rather than panic. No formal announcements have been made, but this is certainly an area worth monitoring closely.
Could Further Landlord Tax Changes Be Coming?
Perhaps the biggest long-term concern for some property investors is the possibility of future tax reform.
Among the ideas reportedly being discussed are:
- Changes to capital gains tax on residential property.
- Potential national insurance charges on rental income.
- Wider property tax reforms.
One proposal attracting attention is a proportional property tax that would replace both council tax and stamp duty. Under the concept currently being discussed, investment properties and second homes could face significantly higher charges than owner-occupied homes.
It's important to stress that these are proposals and discussions rather than confirmed government policy. Nevertheless, landlords should be aware of the direction of travel and consider how future tax changes could affect portfolio profitability.
Why a Portfolio Review May Be Worth Considering
Whenever uncertainty increases, successful landlords tend to focus on the factors they can control.
If you're concerned about rising mortgage rates, higher operating costs or potential legislative change, a portfolio review can be a valuable exercise.
By reviewing rental income, property values, outstanding borrowing and current mortgage rates, it may be possible to identify opportunities to:
- Reduce finance costs.
- Improve cash flow.
- Strengthen portfolio resilience.
- Prepare for future regulatory or tax changes.
In a more challenging market, small improvements across a portfolio can make a significant difference.
Important Deadlines for Landlords
There are also several operational changes that landlords should keep firmly on their radar.
The deadline for applying for court possession using certain Section 21 notices served before 1 May is 31 July. After this point, possession claims will need to rely on alternative grounds.
Student landlords should also be aware of important notice requirements and deadlines relating to Section 8 Ground 4A.
In addition, plans remain in place for:
- A Private Rented Sector database.
- A landlord ombudsman.
- Greater digitisation of court processes.
These reforms are expected to continue rolling out over the coming years and will shape the future regulatory environment for landlords.
Final Thoughts
The buy to let market continues to evolve rapidly.
Rising SWAP rates are putting upward pressure on mortgage pricing, lenders are repricing products, and landlords face growing uncertainty around future taxation and rental sector regulation.
While none of us can control the direction of markets or government policy, we can make informed decisions based on the information currently available.
If you're approaching a remortgage, purchasing your next investment property or reviewing an existing portfolio, now is a sensible time to assess your options and ensure you're prepared for whatever comes next.
Next Steps
Get in touch, call our experts on 0345 345 6788 or submit an enquiry here to see how we can help.
