24 April 2017

Press Coverage

Lenders have been cutting their mortgage rates in order to attract more business. Mark Harris of SPF Private Clients was quoted on the front page of The Times: ‘The debt market is oversupplied and when supply outstrips demand the simple economics is that mortgages become cheaper. If the [general] election means people put decisions to buy on hold then we could see even more competitive deals in an effort to attract borrowers,’ he said. The Times, 21 April 2017

Challenger bank Atom Bank got in on the act by offering the cheapest-ever five-year fixed rate mortgage at a rate of just 1.29 per cent. But a mortgage this cheap won’t be around for long, warned Mark Harris of SPF Private Clients: ‘The lender is likely to be inundated with applications and the money won’t last forever. We expect borrowers have up to two weeks at most to get their hands on one of these mortgages.’ The Sunday Times, 16 April 2017

Landlords may be wondering what Brexit will mean for their investments but Mark Harris of SPF Private Clients warned them not to panic. ‘It may be worth holding on to the property until it becomes clearer what a post-Brexit world looks like… With historically low buy-to-let mortgage rates, ensure you are earning as much as possible from your investments. Rents in London have softened slightly and values are forecast to be flat in 2017 and 2018, but yields and values further afield may be more attractive,’ he said. The Daily Telegraph, 21 April 2017

The Bank of Mum and Dad is being called upon more than ever before to help children onto the property ladder but nobody knows just how much assistance is reasonable. Mark Harris of SPF Private Clients, said: ‘Whereas in the past all parents had to worry about was how much to pay towards their child’s wedding, now they are expected to dig deep to help those children onto the housing ladder. Soaraway property prices, combined with student debt and the high cost of rent, means many would-be first-time buyers have no chance of getting a foot on the property ladder without parental help but parents and children don’t seem to know how much is expected, and reasonable, to gift.’ Mail Online, 18 April 2017

House prices are increasing at less than half the rate seen a year ago, according to the Halifax house-price index. But Mark Harris of SPF Private Clients, said: ‘Mortgage rates continue to stay low and competitive, which is helping support property prices to an extent.’ The Daily Telegraph, 7 April 2017

While growth in house prices was down significantly in March, historically low interest rates should mean the growth in the market continues. Mark Harris of SPF Private Clients, said: ‘Even though swap rates have risen on the back of higher inflation, lenders seem willing to absorb some of the higher costs of funding, at least for now, in order to compete for business.’ Sky News, 7 April 2017

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