RJ Mortgage Finance

08/09/2026

Hello again readers,

I hope you find the following post informative and please do get in touch if you need any assistance with your mortgage finance or insurance needs, please feel free to email or call and I will be happy to help.

In interest rate news, Major lenders have moved to increase mortgage rates to catch up with recent rises to swap rates, according to Moneyfactscompare.co.uk analysis.
Over the coming days, more lenders are expected to review mortgage rates in response to higher swap rates, with HSBC and NatWest so far the biggest banks to increase rates since the start of this month.
Lenders will need to adjust to ensure their rates are not too low. Earlier this year, in late February, the biggest high street banks, which include Barclays, HSBC, Lloyds Bank, NatWest and Santander, priced their lowest-rate deals around 0.29% above the two-year swap rate.

The next MPC meeting is scheduled for 17th September.

In criteria news, The Mortgage Works has made enhancements to its application process to broaden support for landlords including age criteria and maximum total borrowing.

Family Building Society have updated their New Build Houses and Flats criteria, New Build Flats and Maisonettes are accepted up to 80% LTV and New Build Houses are now accepted up to 90% LTV and they will now lend on Flats in blocks of up to 10 storeys.

In wider news, Mortgage borrowing by individuals fell sharply in July, according to the latest monthly banking statistics from the Bank of England.
Net borrowing of mortgage debt fell to £4.3 billion, from £7.7 billion in June. It was also below the previous six-month average of £5.3 billion.
Net mortgage approvals for house purchases fell to 56,100 in July, from 58,200 in June.
The figure was below the average of around 60,800 over the previous six months. Approvals for remortgaging increased to 34,500 from 34,100, not including product transfers.
Secured gross lending decreased to £25.9 billion in July. It was £26.9 billion in June and slightly below the six-month average of £26.4 billion.

In Insurance news, not great news for us on London clay with subsidence claims in August hitting their highest monthly level on record at Hastings Direct, the Guardian reported. Volumes were almost 140% higher than in the same month last year. The surge follows five heatwaves layered on the warmest spring ever recorded in England and Wales. It has not finished.

Subsidence damage typically becomes visible through late summer and autumn. Hastings has predicted volumes will remain elevated through October unless sustained rainfall restores soil moisture. The Association of British Insurers (ABI) Q2 2026 data, cited by the Guardian, shows the average settled claim has reached a record £20,000. Insurers paid out £72 million on domestic subsidence claims in the second quarter alone.
The peril has been accelerating for years. Total UK subsidence payouts reached £307 million in 2025, up 10% on the previous year and a record high, according to the ABI.

It is important that you consider protection, both for your home and contents, yourself and for any family that relies on your income. If you need help looking into arranging new cover and are unsure about what each plan covers, or perhaps you need help understanding the wordings and definitions of an existing plan, please feel free to get in touch and I’ll be happy to help.

All the very best,

Richard Johnson
Certified Practitioner in Specialist Property Finance
Cert CII (MP), CeCM, AdvCemap, CeRGI
Mortgage and Insurance Consultant

Mobile Phone ; 07881802962
Office : 0208 245 8464 direct dial
Email : [email protected]

03/09/2026

Hello again readers,

I hope you find the following post informative and please do get in touch if you need any assistance with your mortgage finance or insurance needs, please feel free to email or call and I will be happy to help.

In interest rate news, mortgage rate activity remained subdued this week, with fixed-rate cuts outweighing increases but having little impact on average mortgage pricing, according to Moneyfacts.
The average two-year fixed mortgage rate fell by 0.01 percentage points week-on-week, from 5.60% to 5.59%, while the average five-year fixed rate remained unchanged at 5.63%.
Despite the latest movements, both rates remain above their levels at the start of July, when the average two- and five-year fixes stood at 5.52%. However, they are slightly below the levels recorded at the start of August, when they stood at 5.63% and 5.66% respectively.

The next MPC meeting is scheduled for 17th September.

In criteria news, Coventry for intermediaries has increased support for first-time buyers by introducing lending of up to 6.5 times income for eligible customers.

HSBC have increased the Maximum Loan Amounts across their LTV bandings for Houses.

In wider news, Year-on-year house price growth remained "little changed" in August, Nationwide has stated, as the average UK house price increased by 1.6% to £275,465.

The data from the building society's latest house price index follows growth of 1.4% in July, when the non-seasonally adjusted average house price stood at £276,581.

Month-on-month, house prices increased by 0.2%, following a 0.1% decline in July.
The building society said that market activity and house prices have "remained subdued" in recent months, partly reflecting the "uncertain economic backdrop".
It stated that geopolitical tensions have remained high, with the conflict in the Middle East putting pressure on energy prices and market interest rates.

In Insurance news, good news from Guardian who advise the average underwriting wait times have reduced to less than one day in the first half of 2026, according to the insurer.
The figure represents a two-day reduction from the insurer's average time in 2025, which averaged at a three-day wait for underwriting decisions.
For those clients that required medical evidence for a policy, underwriting wait times sat at an average of 1.5 days.
Guardian detailed its instant decision rates, with 75% of applications in H1 2026 having received an immediate decision upon application.
Much of these changes have been facilitated by an increase in underwriter headcount, the provider said it had increased the number of its underwriting team by 35% since Q4 2025, with more hires planned in 2026.

It is important that you consider protection, both for your home and contents, yourself and for any family that relies on your income. If you need help looking into arranging new cover and are unsure about what each plan covers, or perhaps you need help understanding the wordings and definitions of an existing plan, please feel free to get in touch and I’ll be happy to help.

All the very best,

Richard Johnson
Certified Practitioner in Specialist Property Finance
Cert CII (MP), CeCM, AdvCemap, CeRGI
Mortgage and Insurance Consultant

Mobile Phone ; 07881802962
Office : 0208 245 8464 direct dial
Email : [email protected]

11/08/2026

Hello again readers,

I hope you find the following post informative and please do get in touch if you need any assistance with your mortgage finance or insurance needs, please feel free to email or call and I will be happy to help.

In interest rate news, rate increases by lenders in July completely reversed the fall in average mortgage rates recorded in June, the latest monthly analysis by Moneyfacts shows.
The Moneyfacts average mortgage rate, which is calculated from all fixed rates and variables on sale, rose by 12 basis points, from 5.47% in July to 5.59% at the start of August.

The jump came as lenders responded to higher swap rates, triggered by a resurgence of conflict in the Middle East. It was a complete reversal of the 12-basis-point fall in the average rate recorded in June, when it dropped from 5.59% to 5.47%.

Fixed rates rose month-on-month in July for the first time since April, with the average two and five-year fixed rates rising by 11bps and 14bps respectively, to 5.63% and 5.66%.
Frequent repricing by lenders meant the average shelf-life of a deal fell to 11 days in July, down from 14 in June.

The base rate has been kept at 3.75%, the fifth consecutive hold since December, when it was lowered from 4% to 3.75%. The Bank of England’s Monetary Policy Committee (MPC) voted on 30th July by a majority of 6:3 to hold the base rate at its current level, with three members voting to increase it to 4%. The next meeting is scheduled for 17th September.

In criteria news, TMW will consider its overall exposure by applicant, geographical area and development when assessing applications. This is in relation to multi-unit blocks and whether applicant is a freeholder or has a share of freehold.

Tipton Building Society have increased the Maximum Number of Mortgaged Properties for Portfolio Landlords to 10 (up from 3)

In wider news, buyers who get help from the Bank of Mum and Dad are receiving an average of £11,241, new research from Spring has found. The savings provider says that only around one in seven adults receive a financial contribution from their parents to get onto the ladder, but those who do are benefiting from significant sums.

A third receive between £1,000 and £4,999, while almost one in five receive between £5,000 and £9,999. One in four recipients receive more than £10,000 in support, including one in six who receive between £10,000 and £24,999. One in ten receive between £30,000 and £50,000.

In Insurance news, Protection policy annual premium equivalent (APE) was up for all products in Q1 2026, according to Gen Re’s Protection Pulse update.
The total APE in Q1 2026 was £219m, exceeding 2025's total Q1 figure of £205m.
The increase in APE was paired with a similar level of policies sold over the quarter, according to Gen Re.
In Q1, the total number of policies sold was 531,173, representing a slight decrease year-on-year. The Q1 2025 statistics showed 531,419 policies were sold in the quarter.

It is important that you consider protection, both for your home and contents, yourself and for any family that relies on your income. If you need help looking into arranging new cover and are unsure about what each plan covers, or perhaps you need help understanding the wordings and definitions of an existing plan, please feel free to get in touch and I’ll be happy to help.

All the very best,

Richard Johnson
Certified Practitioner in Specialist Property Finance
Cert CII (MP), CeCM, AdvCemap, CeRGI
Mortgage and Insurance Consultant

Mobile Phone ; 07881802962
Office : 0208 245 8464 direct dial
Email : [email protected]

29/07/2026

Hello again readers,

I hope you find the following post informative and please do get in touch if you need any assistance with your mortgage finance or insurance needs, please feel free to email or call and I will be happy to help.

In interest rate news, the price of average fixed-rate mortgages rose this week due to renewed turmoil in the Middle East, according to the latest Moneyfacts rate watch.

Average fixed-rate mortgage prices are back to June levels as more than a dozen lenders repriced this week, according to Moneyfacts.
The average two-year mortgage rose 9bps to 5.59%, compared to 5.5% last week, the latest Moneyfacts rate watch found.
Meanwhile the typical five-year fix rose 5bps to 5.61% over the same period.
At higher loan-to-value tiers, the average five-year fixed rate at 95% LTV rose above 6% for the first time since the start of June, up from 5.95% to 6.01% week-on-week, while at 90% LTV the rate rose from 5.61% to 5.69%.

The next MPC meeting is Thursday 30th July. And according to Bloomberg..The BOE is expected to leave rates on hold at 3.75% this Thursday, as it tries to navigate the fluctuations in oil and gas prices since the Iran war broke out. A more benign domestic situation is fast being overtaken by events abroad with oil prices hitting $100 a barrel in recent days. The hangover from the initial shock is still coming through the pipeline, too, with household energy bills climbing 13% in July when the UK’s price cap updated.

In criteria news, Aldermore is increasing its maximum loan-to-value to 98% under a newly-designed proposition.

Vida has updated its lending criteria where mortgage terms extend beyond retirement age.

Newcastle for Intermediaries has relaunched its joint mortgage sole proprietor (JMSP) range with broader eligibility and additional features.

In wider news, Private rents continued to rise faster than wages in June, with affordability pressures persisting despite rental inflation stabilising, according to LandlordBuyer.
Office for National Statistics (ONS) data showed average UK private rents increased by 3.3% in the year to June 2026, taking the average monthly rent to £1,388.
The annual growth rate was unchanged from May. Average monthly rents reached £1,446 in England, £843 in Wales, £1,012 in Scotland and £877 in Northern Ireland

In Insurance news, Home insurance premiums continued to fall during the second quarter of 2026, but the pace of reductions slowed sharply as prices rose in June and most major insurers increased rates, according to new data from Defaqto.

Defaqto’s latest Market Pricing data shows that the average of the five most competitive quoted premiums for combined buildings and contents insurance fell by 0.7% during the quarter. Prices declined by 0.4% in April and 1.2% in May before increasing by 1% in June.

It is important that you consider protection, both for your home and contents, yourself and for any family that relies on your income. If you need help looking into arranging new cover and are unsure about what each plan covers, or perhaps you need help understanding the wordings and definitions of an existing plan, please feel free to get in touch and I’ll be happy to help.

All the very best,

Richard Johnson
Certified Practitioner in Specialist Property Finance
Cert CII (MP), CeCM, AdvCemap, CeRGI
Mortgage and Insurance Consultant

Mobile Phone ; 07881802962
Office : 0208 245 8464 direct dial
Email : [email protected]

Visit www.rjmortgagefinance.co.uk for the rest of the blog post(s)

In interest rate news, the base rate has remained at 3.75% following the April   MPC meeting, with the vote being 8-1 for the rate to be unchanged.  One member voted for an increase.

15/07/2026

Hello again readers,

I hope you find the following post informative and please do get in touch if you need any assistance with your mortgage finance or insurance needs, please feel free to email or call and I will be happy to help.

In interest rate news, In a week that saw more than 20 lenders reduce their fixed mortgage rates, Moneyfacts has warned that while swap rates have been falling, funding costs remain extremely sensitive to geopolitical tensions. Moneyfacts, said: “Lenders have continued to make healthy reductions to fixed mortgage rates over recent weeks as lower swap rates have fed through into mortgage pricing.

“The average two-year fixed mortgage rate is once again below the average five-year fixed rate at the time of writing, reversing the unusual pattern seen over the past three months.
“While improvements in global market sentiment over the past few weeks have triggered falling swap rates, funding costs remain extremely sensitive to geopolitical tensions.
“Any renewed market volatility could quickly feed through into swap rates and slow the pace of further mortgage rate reductions over the coming weeks.”

The next MPC meeting is Thursday 30th July.

In criteria news, Bank of Ireland has improved its joint borrower sole proprietor (JBSP) criteria by upping the maximum loan size and age of guarantors and expanding the proposition to include remortgages.

Hodge Bank announced it has enhanced its property with removal of the maximum number of storeys, which was previously capped at six. It has also removed the maximum acreage limit, which was previously set at 10 acres.

Quantum Mortgages announce they have no restrictions on the maximum number of tenant on an assured periodic tenancy.

In wider news, two landlord stories with Hamptons showing that the share of homes listed for sale that were previously rented dropped to 9.2% in June, down from 11.3% last year and below the 2021-2022 peak.
June marked a significant turning point, as it was the first time since 2019 that landlord purchases exceeded landlord sales. However, Hamptons estimates that the Renters’ Rights Act could prevent up to 100,000 homes from returning to the private rented sector if landlords fail to sell them.

And….. Average room rents have reached record highs across much of the UK, according to data from flatshare platform SpareRoom. They say the rental market shows fresh signs of tightening following the introduction of the first phase of the Renters’ Rights Act.

Data for the second quarter of 2026 reveals that average room rents have reached record levels in six of the UK’s nine regions, while the supply of rooms available to rent has fallen for the first time in three years. Room rental supply declined by 3.2% compared with the same period last year, reversing a prolonged period of growth. Supply had previously increased by 8.7% in Q2 2025, 24.2% in Q2 2024 and 15% in Q2 2023.

In Insurance news, more claims numbers, this time from LV=, who show that in their 2025 claim statistics ( remember these are paid in real life / real people and families assistance etc )..

The most claimed for conditions by product were:
Income Protection ( Musculoskeletal, including fractures (37%), Cancer (21%), Mental health (14%) ).

Critical Illness ( Cancer (60%), Heart attack (12%), Stroke (6%) )

and Life insurance ( Cancer (40%), Heart related (18%) and Respiratory (12%) )


It is important that you consider protection, both for your home and contents, yourself and for any family that relies on your income. If you need help looking into arranging new cover and are unsure about what each plan covers, or perhaps you need help understanding the wordings and definitions of an existing plan, please feel free to get in touch and I’ll be happy to help.

All the very best,

Richard Johnson
Certified Practitioner in Specialist Property Finance
Cert CII (MP), CeCM, AdvCemap, CeRGI
Mortgage and Insurance Consultant

Mobile Phone ; 07881802962
Office : 0208 245 8464 direct dial
Email : [email protected]

Visit www.rjmortgagefinance.co.uk for the rest of the blog post(s)

In interest rate news, the base rate has remained at 3.75% following the April   MPC meeting, with the vote being 8-1 for the rate to be unchanged.  One member voted for an increase.

07/07/2026

Hello again readers,

I hope you find the following post informative and please do get in touch if you need any assistance with your mortgage finance or insurance needs, please feel free to email or call and I will be happy to help.

In interest rate news, average fixed-rate mortgage prices have dropped to their lowest level since March, according to the latest Moneyfacts rate watch.
Moneyfacts found that the typical two-year fix is now 5.51%, down 4bps from 5.55% last week.
Meanwhile the average five-year fix dropped 3bps, also to 5.51%, in the same period.
Moneyfacts personal finance analyst Caitlyn Eastell said: “It’s encouraging to see many lenders continue with the rate-cutting momentum, including well-known high street brands.

The next MPC meeting is Thursday 30th July.

In criteria news, Leeds make a positive change and existing borrowers can now submit new applications within 6 months of paying off their previous mortgage (rather than needing to complete within 6 months).

Precise will now accept Residential Applications on Interest Only up to 75% LTV

Santander can now consider lending up to 90% LTV to eligible foreign national applicants without permanent right to reside in the UK. Income criteria applies.

In wider news, Clydesdale has confirmed it will no longer offer new mortgage lending, marking the end of new business activity under the brand. The lender said its fixed rate mortgage products for new customers, which were withdrawn earlier this year, will not return.

Two interesting snippets come from Zoopla first with a note stating Political uncertainty and higher borrowing costs have led to a 15% year-on-year fall in buyer demand across the UK, according to Zoopla’s latest House Price Index. A change of Prime Minister and uncertainty ahead of the Autumn Budget have added to the slowdown, with sales agreed now 7% below last year’s levels.

And from HMRC…. UK residential property transactions rose 17% in May 2026 compared with the same month last year, although activity dipped slightly on a monthly basis, according to the latest HMRC figures. The provisional seasonally adjusted estimate shows there were 98,450 residential transactions in May 2026, down 2% from April 2026 (100,440), but 17% higher than May 2025.

In Insurance news, Exeter release a note about their claims statistics from last year. In 2025, they paid out over £71 million in health insurance, income protection and life insurance claims, supporting policyholders when they needed it most.
These payments highlight the real difference financial advice makes, ensuring your clients receive financial support during life’s most critical moments.

And they state :
• the average age for a life insurance claimant is just 58.
• The longest income protection claim has lasted 28.5 years
• 31% of our health claims were for musculoskeletal conditions

It is important that you consider protection, both for your home and contents, yourself and for any family that relies on your income. If you need help looking into arranging new cover and are unsure about what each plan covers, or perhaps you need help understanding the wordings and definitions of an existing plan, please feel free to get in touch and I’ll be happy to help.

All the very best,

Richard Johnson
Certified Practitioner in Specialist Property Finance
Cert CII (MP), CeCM, AdvCemap, CeRGI
Mortgage and Insurance Consultant

Mobile Phone ; 07881802962
Office : 0208 245 8464 direct dial
Email : [email protected]

24/06/2026

Hello again readers,

I hope you find the following post informative and please do get in touch if you need any assistance with your mortgage finance or insurance needs, please feel free to email or call and I will be happy to help.

In interest rate news, average fixed-rate mortgage prices dipped again this week, helped by big rate cuts from mainstream lenders, according to Moneyfacts.
The typical two-year fix fell 3bps to 5.59%, from 5.62% last week, while the average five-year fix fell 3bps to 5.56%. The mortgage type to see the largest average cut this week was two-year fixes to 50% LTV, down 7bps to 5.13%. No type of mortgage saw prices raised this week, with prices either staying flat or falling.

At the recent meeting the Bank of England held interest rates at 3.75% as it said the recent fall in oil prices was “encouraging,” even while two of the nine policymakers voted for an immediate quarter-point hike over concerns of persistent inflation.

The next MPC meeting is this Thursday 30th July.

In criteria news, Hodge Bank has expanded its foreign national mortgage criteria, increasing maximum loan-to-value limits and easing residency requirements.
Vida Homeloans will now accept Buy to Let SPVs where the applicant company is a subsidiary of a parent company as long as it meets certain requirements.
Keystone Property Finance will now accept HMOs and MUFBs up to 20 occupants/units.

In wider news, buyer demand has bounced back after a temporary dip in May due to the unprecedented heatwave that coincided with half term, Rightmove reveals.
Since 22 May, buyer demand dropped by an unseasonal 8% over the course of the following seven-day period, as potential buyers temporarily held off from booking viewings to either soak in or take shelter from the heat.
Buyer demand started to rise again from the start of June as temperatures eased and potential buyers began booking in more viewings.
On 6 June, buyer demand surpassed pre-heatwave levels with normal, seasonal trends resuming.

In Insurance news, Guardian has released its two core covers, critical illness essentials and combined life and critical illness essentials, for consumers seeking affordable policies.
The policies do not include all the enhanced features available with Guardian’s critical illness protection and have simplified terms and conditions to make it easier for clients to understand.
The covers have been developed in collaboration with advisers, where demand for lower-cost options were identified.

It is important that you consider protection, both for your home and contents, yourself and for any family that relies on your income. If you need help looking into arranging new cover and are unsure about what each plan covers, or perhaps you need help understanding the wordings and definitions of an existing plan, please feel free to get in touch and I’ll be happy to help.

All the very best,

Richard Johnson
Certified Practitioner in Specialist Property Finance
Cert CII (MP), CeCM, AdvCemap, CeRGI
Mortgage and Insurance Consultant

Mobile Phone ; 07881802962
Office : 0208 245 8464 direct dial
Email : [email protected]

Visit www.rjmortgagefinance.co.uk for the rest of the blog post(s)

In interest rate news, the base rate has remained at 3.75% following the April   MPC meeting, with the vote being 8-1 for the rate to be unchanged.  One member voted for an increase.

17/06/2026

Hello again readers,

I hope you find the following post informative and please do get in touch if you need any assistance with your mortgage finance or insurance needs, please feel free to email or call and I will be happy to help.

In interest rate news, average fixed mortgage rates inched downwards again this week, according to the latest Moneyfacts rate watch. The average two-year fix is now 5.62%, down 3bps from 5.65% last week. The typical five-year fix is now 2bps lower, at 5.59%.

Moneyfacts reported that : “Unlike recent weeks, some of the biggest reductions were to the benefit of lower-risk borrowers. “The average two-year fixed rate at 60% loan-to-value dropped by 8bps from 5.15% to 5.07%, while the average five-year equivalent fell by 4bps from 5.28% to 5.24%.

The next MPC meeting is this Thursday 18th June. Economists expect rates to stay on hold, but recent comments point to growing divisions on the nine-member MPC, with some officials concerned they are running out of time to address the inflation danger posed by the energy shock

In criteria news, Ecology Building Society added a new larger loan product ( up to £2m at 80% ) to its mortgage range, aimed at homeowners and purchasers focused on property renovation.
Furness Building Society will accept a Sale of other mortgaged property as an exit route for a residential interest only borrower.

In wider news, Buy-to-let (BTL) sentiment has remained stable as landlords continue to make "clear and considered decisions" about their portfolios, Landbay has revealed.

The BTL lender's latest survey revealed that landlords are becoming more decisive in their portfolio strategies, as a majority do not plan to either buy or sell over the next 12 months. A significant proportion are still planning to act, which it said shows that activity remains balanced rather than subdued.

Just over half (51.9%) said they do not currently plan to purchase additional properties, while 35.3% are planning to add to portfolios.

At the same time, the lender found that selling intentions remained consistent with previous findings, suggesting ongoing reshaping rather than any large-scale exit from the sector.

In Insurance news, the reason we arrange cover for clients is so that they can have assistance when its needed and figures show that Royal London paid out a record £821m in protection claims in 2025, representing 98.4% of all customer requests to policyholders ranging from 19 years old to 102.
Broken down, the insurer paid out £326m in term life and terminal illness claims, with average payouts of £85,437 for life cover and £133,238 for terminal illness.
Critical illness claims amount to £198m for 2,959 customers, with an average payment of £67,000, representing an 89.3% payout rate. Cancer accounted for 64% of claims, followed by heart attack at 9% and stroke at 8%.

The value of income protection claims reached £9.6m, while whole-of-life claims came to £282m.
The figures reflected continued growth in Royal London’s protection business, including the first full year of claims following the transfer of Aegon’s individual protection portfolio. Term life claims increased by 32% and terminal illness claims by 17% year-on-year.

It is important that you consider protection, both for your home and contents, yourself and for any family that relies on your income. If you need help looking into arranging new cover and are unsure about what each plan covers, or perhaps you need help understanding the wordings and definitions of an existing plan, please feel free to get in touch and I’ll be happy to help.

All the very best,

Richard Johnson
Certified Practitioner in Specialist Property Finance
Cert CII (MP), CeCM, AdvCemap, CeRGI
Mortgage and Insurance Consultant

Mobile Phone ; 07881802962
Office : 0208 245 8464 direct dial
Email : [email protected]

10/06/2026

Hello again readers,

I hope you find the following post informative and please do get in touch if you need any assistance with your mortgage finance or insurance needs, please feel free to email or call and I will be happy to help.

In interest rate news, Overall product choice of residential mortgages has risen above 7,000 options for the first time since March 2026, Moneyfacts data reveals.
Moneyfacts UK Mortgage Trends Treasury Report shows that mortgage product choice has seen almost 350 more options returning in the space of a month, since the start of May 2026.
Choice has now climbed back to over 7,000 options for the first time since the start of March 2026.
Data found that mortgage product churn continued throughout May, with the average shelf-life of a deal now at 15 days, one day fewer than the month prior.
It also reveals fixed mortgage rates dropped for a consecutive month, with the average two-year fixed rate seeing its biggest monthly fall in over a year.
Since the start of May, the average two-year fixed rate fell by 0.10%, and the average five-year fell by 0.05%, to 5.68% and 5.63%.

The next MPC meeting is 18th June.

In criteria news, Market Harborough Building Society will now consider Live/Work units where the LTV is below 50%, please refer to the lender for further details.
Gatehouse Bank will now consider applications involving gifted equity without the need for an additional customer deposit, subject to certain criteria.
Foundation has increased its maximum residential lending age from 75 to 80 and cut rates across its mortgage range. Product fees have been removed from 2- and 5-year fixed-rate 90% loan-to-value (LTV) products, including for key workers.

In wider news, in the landlord sector, a report from the Resolution Foundation suggests It is unlikely that incoming energy-efficiency requirements in the private rented sector (PRS) will lead to an exodus of landlords.
The Foundation’s latest housing outlook found that private rented homes were the worst-performing when it came to the cost, size of properties and quality. It said the Renters’ Rights Act could lead to the improvement of the quality of private rented homes, noting the requirement for homes to be energy efficient by 2030 and meet a new Decent Homes Standard in the mid-to-late 2030s.

The organisation said the target was ambitious, as 47% of homes in England did not currently meet the proposed standard. It said the typical cost of improving a home to an Energy Performance Certificate (EPC) rating of C was £9,000, equivalent to around 75% of the median annual rental income for landlords with one property.
It added that it was possible some landlords operating at narrow margins could exit the market, but, similar to the introduction of other energy-efficiency regulations, “large-scale exits seem unlikely”.

In Insurance news, bad news comes in a report from Cancer Research states Critical illness is changing. It is no longer associated with older people and the protection insurance industry is working to face evolving health challenges.
Cancer, for example, is on the rise among 24-to-49-year-olds. Incidence of the disease in this group jumped by a quarter (24%) between 1995 and 2019, Cancer Research UK says.
The stats for stroke are more severe. There was a 67% rise in the condition in those aged under 55 between 2002 and 2018, according to the Medical Research Foundation.

And by way of balance, improvements come from Guardian who have added two new ‘core’ covers – Critical Illness Essentials and Combined Life and Critical Illness Essentials – to its Essentials range.
The provider said these additional covers will give advisers more opportunities to recommend Guardian where clients need value and quality and will sit alongside Guardian’s current enhanced protection product range.

It is important that you consider protection, both for your home and contents, yourself and for any family that relies on your income. If you need help looking into arranging new cover and are unsure about what each plan covers, or perhaps you need help understanding the wordings and definitions of an existing plan, please feel free to get in touch and I’ll be happy to help.

All the very best,

Richard Johnson
Certified Practitioner in Specialist Property Finance
Cert CII (MP), CeCM, AdvCemap, CeRGI
Mortgage and Insurance Consultant