Press Coverage
14 April 2009
Various articles examined whether lenders were finally relaxing their criteria and offering deals to those with small deposits. Also, what does it mean if you miss a mortgage payment - is it going to be impossible to get a mortgage in future?
Melanie Bien, spokeswoman for Savills Private Finance, was quoted in several articles on these topics - and more.
The Financial Times (11/04/09) asked whether banks were demonstrating a renewed appetite to lend. Melanie Bien said: 'A number of lenders have told us they have more money to lend and are willing to do so, which is encouraging as until now we have been told how tranches are restricted.' However, this is not always the case with higher loan-to-value (LTV) deals, where lenders remain, on the whole, reluctant to lend. 'There are suggestions that these deals are being offered to keep the government off their case, but very few borrowers are lucky enough to pass the tight credit scoring and actually qualify for them,' she added.
Other papers looked at HSBC's new range of mortgages for those with a 10 per cent deposit. Melanie Bien commented in The Times (10/04/09): 'If you need a higher LTV it is still a struggle. Lenders are also quick to reject applications for what appear to be the softest of reasons, underlining their reluctance.' In The Guardian (09/04/09), she added: 'There are 90 per cent deals available elsewhere, but they're not as competitive as this. A 10 per cent deposit is do-able for many first-time buyers, even if some still have to resort to the bank of mum and dad for a top-up.'
The Times (11/04/09) looked at the severe knock-on effects of missing a mortgage payment. Melanie Bien commented: 'Homeowners are under a huge amount of pressure, mistakes do happen and it is easy to slip up. The costs can add up quickly and the impact on your credit report can be critical if you plan to remortgage with another lender. Banks and building societies are looking at credit histories more closely than ever.'