Press Coverage
07 April 2009
Several papers considered whether we are actually seeing the 'green shoots' of recovery in the mortgage market or whether it is a false dawn. There was advice for landlords - both those with top-end properties who may be called upon by their lenders to reduce their loan-to-values and 'accidental landlords' who are renting because they can't sell.
Melanie Bien, spokeswoman for Savills Private Finance, was quoted in a range of articles - a selection appear below.
The Times (04/04/09) looked at the sorts of mortgages different homebuyers and remortgagers could qualify for. Melanie Bien was quoted as saying: 'Five-year fixes are as cheap as they are likely to get. If you would rather sit it out, you could benefit from low monthly payments for several more months before locking in later when rates begin to creep up.'
The Financial Times (04/04/09) looked at buy-to-let and wealthy landlords who are given as little as one month's notice to reduce the loan-to-value (LTV) on their mortgages. Melanie Bien said: 'Banks reserve the right to review and revalue property at any time and, if they do this, the trend in down valuations is such that the borrower may have to hand over more cash to reduce the LTV.'
The Sunday Times (05/04/09) looked at first-time buyers and the struggles they face to get on the housing ladder. Melanie Bien said: 'Prices may have fallen but lenders are reluctant to lend as much [in relation to the property price] as they did in the past. It is possible to borrow 90 per cent, but the best rates are available to those with 25 or 40 per cent to put down. Credit scores are also tighter than they used to be.'