There is a paucity of deals available for buy-to-let landlords looking to remortgage made the weekend press, while elsewhere there were tips as to how families could better control or reduce mortgage costs. There was also an examination of the shortage of cash available for the Government's shared equity schemes.
A selection of mentions for Savills Private Finance are included below.
The Financial Times (16/09/2009) looked at how property investors hoping to take advantage of rock-bottom house prices are finding the cost of new buy-to-let loans prohibitively high. Melanie Bien, spokeswoman for Savills Private Finance, said: 'Two years ago, lenders were increasingly moving into the booming buy-to-let market as they claimed they couldn't make a profit in the prime residential market. The credit crunch has changed all this. Landlords looking to expand their portfolios by picking up a bargain, or remortgage, are in for a shock.' She added: 'Buy-to-let has taken a big step backwards. No longer is a 10 or 15 per cent deposit acceptable - landlords need at least 25 per cent and as much as 50 per cent for the best rates - and fees are astronomical.'
The Mail on Sunday (17/05/2009) advised how families can better control or reduce mortgage costs by considering an offset mortgage. Melanie Bien said: 'The big advantage of [an] offset [mortgage] is that you can reduce the interest on your mortgage while retaining access to your savings. If you lose your job, you could need those savings to tide you over.'
The Daily Telegraph (16/05/2009) looked at how the green shoots of recovery are being threatened by 'greedy' banks and building societies putting up mortgage costs despite record low interest rates. Melanie Bien said: 'Despite the fact that interest rates have been held for the second consecutive month and are expected to stay at 0.5 per cent for some months to come, a number of lenders continue to tighten their mortgage criteria regardless.'
The Times (11/05/2009) considered the MyChoiceHomeBuy scheme, whereby buyers could purchase a home under the government's shared equity scheme. Richard Stone of SPF Sherwins, the affordable housing arm of Savills Private Finance, said: 'There are literally thousands of buyers viewing houses and putting offers in thinking that they are in line for a government loan, but the way it is done means that only a handful will actually be approved. Demand is unlimited at the moment, people are queuing up but the money is running out quickly.'