Mortgage brokers can now get free access to swap rate data under a partnership between Next Intelligence and BlueGamma.
The service, Swap Rate Monitor, will give brokers direct access to the market data that influences lender pricing decisions.
The new service sends out daily SONIA swap rate updates, using BlueGamma market data, straight to brokers’ inboxes, removing the need to monitor several sources manually.
The service is free to members of the Next Intelligence mortgage club.
Next Intelligence said the swap rate information will help brokers better understand lender funding costs, spot market moves that often come before lenders reprice, and help give better advice to customers about the likely direction of fixed mortgage rates.
Next Intelligence managing director John Cupis said: “Mortgage brokers are operating in a market where understanding lender funding costs has never been more important. By putting daily swap rate data straight into advisers’ inboxes, we are helping brokers make more informed decisions and communicate market movements with greater confidence.
“Daily two-, five- and 10-year SONIA swap rates, compared with previous weeks and months, will give mortgage practitioners an easy way to see what’s happening right now and stay on top of those client conversations.”
Wayne Gray, managing director of DMI Finance, said: “I think it’s extremely valuable. Going back even five, 10 years ago, brokers weren’t that clued up on swap rates, and often didn’t need to be. Nowadays rates last far less time.
“This service lets us anticipate lender pricing and make sure we are alerting clients to potential changes in mortgage pricing far sooner, rather than just reacting to lender announcements.”
BlueGamma chief executive Ali Vohra said: “Lenders set fixed mortgage rates off the swap market, but that data has mostly sat on trading screens.
“We’re giving brokers the same rates treasury teams use, in a form they can read in 30 seconds and explain to a client.”
For more information or to register for the Next Intelligence Swap Rate Monitor, visit the website at www.nextintelligence.co.uk.
