Mortgage and Insurance Blog

Date - 10th July 2024 

Written by Richard Johnson  

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 base rate remains at 5.25% following the May MPC vote , meaning no change since August of last year. The next MPC meeting is August 1st.

Average fixes edged lower this week, as major lenders cut mortgage rates as they competed for summer business.  

The average rate for a two-year fix fell by 4 basis points to 5.93%, while the average rate for a three-year fix was 9 basis points lower at 5.66%, according to Moneyfacts data.

The average five-year fix was down 4 basis points to 5.51%, while the average 10-year fix was unchanged at 6.01%. 


In criteria news, Shawbrook Bank has rolled out a series of changes which broaden its scope for multi-unit freehold blocks (MUFBs), now allowing first-time landlords seeking MUFBs up to six units.

Metro confirm they will accept a converted church as security for a Buy to Let application.

Market Harborough Building Society has made changes to its lending criteria by relaxing some of its affordability rules and increasing loan to values (LTVs). The lender will now consider using earned income up to the age of 75 to support the application. 


In wider news, Principality’s mortgage application data shows that first-time buyers are selecting a range of different strategies as they looked for ways to secure their first home. Of those buyers engaging with joint borrower sole proprietor (JBSP), Shared Ownership and gifted deposits mortgages, between 71% and 80% were found to be first time buyers. 

Housing market activity has been “broadly flat” over the last year, with the total number of transactions down by around 15% compared with 2019 levels, according to Nationwide’s House Price Index. Transactions involving a mortgage are down even more (nearly 25%), reflecting the impact of higher borrowing costs. By contrast, the volume of cash transactions is actually around 5% above pre-pandemic levels. 


In Insurance news, a reminder as to why we recommend insurance to our clients comes from Protection provider, Guardian, which has published its first annual claims report, in which it states it paid out over £15 million in claims during 2023.The payments were split across 150 families and comprised of over £7.5m in life and terminal illness claims alongside £7.5m in critical illness (CI) and children's critical illness claims.

The rate of payment for life and terminal illness was at 100% for the provider, with a 92% payout rate for CI and Children's CI. The average amount paid varied by product, average payouts were: Life (£162,043); terminal illness (£168,727); CI (£90,102); and children's CI (£20,907).


If you need help looking into the wordings and definitions of a new insurance plan, be it buildings and contents cover or perhaps life insurance, income protection or family income benefit or just want us to review the cover you have in place, please feel free to get in touch and we’ll be happy to help

And just a reminder that many of the insurance plans we arrange have additional benefits including a funeral pledge, 24/7 GP services, second opinion services and remote psychological services are available.


All the very best,


Richard Johnson

Cert CII (MP), CeCM, AdvCemap, CeRGI

Mortgage and Insurance Consultant.

Mobile Phone ; 07881802962

Office : 0208 245 8464 direct dial

Email :



   2024 Blogs -

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