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Lenders accused of rush to reprice

Chelsea Mortgage Management is accusing lenders of being too quick in repricing fixed rates, using swap rate movements as an excuse.

Simon Bucknell, business development manager at Chelsea Mortgage Management, says: “Brokers are being put in an impossible situation at the moment because of the constant repricing of fixed rates.

“A lender may buy £10m on the money market at a set cost but the fact that swaps have increased shouldn&#39t have any bearing on the costs they incurred on buying those funds.”

Halifax spokesman Paul Fincham says: “The money markets are particularly volatile at present. I understand brokers might find rate changes a bit annoying but lenders are at the mercy of market forces and have to make money. Mortgages are still competitive.”

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