Weekly rate watch: Fixes edge lower

According to data from Moneyfacts, the average rates for two, three and five-year fixed rate mortgages fell slightly last week, while the average rate for 10-year fixed rate mortgages rose slightly. The biggest fall in rates was seen in the 65% loan-to-value (LTV) average rate for three-year fixes, which dropped by 14 basis points to 5.18%.

Rightmove mortgage tracker: Pace of rate cuts slows

Rightmove’s data reveals that average mortgage rates continued to fall this week, although at a slower pace. The largest week-on-week change was for 95% LTV two-year fixes, with a 10 basis point cut to 5.52%. The company predicts that the lull is a combination of Easter limiting activity and lenders taking stock after an active period of price cuts across the market. However, there are increasing signs of competition at lower LTVs.

Collapsed home sales top £1bn: House Buyer Bureau

The cost of property sales that failed in 2022 increased by 6.3% YoY, amounting to £1.03bn, according to the House Buyer Bureau. The figure is a 75% rise since 2018, with the cost associated with each collapse averaging £3,311 in the final quarter. Although the fourth quarter saw a 15.9% decrease in market activity compared to Q3, it still cost £251m. House Buyer Bureau Managing Director Chris Hodgkinson attributes the increase to market instability, the seasonal lull in activity, the mini-budget and Christmas.

Nearly half of landlords thought EPC rules were just ‘guidance’: MAB

Nearly half of landlords (47%) believed that rules instructing them to upgrade properties to an EPC rating of C or higher was guidance and not the law, according to research by Mortgage Advice Bureau.

LSL sells two broker firms to Pivotal Growth for £17.8m

LSL has sold its mortgage, protection, and general insurance brokerage firms Embrace Financial Services and First2Protect to broker firm Pivotal Growth for up to £17.8m as it streamlines the business.

Market Watch: A period of calm is needed

They say a week is a long time in politics — but a day is an eon in the financial markets as economists keep getting caught out.

Buy-to-Let Watch: When BTL gets tricky

It’s important to have a good understanding of the specialist lender market and the lenders best suited to your clients’ needs

Lenders expect household secured credit to tighten: BoE

Lenders say the availability of secured credit to households was unchanged in the three months to the end of February, but expect credit to fall over the coming months, data from the Bank of England shows.

Ami to challenge FCA over broker fees rising 10.4% to £21m

The Association of Mortgage Intermediaries will challenge proposals to lift broker fees by 10.4% to £21m by the Financial Conduct Authority, despite broadly welcoming the watchdog’s funding plans.  

Nationwide cuts 90%, 95% LTV rates by up to 20bps

Nationwide Building Society will cut selected fixed-rate loans at 90% and 95% loan to value by up to 20 basis points and switcher rates by up to 30bps, from 4 April.