31 July 2017

Press Coverage

It’s been a decade since the credit crunch burst the property bubble. The subsequent Mortgage Market Review has made it tough for certain groups to get mortgages. ‘The regulations are well meaning, but often the interpretation and application have led to ‘mortgage prisoners’ such as older borrowers, the self-employed, those requiring interest-only or first-time buyers,’ says Mark Harris, chief executive of the broker SPF Private Clients. The Sunday Times, 30 July 2017

Homeowners are rushing to remortgage onto long-term fixed-rate deals because of fears of a rate rise yet the indications are that interest rates won’t rise for a while. Mark Harris of SPF Private Clients, said: ‘The markets are factoring in a rise later this year, but we don’t expect it to be anything more than a return to 0.5 per cent.’ The Times, 15 July 2017

Expanding on these comments, Mark Harris of SPF Private Clients said mortgage rates are unlikely to fall any lower so if homeowners are still worried, they could protect themselves by locking into a long-term fixed rate today: ‘You can get two and five-year fixes at less than 2 per cent, or 10-year deals for less than 2.5 per cent. This is as good a time as any to remortgage and protect yourself from rate rises.’ The Sunday Express, 11 July 2017

While the Bank of Mum and Dad are increasingly called upon to help their children onto the housing ladder, this can be done without handing over wads of cash. With the Family Building Society Family Mortgage or the Barclays Springboard deal, savings are offset against the mortgage as security, but the parents get them back later. ‘This can be useful for retirement funding, ensuring parents aren’t left penniless in their old age,’ says Mark Harris of SPF Private Clients. The Times, 15 July 2017

Average house prices in the UK increased by 4.7% in the year to May taking the average property value to £220,713, according to the Office for National Statistics. Mark Harris of SPF Private Clients, says: ‘The easing inflation figures may start to take a little pressure off the need to increase interest rates, of which there has been much speculation in the past couple of weeks. What we do know is that mortgage rates continue to remain competitive and there are some exceptional deals, particularly on two- and five-year fixes.’ Your Money, 18 July 2017

Mortgage approvals fell to a nine-month low in June, according to the Bank of England. Mark Harris of SPF Private Clients, says: ‘Net secured lending ticked up a little in June although lender appetite is far stronger than these figures suggest. With little upward pressure on interest rates, lenders continue to reduce their fixed-rate mortgages.’ What Mortgage, 31 July 2017

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