Yes Mortgage Solutions Ltd

30/03/2026

Many thanks to our wonderfully loyal customer base. For the first time ever we have done £15 million in combined purchase, re-mortgage and rate switch balances this quarter.

We couldn't do that without you, your loyalty to us and your ongoing recommendations.

Truly appreciated.

08/03/2026

Several lenders increased mortgage rates this week. Here’s what that means in practical terms.

Over the past few days a number of lenders have adjusted their pricing upwards slightly. This isn’t unusual and is often a reflection of movements in financial markets rather than a sudden shift in the housing market itself.

At the moment, current world events are creating some volatility in global financial markets, which can influence the cost of funding for lenders. When this happens, mortgage rates can move up or down in response.

The key thing to remember is that the market moves in cycles. One week rates may rise slightly, the next week new deals may appear that are more competitive.

For buyers, homeowners approaching the end of a fixed rate, or those considering a remortgage, the most important thing is having a clear plan and understanding your options.

We monitor the market closely and compare deals from across a wide range of lenders that represent the whole market. That means we can help you secure the right option for your circumstances.

It also means if we have already reserved you a mortgage rate we will monitor that and, if possible and practical, change it if the chosen lender reduces their rate.

We are committed to keeping you updated and offering the best advice, and as a result the vast majority of our business comes from referrals and returning customers.

We don't buy leads, don't actively advertise and don't cold call.

You know where we are !

07/08/2025

Good news that the Bank of England has reduced "base rate" to 4%, though this doesn't automatically mean that fixed rates will follow

Fixed rates are determined by something called "swap rates". This is the rate that lenders buy huge tranches of money in at and they are not linked to the BoE rate as they are the cost of funds on the money markets.

That said, if you have a reserved and pending rate switch, purchase or re-mortgage ongoing with us rest assured we are on top of changes.

If that reduces within a timescale that allows a change of product to be made we will review and change it for you !

Many thanks.

07/11/2024

Back when I started advising on mortgages, some 30 years ago, the market was dominated by discounted rates, cash backs, and convoluted stepped products, all of which were driven by the lenders standard rate, which was ultimately driven by the BoE base rate.

Essentially this meant that a BoE change almost always has a fairly immediate impact as mortgage pricing was driven mainly by savings rates, which were usually around 3% below mortgage rates

Back then, lenders would often block downward changes if you already had an offer, or charge for a re-offer if you wanted a lower rate. Thankfully things like Treating Customers Fairly has put paid to that sharp practice.

Nowadays the market is completely overrun with fixed rate products, with possibly as much as 90% of all lending being on a two, three or five year fix.

Today we saw another BoE reduction to 4.75% which, understandably, as always brings a number of enquiries from customers asking if their pending rate switch, remortgage or purchase will benefit from that.

Whilst we would love to be able to reply "yes" to that, it's not always the case that a BoE reduction will bring reductions in the mortgage rates. This is because fixed rate lending is based on money that lenders have borrowed on money markets rather than money borrowed from savers.

The rates this money is 'borrowed' at is termed Swap Rates, and lenders then sell it on at a premium. These are the fixed mortgage rates.

Recently Swap rates have risen, and that has led to lenders being exposed to lower margins and as a result we have seen mortgages rise over the last six to eight weeks or so.

Essentially that means that this current rate cut is only likely to restore parity in the mortgage market. We may see a few small tweaks, but these are more likely to be 0.05% or 0.10% off rather than the full 0.25%

Of course Trump's re-election will also have a bearing on things, potentially making borrowing more expensive in the short term as export markets get used to the trade tariffs he has threatened, which could impact inflation, but we will have to wait and see how that pans out.

In the long run, there is still an expectation that the BoE may cut rates as low as 2.75%, and that will definitely impact on lending rates maybe in late 2025/ early 2026, for now I think we are going to have to wait a bit longer to see a significant impact.

Once offered your rate is secure, and you won't suffer if they go up, but rest assured, we keep a very close eye on all mortgage applications of all kind that are post offer/ pre-completion and if they do go down, we will act on that and get you a better rate where possible.

In the meantime, if you have any questions about today's rate change, feel free to get in touch

31/10/2024

The most significant change for the mortgage market in yesterday's budget is the raise in stamp duty for second homes.

If any of you are thinking of buying a second property, as a holiday home, week day work home, buy to let or other, and need advise on how it affects you, then get in touch.

24/07/2024

July is one of my favourite months of the year.

In theory, it’s sunny, warm, everyone’s in good spirits, and the school holidays begin (less traffic !!)

It’s also named for one of history’s most famous (or infamous) rulers, Julius Caesar – so we can thank him for any sunshine we get.

Of course, that doesn’t factor in British weather, England tournament heartbreak every two years, and my annual battles with the lawnmower and fast growing bushes.

But we have had the odd moment of sunshine and we’ve had some good news from the economy – inflation has stayed steady at 2%.

That’s the Bank of England’s target rate, which means that interest rates should be on the way down in the coming months.

That's great news for anyone who’s mortgage is up for renewal or anyone looking for a mortgage or loan in the second half of the year – and we can’t wait to help you !

Send a message to learn more

19/06/2024

So inflation is finally back at the pre Liz Truss lets crash the world days and sits proudly back at 2% !

Good news for all, but given we are in political "purdah" waiting for an election to happen, it's highly unlikely that the BoE will take a politically sensitive step of reducing rates tomorrow, simply because it would be seen as boost to the incumbent Govt.

In fact, as inflation is a multi faceted animal, with various different measurements that include housing/ don't include housing, include food/ don't include food, include energy/ don't include energy etc, and the current fall is only "headline" inflation and is mainly due to falling energy prices, it's also unlikely that it will fall in August (there is no meeting in July as the entire committee, most of whom don't have mortgages, will be spending their wealth in Monaco or similar).

That means that we are likely to have to wait until September, two months into a new Government, to see the first fall since March 2020.

When this does happen, it is unlikely that rates will fall month on month and are most likely to drop back in small stages, over a long period of time, to around the 3.50% level that the boffins with heads the size of Jupiter are predicting.

That doesn't mean that mortgage rates won't fall (or indeed rise) beforehand. In the main, what drives mortgage rates is not, as most people believe, the Bank Of England Rate, but something called "swap rates". This is the cost to the lender of money being bought on money markets.

Long gone are the days when lenders could (and would) only lend out the money that they had taken in through savings and investments, and the mortgage rate was simply a premium on top of what they paid savers, with "mortgage products" being a thing of the future.

Today, the only mortgages that are directly and totally linked to the BoE rate are trackers, because they "track" the Bank of England Rate, and these didn't really exist when I started work in mortgages !

This is essentially why fixed rates have gone up since February this year, when it was possible to get sub 4% rates on Five Year Fixed borrowing, and Two Year rates were available in the mid 4's. In the real world, when swap rates alter, newly available mortgage rates follow as the cost of borrowing for lenders goes up.

This is one of the reasons why we process mortgage renewals early (usually five or six months out) so we can reserve you a new rate now, but still have the ability to change that rate if mortgage costs fall before your switch date.

This is a practice that on more than one occasion has lead to us having to revisit and change rates for customers up to three times, and whilst this is time consuming, it's worth doing and is a great way to show that we care enough to not just wait until three months out,, when you could end up paying more.

It seems inevitable that we are going to change colour on 4th July, something that some will think is good and some will think is bad, but it does look like the economy is no longer completely on it's knees and the British public are (in the words of Paul Heaton & The Beautiful South) trying to "Carry on Regardless"

The ride is still bumpy, but we are now dealing with mortgage renewals for people who are on rates of mid to late 3%'s going up rates of mid to late 5%'s rather than what we were seeing six months ago of those going from low 1%'s to high 5%'s and even 6%'s.

Stay strapped in, but Mama Cass Elliot (showing my age there) is just around the corner, and she is starting to warm up her vocal chords ready to belt out "It's getting better, growing stronger, getting better everyday".

Just don't ask me to do it on Karaoke !!!

Send a message to learn more

21/12/2023

Good morning, tomorrow afternoon will be the last day that anyone is in our office until 2nd January, but both myself and Phil will be available as usual on our mobiles for any urgent calls (apart from Christmas Day & Boxing Day).

Have a great break and take care in this awful weather.

12/12/2023

So we come to the end of another year, quite a difficult one for the mortgage market, with rates shooting up following loopy Liz's attempts at trickle down economics, and no real clear direction of where things would end.

Luckily they seem to have bottomed (or topped) out now and like most people, I expect rates to be held as they are at the next BoE meeting later this week.

After that, who knows, but it would at least appear that the rate rises have ceased and we are in for a period of stability before they start to drop. My best guess on that could be late spring (may).

Lenders have recently started to drop rates (marginally) as they jockey for position, with many lending at or below the Bank Rate on low loans to value (below 60%), and the best value often coming with "follow on" rates available from an existing lender.

Moving into 2024, lenders will potentially be fighting with each other for market share, and it is possible we will see some slight reductions and possibly loss leading products on Two Year Rates, which although at present are higher than Five Year Rates, at least offer the option to renew again in 2026, when it is expected the bank rate will have fallen allowing mortgage rates to drop.

Where they will go is anyone's guess, but hopefully we could be seeing more rates in the summer that start with a 4 than those that start with a 5. This has to be better news for the market, that at one point was almost exclusively based on 6% plus rates.

There are differing views on the housing market, some say it will stagnate, others say small growth. Whilst there is never the "right time" to buy a house, we are starting to see much more activity in purchases, with almost 40% of our business now back in this area.

Have a great Christmas, and hopefully we will all have a fantastic New Year as the economy starts to improve. Yes Mortgage Solutions may not be in the office much between now and the New Year, but our phones are always on (well maybe not on Christmas Day & Boxing Day) and just because we are working from home, doesn't mean we can't help you if required.

Take care and watch out for the rotund bearded altruistic fellow arriving in a metropolitan area near you very soon (aka Santa Claus is coming to Town).

08/12/2023

I think it's fair to say there are three "pinch points" in this role, where your blood pressure can rise a bit or squeeky bum time kicks in.

The first is having submitted a decision in principle and the lender's system whirls round & round before making a decision, coming back with either the one you want or a crushing blow !

There are some lenders that surprise you here, often Halifax who will do cases that have slight "adverse credit" that all other mainstream lenders won't touch.

The second is after submission of an application, where you usually have to wait around a week for a final decision and offer, and although it very rarely happens, the lender picks up some unknown piece of information that leads to a decline - for instance the property value/condition or undeclared loans or adverse credit that weren't picked up on the DIP and affect affect affordability and/ or credit ratings.

The third is the period after offer (especially on a purchase) where an applicant can change their mind or a chain falls down.

All of which are frustrating to us, and the first two (when it goes wrong) even more frustrating to the borrower.

This week I have been astounded by a lender at stage two, in a good way, when an application submitted on Tuesday was fully offered within 90 SECONDS thanks to their auto valuation & verification systems. With out doubt this is a record that I am sure won't be beaten and is a major positive of the "Big Brother" approach to lending.

On that score, I have to say excellent work Nationwide, who have in the past been quite a fussy lender !!

All of which highlights that if you get all of your facts right, collect all of the documentation required to be able to verify and submit an application upfront and take the right level of care in ensuring what you key is 100% accurate, then the job is a lot easier for all parties.

This alone is potentially one of the biggest reasons to use a mortgage broker, simply because we know the lenders, we know what they will do and we know what they will want to see.

Mortgage broking isn't always about getting the best possible rate, more often than not it's about getting you a combination of a competitive rate and the best possible lender for your particular circumstances, and that is where the joy of this job lies.

24/11/2023

Nice for a First Time Buyer but you'll still need a good mortgage advisor !😀