7 March 2022

February Press Coverage

House prices surged to a record high in January, according to Nationwide, even though interest rates and the cost of living are also going up. Mark Harris of SPF Private Clients said: ‘Even as mortgage rates edge higher, they are still competitively priced, which should give buyers confidence to take the plunge, even in the face of higher living costs.’ The Independent, 1 February 2022

How will the base rate rise affect your mortgage? Mark Harris of SPF Private Clients said: ‘As lenders seek to create opportunity and/or cater for demand, not all rates are on the rise; indeed, we have seen longer-term fixes fall. Furthermore, while the cost of lower loan-to-value mortgages has risen, the same cannot be said for lower-deposit products. It should be remembered rates are still historically low and there are good deals to be had if you shop around. Borrowers may be able to reserve rates for up to six months, therefore hedging against further mortgage rate increases.’ This is Money, 3 February 2022

British expats living in Europe are finding it tricky to buy a home in the UK. Mark Harris of SPF Private Clients said: ‘Options are limited for buyers, as high-street banks and building societies have stopped serving this market. This is partly to do with the increased difficulties in checking income, expenditure and general affordability, as well as the lack of a finance bill, which has still to be agreed.’ The Daily Telegraph, 13 February 2022

Homeowners could benefit from taking out an offset mortgage. Mark Harris of SPF Private Clients said: ‘Offsets are not as popular as they should be, given the potential benefits. They work well for those with large stable amounts of cash on deposit; you would not be earning much in a savings account so can make your cash work harder by reducing the interest you pay on your mortgage.’ Ideal Home, 24 February 2022

The best mortgage rates have almost doubled in just five months as lenders have pulled their cheapest deals. Mark Harris of SPF Private Clients said: ‘The very cheapest mortgage rates are long gone and several lenders are raising prices ahead of the Bank of England’s next interest rate decision in March. Rates can be booked up to several months in advance so those needing a new deal may wish to plan ahead and secure a rate before the most competitive mortgages disappear.’ The Daily Telegraph, 25 February 2022

Mortgage lenders have put a swathe of rates on the back of rising inflation, so borrowers were having to reassess the leisurely approach many had adopted over the past few years of ultra low rates. Mark Harris of SPF Private Clients said that when lenders were competing hard on rates, people could afford to wait. Now the upward movement on rates was forcing them to take action before lenders pull deals and replace them with more expensive options. I’d suggest the bottom on rates has been and gone. This is making people come to a decision.’ The Financial Times, 25 February 2022