Average fixes held steady this week following recent rises, as Bank of England governor Andrew Bailey said inflation was “moving in the right direction” despite holding the base rate at 5.25%.   The average rate for a two-year fix edged up by a single basis point to 5.94%, while the average three-year fix fell by 3 basis points to 5.66%, according to Moneyfacts.     Both the average five-year and 10-year fixes were unchanged at 5.50% and 5.97%, respectively.   Two-year fixes       The largest ri ..read more

Market focus on a June base rate cut is “ill advised,” says Bank of England chief economist Huw Pill:   The Monetary Policy Committee member’s comments come a day after it held base rate at 5.25% for the sixth time in a row — although governor Andrew Bailey said the economy was “moving in the right direction”.      Pill was in the majority when the committee voted 7-2 to hold the base rate at a 16-year high, as the central bank battles to bring down inflation from 3.2% to its 2% target.       Financial markets currently price in a 60 ..read more

Top Mortgage Strategy News: What You Need To Know This Week Stay ahead of the curve with this week’s essential mortgage updates. Discover how Keystone’s finalisation of a significant £560m buy-to-let deal could impact the market, and learn about the Bank of England’s decision to maintain rates and its potential impact on your clients. Gain the insights you need to make informed decisions:  Exclusive: Keystone completes £560m buy-to-let securitisation Keystone Property Finance has finalised its largest-ever securitisation, valued at £560m, as it strategically plans for the future. Named Hops H ..read more

Market Harborough Building Society has relaxed its holiday let criteria and streamlined its residential range.  The mutual says it has introduced a third tier to its expat and holiday let ranges, which caters to more complex cases, including:  Properties with six or more bedrooms  Some commercial elements  Properties with restricted use clauses  The lender has also simplified its residential range for cases up to £2m and applied its existing tiered approach, priced on complexity.   The residential range has a set product fee of £1,495 and now accepts multi-gener ..read more

Bank of Ireland for Intermediaries is the latest lender to sign up to the Mortgage Industry Mental Health Charter. All signatories abide to six governing rules, designed to ensure best practice when dealing with the health and wellbeing of their workforce. All members are required to: Develop mental health awareness amongst employees using activities and advocacy Encourage open conversations about mental health and the support available to employees who may be struggling Provide employees with good working conditions that encourage a healthy work life balance and opportunities for develo ..read more

TSB has cut a range of residential fixed-rate deals by up to 15 basis points.   The lender says its changes affect two-, three- and five-year first-time buyer, home mover and remortgage fixes at up to 75% loan to value.   Highlights include:   Two-year FTB fixes at up to 60 LTV start at 4.89%, with a £999 fee   Three-year home mover fixes at up to 60 LTV start at 4.74%, with a £999 fee   Five-year remortgage fixes at up to 60 LTV start at 4.59%, with a £999 fee   The move by the lender comes a day after The Bank of En ..read more

Rightmove has reported a positive start to the year for its mortgage business in its latest trading update.  In its first quarter update Righmove said that AI-led optimisation was helping to improve the mortgage journey for consumers, leading to better outcomes for its partner businesses in the mortgage market.  Rightmove launched its first broker mortgage product last year, by allowing customers to access mortgage advice through its portal. It says this has helped drive  a 130% increase in its mortgage business. Its mortgage business remains one of Rightmove’s strategic growth ..read more

As a general election looms people in the UK remain more concerned about housing than immigration or crime according to the latest social trends survey from the Office of National Statistics. It found that more than six out of 10 (64%) people cited housing as one of the most important issues facing the UK today, with the number concerned about this problem continuing to rise. This is a significant increase on the 54% that reporting housing as a major issue when the ONS first asked this question in Autumn 2022. This comes as more than four out of 10 (41%) of the adults surveyed said their ..read more

Interest rates could be cut later this year, which would be “massive relief for families with mortgages,” the Chancellor said.  “I would not like to predict an exact time but the Bank of England governor [Andrew Bailey] says he is optimistic that we are on the right track,” added Jeremy Hunt speaking on LBC radio this morning.  He pointed out: “It would be a massive relief for families with mortgages if they can bring them down. So, I hope that turns out to be the case.”  His comments come after the UK economy emerged from recession growing by 0.6% between January and March ..read more

Foundation Home Loans has launched new short-term and holiday let products through its buy-to-let brand.  The lender has also cut fees on a selected number of its existing buy-to-let mortgages. The new products include a two- and five-year fix for short-term let properties. Both are available up to 75% LTV with rates starting at 6.79% with a fee of 1.25%.  It has also launched a two-year fixed-rate holiday let mortgage. This has a rate of 6.99% and is available up to 70% LTV with a 2% fee.  As part of a wider repricing of its products, ‘Buy to Let by Foundation’ has reduced the ..read more