1 September 2017

Press Coverage

Property prices are still rising but at a slower pace in the second quarter of the year, according to the Halifax house price index. Mark Harris, chief executive of mortgage broker SPF Private Clients, said: ‘While lenders were still keen to lend and mortgage rates were low as a result, buyers were now facing the issue of finding a property they wish to buy, with a lack of supply in the market.’ The Daily Telegraph, 7 August 2017

Expanding on these comments, Mark Harris of SPF Private Clients, said: ‘Mortgage rates are staying extremely low. This state of affairs has been supporting the housing market to an extent and is likely to continue to do so with no immediate interest rate rise on the horizon. One of the big issues facing prospective buyers is not so much getting the mortgage they need but finding a property they wish to buy. Until supply improves, this will continue to be the case.’ BBC News, 7 August 2017

More people are buying property with friends because they can’t afford to do so on their own. From a lender’s perspective, there is no difference between buying with a friend, sibling or partner. However, Mark Harris of SPF Private Clients, warned: ‘You are joint and severally liable for the mortgage, which means that if one party falls into difficulty and stops paying the mortgage, all parties will be affected (including your credit rating and history) unless an arrangement to absorb the shortfall is reached.’ The Times, 12 August 2017

Rich homeowners are taking out loans on their homes to fund new ventures such as investing in wine or stocks and shares but not all lenders will allow this. ‘Much will depend on the lender,’ said Mark Harris of SPF Private Clients. ‘Mainstream banks are reluctant to agree to remortgage a property if the borrower is raising cash to invest in stocks and shares, whereas the private banks are likely to be more flexible.’ The Sunday Times, 13 August 2017

Many parents with students off to university will consider buying a property for their child to live in while they study. Some lenders are tailoring products specifically for this market, allowing parents to guarantee a portion of the mortgage by putting their home up as security if the student isn’t able to raise the deposit. Mark Harris of SPF Private Clients, said: ‘It is worth considering deals from Bath Building Society and Loughborough Building Society on the proviso that parents understand that their home is on the line if their children fall behind on their mortgage.’ The Times, 26 August 2017

Mortgage approvals surged above expectations in July, according to the Bank of England, to the highest level since 2008. Mark Harris of SPF Private Clients, said: ‘There is a continued strong demand for mortgages, particularly from first-time buyers and those remortgaging onto cheap fixed-rate deals.’ The Daily Express, 30 August 2017

Share This Article