23 January 2017
Over the past few days you may have seen us mentioned in the following articles:
London mortgage broker Mark Harris of SPF Private Clients echoes that point: ”Most borrowers do not opt for 10-year fixes as it is too long a period to commit – and if you have to exit the mortgage early, there could well be a significant early repayment charge for doing so,” he says. Evening Standard, 17 January 2017.
Mark Harris, of mortgage broker SPF Private Clients, said: ”While at first sight £500 cashback seems attractive, it is important that borrowers look at the overall cost of the mortgage over the initial incentive period of the product, taking their loan size into account. Shopping around and getting a substantially cheaper mortgage rate would more than offset that £500 over a two or five-year period.” This is Money, 5 January 2017.
According to Mark Harris, chief executive of broker SPF Private Clients, swap rates have “stabilised” of late, with some lenders reducing their rates again. However, he warned that Theresa May’s confirmation of the Government’s Brexit plan could result in swap rate “volatility”. The Mirror, 17 January 2017.
Putting all owners on the mortgage is not an easy alternative either, as many lenders are reluctant to give mortgages to people past retirement age. Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “Lenders routinely ask for details of the dependants living in a property.
”If one generation does not contribute financially, then the lender could make assumptions about how their lifestyle is afforded – for instance, the non-earning dependant becomes a financial drain on the others, which will affect the amount you can borrow.”
What is more, explains Mr Harris, some lenders do not like annexes with a separate entry and no access to the main house because of the risk of it being let out. Moneywise, 12 January 2017.