14 February 2017

Press Coverage

There has been much debate over whether borrowers should take out a 10-year fixed-rate mortgage as rates have fallen. Much depends on the individual’s circumstances, says Mark Harris of SPF Private Clients: ‘If a first-time buyer is purchasing with friends, chances are that within ten years their circumstances will change.  By contrast, those who are more settled, married with children in school, for example, may find they are better suited to a longer fix.’ The Sun, 29 January 2017

Offset mortgages are also proving increasingly popular with interest rates at rock bottom. ‘With mortgage rates at record lows, this actually lessons the case for paying off your mortgage,’ says Mark Harris of SPF Private Clients. ‘As your home loan is not costing you much in the way of interest, it may make sense to hang on to your savings in case you need them. The beauty of an offset is that you can retain access to your cash as a safety net while at the same time reducing the interest you pay on your mortgage. It’s a win-win.’ Moneywise, 24 January 2017

Political factors and mortgage tax relief are likely to weigh on the housing market in 2017, warns the Council of Mortgage Lenders. Mark Harris of SPF Private Clients, says: ‘2016 turned out to be an encouraging year for the mortgage market, despite significant headwinds created by the increase in stamp duty for landlords and second homeowners in April and the uncertainty surrounding the referendum. Record low mortgage rates were responsible for this resilience, with many borrowers remortgaging to take advantage of the lowest rates ever while first-time buyers were able to take advantage of an increase in the number of high loan-to-value deals.’ What Mortgage, 26 January 2017

House prices rose by 0.2 per cent in January, according to Nationwide Building Society. Mark Harris of SPF Private Clients, said: ‘Record low mortgage rates are largely responsible for much of the resilience we have seen in the housing market, with many borrowers taking advantage of some of the cheapest rates ever.’ Your Money, 1 February 2017

Also commenting on house prices in the Mirror, Mark Harris of SPF Private Clients added: ‘We expect [record low mortgage rates] to continue during the spring with lenders showing encouraging signs of wanting to do business by cutting rates further.’ The Daily Mirror, 2 February 2017

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