A quiet couple of days, with the swap market gently backing up last week’s story.

Swaps edged lower. The GBP SONIA swaps behind fixed-rate mortgage pricing drifted down a touch: five-year swaps now sit at roughly 4.0-4.05% and the two-year just under 3.95%. The two market sources we track had disagreed for a while (one had gone stale); both are now fresh and within a few basis points of each other, which gives us more confidence in the level. The move since late May is worth perhaps 10-15 basis points on the two-year - small, but in the borrower-friendly direction.

Buy-to-let pricing held. No launches, withdrawals or repricing across the limited-company buy-to-let range we follow since our last note, and our own lender’s five-year fixed pricing at 75% loan-to-value is also unchanged. The competitive repricing we flagged on 1 July has stuck: the sharpest five-year money at that loan-to-value still prices below where our own lender’s equivalent products sit.

Our take: with swaps easing slightly rather than rising, there’s no funding pressure to unwind last week’s cuts - if anything the backdrop now mildly supports them. The gap between the best of the market and our own lender persists, so it remains worth a conversation with the broker before anything is locked in. Nothing to act on today; direction still favours patience.

Not advice - for our own record. This is an internal market note kept by BSL Property Ltd to track conditions relevant to our own property investments. It is general commentary only, not financial, mortgage, investment, tax or other professional advice, not a personal recommendation, and not a financial promotion or an offer of any product. Any rate levels mentioned are approximate, are our own summary of publicly reported market conditions, may be out of date, and are not quotes available to you. Always obtain advice from an FCA-authorised adviser before making any borrowing or investment decision. BSL Property Ltd is not authorised or regulated by the FCA.