13 June 2019

Press Coverage

If you are an accountant, doctor or one of a number of other professions, you may be able to get a much bigger mortgage. Research by SPF Private Clients for Telegraph Money shows that 11 lenders offer special deals to accountants and doctors. Mark Harris of SPF Private Clients commented: ‘Professional applicants are attractive to lenders as their income tends to increase substantially as they progress through their careers. They might be starting off on a relatively modest wage but it’s a fairly safe bet that they will earn more within a specific timeframe. They can benefit from enhanced terms, such as being able to borrow up to six times income or needing a smaller deposit.’ The Daily Telegraph, 3 June 2019

UK house prices rose in April, according to the Halifax. Mark Harris of SPF Private Clients, said: ‘The lack of supply and properties coming to the market is most likely continuing to support property prices, while cheap mortgage rates continue to attract those who are ready to take the plunge.’ BBC News, 8 May 2019

The self-employed are still finding it harder to get a mortgage than those who work for an employer, even though their numbers are rising. However, Mark Harris of SPF Private Clients argued that mortgages for self-employed borrowers had improved and the sector was served by a ‘number of mainstream and niche lenders’. The Times, 15 May 2019

Anyone thinking about buying a log cabin, who needs a mortgage to do so, may require specialist finance. Mark Harris of SPF Private Clients said: ‘Finding a mortgage to buy a log cabin will be more difficult than securing finance on a traditionally-built house, as many lenders consider wood to be an unconventional building material. However, there are a few lenders who will consider lending on 100 per cent timber-constructed properties, subject to a suitable valuation and positive valuer comments regarding saleability and suitability for mortgage purposes.’ This is Money, 20 May 2019

House price growth remained below one per cent annually for the sixth month in a row in May, according to the Nationwide building society.  Mark Harris of SPF Private Clients said: ‘With property transactions and mortgages approved for house purchases remaining broadly stable, it is encouraging that buyers and sellers are shaking off some of their prevailing lethargy and getting on with their lives. First-time buyer numbers are recovering, which is encouraging, with cheap mortgage rates helping.’ The Daily Mail, 31 May 2019

There is a good opportunity for first-time buyers to get on the housing ladder given the combination of cheap borrowing and slow house price growth. Mark Harris of SPF Private Clients said: ‘There is always much debate as to when is the perfect time to get on the housing ladder. It is very difficult to time the market so as a general rule, if you have found a property that you wish to buy, and you can afford to do so, then now is as good a time as any.’ The Sun, 14 May 2019

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