Mortgage Rates Are Rising Again:
Should You Lock In Now Before Deals Disappear?

Mortgage Rates Are Rising Again is the question many borrowers are asking, but the more useful way to frame it is this: what is moving UK mortgage pricing, and does it still make sense to secure a rate before lenders change deals again? Fixed mortgages have turned higher because lenders fund and hedge them in markets that can move faster than the Bank of England. That means a hold in Bank Rate does not guarantee calm pricing, and it also means products can be pulled while lenders reset their rates. Locking in now can reduce timing risk for some borrowers, especially those close to a purchase or remortgage deadline, but it can also mean accepting today’s pricing if markets settle later.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Why Mortgage Rates Are Rising Again

The Bank of England’s current Bank Rate is 3.75%, the next decision is due on 19 March 2026, and the Bank’s own summary page currently shows inflation at 3% against its 2% target. That matters, but it is only part of the story because fixed mortgage pricing often responds to market expectations and funding costs before the Monetary Policy Committee makes its next move.

At its February 2026 meeting, the Monetary Policy Committee voted 5–4 to keep Bank Rate at 3.75%, with four members preferring a cut to 3.5%. That split was a reminder that the direction of travel for interest rates had looked softer only a few weeks ago, even before market sentiment shifted again.

That is why fixed rates can rise even when the central bank has not raised Bank Rate. Lenders look at swap markets, gilt yields, competition and their own appetite for risk. If those inputs move quickly, pricing can change quickly too.

Why Deals Can Disappear Before The Bank Moves

Moneyfacts said that by 11 March 2026 the average two-year fixed residential mortgage rate had risen to 5.01% from 4.84% on 6 March, while the average five-year fixed rate had risen to 5.09% from 4.96%. Over the same 48-hour period, 472 residential mortgage products were withdrawn, leaving 7,164 products in the residential market.

Reuters reported that lenders withdrew 308 residential mortgage products on 9 March alone, the biggest single-day fall since the 2022 mini-Budget turmoil apart from one later specialist-lender streamlining event. The same report quoted Moneyfacts saying the market had seen “a sharp and sudden adjustment” as lenders reacted to rapidly rising swap rates.

For borrowers, this matters because a disappearing deal does not always signal a long-term market turn. Sometimes products come back with higher pricing, different fees or tighter criteria once a lender has caught up with market moves. Even so, availability, rate levels and eligibility can change at short notice and remain subject to affordability checks, loan-to-value limits, property type and lender policy.

What Locking In Now Actually Does

Locking in does not mean predicting the future correctly. In practice, it usually means securing access to today’s pricing and terms while your purchase or remortgage continues through the lender’s process. That can reduce the risk of losing a workable deal if the market keeps repricing in the wrong direction for you.

This tends to matter most for borrowers with a live deadline: people whose fixed rate ends soon, buyers already mid-transaction, landlords refinancing before a product expiry, or households with affordability that only just works at current pricing. In those situations, the main benefit is often not getting the lowest headline rate in the market. It is reducing the risk of being forced onto worse terms later because you waited too long.

There is also a simple scale point here. UK Finance expects 1.8 million fixed-rate mortgages to come to an end in 2026, which means a large number of households are due to face refinancing decisions this year even if the wider market only shifts modestly.

Still, locking in now is not automatically the right call. A lower rate with a large fee is not always cheaper overall. Early repayment charges, portability rules, incentive packages and the gap between application and completion all still matter. A borrower who fixes too early without checking the full cost can solve one risk while creating another.

When Waiting Might Still Be Reasonable

Waiting can still be reasonable in some cases. A buyer expecting a better loan-to-value band after a larger deposit lands, a remortgager whose income profile is improving, or a borrower comparing fixed and tracker options may decide that flexibility is worth more than immediate certainty. The key point is not whether rates can ever fall again. It is whether your own position is likely to improve enough to outweigh the risk of more lender repricing in the meantime.

Reuters reported on 12 March that economists polled expected the Bank of England to hold rates on 19 March and still saw Bank Rate falling to 3.50% later in the year, with the first cut most likely in April or June rather than in March. In other words, the medium-term path may still be lower, but the near-term path has become less comfortable.

That distinction matters. Borrowers can be broadly right that rates may drift lower over time and still be caught out by a short, sharp repricing phase now. Fixed rates do not wait politely for the central bank calendar. They move when markets think the outlook has changed.

A Sensible Response To A Fast-Moving Market

For a broader view of how Bank Rate, inflation and swap markets feed into fixed pricing, Mortgage One’s UK mortgage rate forecast hub sets out the bigger picture.

Mortgage One’s earlier guide, UK Mortgage Rates Outlook 2026: Bank Rate And Calculators, also explains why average mortgage rates can move even in a month when Bank Rate has not changed.

A sensible response is usually more practical than dramatic. Check when your current rate ends, how long a new deal can realistically be held for your case, whether your deposit or equity could move you into a better band, and whether a lower fee could matter more than a slightly lower rate. Buyers and remortgagers should also look at rate expiry dates, valuation timing and solicitor timescales, because delays can matter just as much as the headline rate itself.

For borrowers who want to talk through those trade-offs, Mortgage One, a qualified mortgage adviser and appointed representative of Quilter Financial Services Ltd, can explain how lenders may treat rate reservations, affordability, valuation timing and expiry dates in light of your circumstances. That does not remove market risk, but it can make the decision more structured and less reactive.

The most balanced answer to the title question is this: locking in now can make sense where timing risk is high, but it is not a universal rule and it is not the same as saying rates can only go up from here. A borrower with a near-term deadline may value certainty more than optionality. A borrower whose profile may improve soon may decide that waiting is still worth the risk. The important thing is to make that choice deliberately, with a clear view of deadlines, costs and how quickly lenders are currently repricing.

• Bank Rate: 3.75%; next Bank of England decision due 19 March 2026.

• Average two-year fixed residential mortgage rate: 5.01% on 11 March 2026, up from 4.84% on 6 March 2026. Average five-year fixed residential mortgage rate: 5.09%, up from 4.96%.

• Residential mortgage products withdrawn over the previous 48 hours: 472; total residential market after withdrawals: 7,164 products.

• Consumer Prices Index inflation: 3.0% in the 12 months to January 2026.

• Annual regular pay growth: 4.2% in October to December 2025.

• UK unemployment rate: 5.2% in October to December 2025.

• Monthly GDP growth: 0.0% in January 2026.

• Fixed-rate mortgages due to end in 2026: 1.8 million.

Figures as of 14 March 2026 London

The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you’d like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.

Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.

FAQs

1. Why Do Fixed Mortgage Rates Change Before Bank Rate Moves?
Fixed rates are often influenced by swap markets, lender funding costs and expectations for future Bank Rate, not just the current Bank Rate itself. That is why lenders can reprice fixed deals before the Bank of England announces anything.

2. Does A Hold In Bank Rate Mean Fixed Rates Will Stop Rising?
No. A hold can still sit alongside rising fixed rates if market funding costs move higher or lenders become more cautious. Fixed pricing and Bank Rate are linked, but they do not move in lockstep.

3. Should I Lock In Now If My Deal Ends Soon?
It may be sensible to look at securing a rate if your deadline is close and affordability is tight, because waiting can leave you exposed to more repricing. But the right choice still depends on fees, early repayment charges, your loan-to-value band and how soon your circumstances may improve.

4. Can Withdrawn Mortgage Deals Come Back?
Yes, sometimes they do. A lender may withdraw products, change the pricing or criteria, and then return with a revised range once market conditions settle.

5. Is A Tracker Better Than A Fixed Deal In A Volatile Market?
Not necessarily. A tracker may offer more flexibility if Bank Rate falls later, but it also leaves you more exposed if rates stay higher for longer or rise again. A fixed deal offers payment certainty for a set period, but that certainty can come at a cost.

6. What Should Buy To Let Landlords Watch Right Now?
Landlords may want to look at refinancing deadlines, product fees, rental cover calculations and how quickly a lender can process the case. In a fast-moving market, criteria and pricing can change before a refinance completes.