15 July 2019

Press Coverage

Lenders are competing for a dwindling number of mortgage customers. Mark Harris of SPF Private Clients, said: ‘The Bank of England monetary policy committee has cut its outlook for UK growth, making it highly unlikely that we will see an increase in rates this year. As a consequence, lenders could, if they wanted to, reduce rates even further.’ The Times, 13 July 2019

Some lenders are allowing borrowers to move onto a cheaper rate before their mortgage is up for renewal in a bid to secure repeat business. Mark Harris said borrowers need to plan ahead: ‘Planning well ahead means there is less chance that borrowers will leave everything to the last minute and slip onto their lender’s more expensive standard variable rate,’ he said. The Sunday Times, 23 June 2019 

Other lenders are extending their new mortgage offers for up to six months. Mark Harris of SPF Private Clients said this is great news for homeowners: ‘Knowing so far in advance what your own lender can offer also stops you wasting time and money beginning the process of switching to a new bank, only to find, with just a few months left before your deal expires, that the best rate is right on your doorstep.’ The Daily Mail, 10 July 2019 

The Daily Telegraph also covered the story about lenders extending their mortgage offer periods. Mark Harris of SPF Private Clients, said: ‘With transaction levels muted for new property purchases, lenders are keen to secure remortgage business. By offering extended remortgage offer periods, they ensure they lock in their customers before they’ve even had a chance to look elsewhere for a new mortgage. This is great news for borrowers who are worried about interest rates rising. They can book a fixed rate now, prior to their existing rate coming to an end, which buys them peace of mind.’ The Daily Telegraph, 20 June 2019 

House prices fell by 0.3 per cent in June, according to the Halifax. Mark Harris of SPF Private Clients, said: The ongoing uncertainty with regard to Brexit continues, resulting in many people putting decisions on hold and a lack of property coming to market.’ The Mirror, 5 July 2019

There has been a steady trend in mortgage approvals, despite a slight dip between April and May, according to the Bank of England. Mark Harris of SPF Private Clients said: ‘The number of mortgage approvals for house purchase, which indicate at what level future lending will be, fell back slightly in May but remain broadly in line with the narrow range seen in previous years. It shows that the mortgage market is trundling along quite steadily with no great shocks either way. This is reassuring as there is plenty of political and economic uncertainty, which is preying on people’s minds and creating a delay when it comes to making big decisions.’ City AM 1 July 2019

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