Editor’s Note
Right, grab a cuppa and pull up a chair. Welcome to another week in the UK property market! If you’re tired of the financial waffle and just want to know what’s actually happening with your mortgage, you’re in the right place.
It’s been a week of geopolitical jitters. While we started the month hoping for a spring rate-cutting spree, events in the Middle East have sent wholesale "swap rates" (the cost lenders pay for money) climbing. We’ve gone from "dead cert" rate cuts to a market that’s suddenly looking a lot more defensive. Let's get into it.
🗓️ Upcoming Dates to Watch
Bank of England MPC Meeting: All eyes are on the base rate. Will we get a cut from the current 3.75%?
Date: 19th March 2026
The Mortgage Geezer's Take: A few weeks ago, a cut felt like a formality. Now? Not so much. With oil prices spiking and inflation risks reappearing, the markets are now pricing in a 99% probability of a "Hold." The Bank is likely to keep its powder dry until the summer.
The Renters’ Rights Act Countdown: The biggest shake-up to the rental sector in a generation is looming.
Date: 1st May 2026
The Mortgage Geezer's Take: We are officially less than two months away from the end of Section 21 "no-fault" evictions. Landlords, if you haven't reviewed your tenancy agreements yet, the clock is ticking loudly.
📉 The Real Deal: Market Trends
The "Rate-Cut" Rally Hits a Speed Bump
The Big Hikes: Following the lead of HSBC and Nationwide, lenders like Barclays and Coventry Building Society have nudged rates up by around 0.1% to 0.25% this week. It’s not a spike, but it is a "correction" that suggests the floor for rates might be higher than we hoped.
Where Rates Sit: You’re now looking at average 2-year fixes around 4.87%, while 5-year deals are nudging 4.98%. Sub-4% deals are effectively endangered species right now—if you see one, it's likely a high-deposit "best buy" that won't stay on the shelf for long.
The Mortgage Geezer's Take: The "wait and see" strategy has become risky. If your deal expires in the next six months, lock something in now. Most lenders let you secure a rate today as a "safety net"—if rates drop later, you can usually switch, but if they keep climbing, you’ll be glad you moved.
House Prices: Stability Amid the Storm
The Stats: Despite the mortgage wobbles, house prices are proving remarkably resilient. The latest Halifax data shows a 0.3% rise in February, keeping the average UK home price at a record £301,151.
The Regional Split: It’s still a "North-South" divide. Northern Ireland (+6.3%) and Scotland (+4.7%) are the star performers, while London (-1.0%) and the South East (-2.2%) are feeling the pinch of stretched affordability.
💡 Lender Spotlight: Flexibility is the New "Cheap"
With rates trending upwards, lenders are pivoting to flexibility to keep the market moving.
The Headline: We’re seeing a wave of "affordability tweaks." Lenders are quietly reducing the "stress test" rates they use. Instead of testing if you can afford 8% or 9% interest, some are looking at "probable future rates," which is helping more buyers pass the computer-says-no hurdle.
The Perk: More lenders are also warming up to the self-employed, with some now treating directors and contractors with the same "practical" criteria as salaried employees.
The Mortgage Geezer's Take: If you were told "no" six months ago because of your income multiples, it’s worth a second look. The rates might be higher, but the willingness to lend is actually increasing.
🏆 Client of the Week
The "Side-Hustle" Success: Jordan & The Studio
Background: Jordan, a graphic designer from Bristol, had a healthy salary but a complex income. Half of his earnings came from his "day job," while the other half came from a successful freelance side-hustle. Most high-street lenders were only willing to look at his basic salary, leaving him about £80,000 short of the house he wanted.
The Strategy: We approached a specialist lender that treats regular freelance "side" income with the same weight as a primary salary, provided you have a two-year track record. We secured him a mortgage based on his total earnings.
Achievement: Jordan didn't just get the house; he got one with a detached garage that he’s already converting into a permanent design studio.
The Quirk: The "studio" currently has more high-end coffee equipment than actual computers. He claims the "aroma of roasted beans" is essential for creative flow, though we suspect he’s just opened the neighbourhood's most exclusive (and unpaid) espresso bar.
The Lesson: If your income doesn't come from a single "9-to-5" payslip, don't assume you're stuck. There are lenders out there who speak the language of the modern entrepreneur.
🧐 Did You Know?
The "Right to Light" is a real (and powerful) legal right. In England and Wales, if a window in your home has received uninterrupted daylight for at least 20 years, you can acquire a legal "Right to Light." This means that if a neighbour tries to build an extension or a developer plans a block of flats that would significantly block your sunshine, you can legally block them.
It’s one of the few ancient property laws that still regularly stops modern construction projects in their tracks—proving that in the UK, your "slice of sky" is just as much a part of your property as the bricks and mortar!
Keep your cuppa warm and your rates low,
The Mortgage Geezer
The Mortgage Geezer is a Trading Style of Access Financial Services Limited, Unit 1 Furtho Court, Towcester Road, Old Stratford, Milton Keynes, MK19 6AN who are regulated by the FCA Reg No: 301173
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS