GBP swap rates — the wholesale market that fixed mortgage pricing is built on — have been drifting upward for a couple of weeks now, with both two-year and five-year swaps a little higher than where they sat in early July. Five-year swaps are back up around the low 4%s, having eased briefly mid-month before resuming their climb.

For buy-to-let borrowers this matters because five-year swaps are the main input lenders use to price five-year fixed products. When swaps rise, we’d expect lenders to reprice fixed rates upward over the following days or weeks, all else equal — so the recent trend leans toward “lock in sooner” rather than “wait for better.”

On the product side, we’ve also seen a round of repricing activity across the limited-company buy-to-let space this week: a mix of new fixed-rate options appearing and a couple of higher-fee products being withdrawn. Nothing in the reshuffle changes the broader picture — products with no arrangement fee continue to come out ahead over a realistic five-year holding period once the fee on a “cheaper” headline rate is accounted for, a pattern that has held consistently through several of these repricing cycles.

Net take: rates are drifting the wrong way for anyone hoping to wait out a better fix, and the no-fee end of the market continues to look the most efficient once fees are properly amortised over the fix.

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 Any rate levels mentioned are approximate, are our own summary of publicly reported market conditions, may be out of date, and are not quotes available to you.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.