Press

The directors of Anderson Harris are regularly asked for expert commentary in the national press. Below are some of their most recent mentions.

If you are a journalist and require comment, please contact Melanie Bien at Bien Media on 07875 175357 or melanie@bienmedia.com.

Melanie is an award-winning PR, author and former personal finance editor of the Independent on Sunday. Melanie is also one of the 25 most influential people in the British property industry, according to the Daily Telegraph.

Nationwide building society changed the terms of its mortgage deals last week, allowing new customers to overpay by up to 10% of their loans each year. However, be careful not to overstretch yourself. ‘Money overpaid is notoriously difficult to get back, so keep some for emergencies,’ said Adrian Anderson of Anderson Harris. A more flexible option could be an offset mortgage, which allows savings held in a linked instant-access account to be used to reduce the interest charged.

The Sunday Times
2nd June 2013
Workers on fixed-term contracts rather than in full-time employment could soon find it easier to get a mortgage with the Halifax, thanks to an easing of its loan criteria. Adrian Anderson of Anderson Harris, said: ‘Lenders have been competing on pricing, constantly undercutting each other, but are beginning to be more flexible on criteria. However, some remain nervous of big gaps between contracts.’

The Sunday Times
26th May 2013
The UK population may be living and working for longer, but this hasn’t stopped lenders running scared from older borrowers. ‘It is getting harder for older borrowers both to get a mortgage in the first instance and then to remortgage when they come to the end of their existing deal. Lenders have been tightening criteria, with many now not wanting to lend beyond the age of 70 or 75,’ says Jonathan Harris of Anderson Harris.

‘Private banks do tend to want to lend to these individuals as the wealth-management opportunity will be significant when the existing family home is sold and other investments are cashed in to fund the remainder of their retirement and the passing on of wealth to their children,’ he added.

Independent on Sunday
26th May 2013
Fresh evidence that the housing market recovery is underway emerged today with the news that mortgage approvals rose by 2.4% in April 2013. Adrian Anderson of Anderson Harris, said: ‘Borrowers continue to overpay on their mortgages, taking advantage of record low interest rates, and pay down debt where they can. This makes sense – why leave savings languishing in accounts paying such poor rates of interest when you can reduce your borrowing instead?’

Moneywise
24th May 2013
Wealth Matters: A reader’s divorced daughter is worried about securing ownership of her house now that her ex-husband has left the house and signed an informal document saying he has no further financial interest in it. Jonathan Harris of Anderson Harris, advised: ‘The lender won’t release your former son-in-law from the loan until it is convinced that your daughter can pay it on her own.’

The Sunday Times
19th May 2013
Pressure is growing on banks to ease tough restrictions on mortgages for new-build homes. Adrian Anderson of Anderson Harris, said: ‘New-build flats make lenders nervous due to the significant depreciation of their value on purchase. Some lenders will value a new-build property on the second-hand valuation, which means lots of properties are down valued, making it tricky for buyers.’

The Sunday Times
12th May 2013
Consumers disillusioned with banks are turning to building societies. ‘As the big banks continue to deleverage, gaps are appearing in the mortgage market and building societies are quick to fill these,’ says Adrian Anderson of Anderson Harris. ‘They have always been more nimble and that’s really apparent right now.’

The Sunday Express
12th May 2013
The housing market is showing springlike green shoots in many parts of the country. Whether you are upsizing or downsizing, there are ways to save money. ‘To get the best mortgage deals you need the biggest deposit you can find. If you have savings earning little in the way of interest, consider whether you could use them to boost your deposit and so cut the rate of interest you pay,’ said Adrian Anderson of Anderson Harris.

The Daily Telegraph
11th May 2013
House prices rocketed to a three-year high in April, according to the Halifax. Jonathan Harris of Anderson Harris, said: ‘Activity has been busier since the start of this year than at any time since the downturn. It may take a while for this to feed through into the official numbers but the signs are encouraging – more people feel they can get a mortgage as Funding for Lending pushes down the cost of funding.’

The Daily Express
9th May 2013
Prices rose 1.1% in April and 2% over the year but significant constraints remain on housing demand, according to the Halifax. Jonathan Harris of Anderson Harris, said: ‘Activity has been busier since the start of this year than at any time since the downturn, sending out the positive message that the situation is finally improving. It may take a while for this to feed through to the official numbers, but the signs are encouraging.’

The Guardian
8th May 2013
House prices continued their upward trajectory in April, partly driven by a big drop in the level of new borrowers’ mortgage payments in relation to their income over the past six years, according to the Halifax. Jonathan Harris of Anderson Harris, said he had not seen any slowdown in mortgage approvals this year. ‘Activity has been busier since the start of this year than at any time since the downturn, sending out the positive message that the situation is finally improving.’

Gulf Times
8th May 2013
Prices in the three months to April were 2pc higher than in the same three months a year earlier, according to the latest Halifax House Price Index. Jonathan Harris of Anderson Harris, said: ‘Activity has been busier since the start of this year than at any time since the downturn, sending out the positive message that the situation is finally improving.’

The Daily Telegraph
8th May 2013
House prices between February and April were 1.3 per cent higher than in the previous three months, according to the Halifax. Jonathan Harris of Anderson Harris, said: ‘It is surprising that official figures from the Halifax show that mortgage approvals eased slightly in the first quarter of 2013 because that is absolutely not what we are seeing ‘on the ground’. Activity has been busier since the start of this year than at any time since the downturn, sending out the positive message that the situation is finally improving.’

The Independent
8th May 2013
House prices continue to rise despite the dismal economic backdrop, according to the Land Registry. Jonathan Harris of Anderson Harris, points out: ‘The extension of the Funding for Lending scheme makes home ownership more affordable, particularly as lenders continue to offer better rates at higher loan-to-values, which means first-time buyers don’t have to drum up such a big deposit.’

The Daily Telegraph
7th May 2013
Homeowners with interest-only deals may have to make hundreds of pounds in additional repayments each month to clear the debt by the end of their term. Adrian Anderson of Anderson Harris, said: ‘Interest-only is increasingly becoming the preserve of wealthier borrowers. Obtaining one of these mortgages can be a challenge. So many lenders have pulled out of the market that even the regulator has raised concerns that borrowers could suffer through a lack of options.’

He added: ‘Some banks agree to the interest-only servicing of a mortgage but with the stipulation that the borrower reduces the debt by a specified amount each year via lump sums. The borrower gets the benefit of interest-only through cheaper monthly payments, but the bank effectively has a capital and interest loan on its books.’

The Sunday Times
5th May 2013
Wealth Matters: A reader writes that her sons have inherited money in a trust which the parents intend to invest in a buy-to-let flat with the mortgage in the father’s name. Jonathan Harris of Anderson Harris, said: ‘Another option, if it’s financially viable, is to buy the boys a property each as their main residence, avoiding CGT, with their father as guarantor.’

The Sunday Times
5th May 2013
Borrowers with an interest-only mortgage could benefit from new plans to help them avoid facing a shortfall when their loan reaches maturity. Brokers say that interest only is becoming a niche product. ‘It is now the preserve of wealthier borrowers,’ says Adrian Anderson from Anderson Harris. ‘So many lenders have withdrawn that even the regulator has raised concerns that borrowers could suffer through lack of options.’

The Sunday Express
5th May 2013
The Financial Conduct Authority has told banks to contact borrowers in an effort to prevent them defaulting on their interest-only loans. Jonathan Harris of Anderson Harris, says: ‘If you are worried about paying back the capital on your interest-only mortgage, it’s essential that you act now. Most borrowers should have enough time to work out a plan but not if they ignore the problem in the hope it goes away. It won’t.’

The Daily Telegraph
2nd May 2013
The number of five-year fixed-rate mortgages has increased 73 per cent in the past year as two-year deals lose popularity with mortgage borrowers. With the base rate unlikely to rise in the near future, it could be argued that borrowers should consider fixing for even longer than five years. Adrian Anderson of Anderson Harris, says: ‘There are some amazingly cheap 10-year fixes beginning to appear, such as Yorkshire’s at 3.99 per cent up to 75 per cent LTV with no fee…. Fixing for this period is a long time to commit to. Most borrowers are unhappy to do so – plus most also lock the borrower in with hefty early repayment charges.’

The Observer
28th April 2013
Investors have been piling into property to benefit from inflation-busting yields and record rents. Jonathan Harris of Anderson Harris, said: ‘Plenty of investors are moving into property because other assets, such as cash or government bonds, are producing such poor returns.’

The Sunday Times
21st April 2013
Mortgages are at rock bottom rates but that doesn’t mean you should take the first decent-looking deal you are offered as there are plenty of traps for the unwary. Adrian Anderson of Anderson Harris says a characteristic of the market is that ‘lenders have limited tranches of money and that once they run out, the deal will be pulled. You may have to move quickly’.

The Mail on Sunday
21st April 2013
Those with a mortgage and decent pot of savings could consider an offset deal, as not only can this reduce the term of the loan and the amount of mortgage interest paid out, but can also help reduce tax liabilities. Adrian Anderson of Anderson Harris, says: ‘Offset mortgages are particularly useful as you can reduce the interest you pay, while still retaining access to your cash; this route makes your cash work much harder…. Assuming a rate of 2.99 per cent via a Woolwich offset, and a repayment term of 25 years, the borrower would shave 38 months off the term by offsetting.’

The Sunday Express
21st April 2013
Southampton, Blackpool, Slough, Coventry and Portsmouth are among the most attractive towns for property investors. Jonathan Harris of Anderson Harris, said: ‘Wealthy investors who are well acquainted with the top end of the market may well stick to those well-established locations when buying further rental property. But there are plenty of less wealthy investors, the mass-affluent, who are more likely to be driven by yield into unusual places. Many are moving into property because cash and stocks and shares are producing either poor or unacceptably volatile returns.’

The Daily Telegraph
19th April 2013
House prices were 1.9 per cent higher in February than a year ago, with large increases in England and Welsh properties making up for falls in Scotland and even bigger ones in Northern Ireland, official figures show. Jonathan Harris of Anderson Harris, said: ‘There was good news from the Council of Mortgage Lenders yesterday suggesting a rise in the number of first-time buyers, which does suggest that funding is easier to come by for those with more modest deposits… If property prices continue to edge up, this is not going to help the situation.’

The Daily Mail
16th April 2013
House prices climbed by 1.9% year-on-year in February but England and Wales drove the increase while Scotland and Northern Ireland posted falls, official figures from the Office for National Statistics showed. Jonathan Harris of Anderson Harris, said: ‘While home owners will welcome higher house prices, those struggling to get on the housing ladder for the first time are unlikely to feel the same.’

The Independent
16th April 2013
After five years in the doldrums, buy-to-let is again being hailed as a key tool for investors, against a backdrop of miserable savings rates and uncertainty over pensions. According to Adrian Anderson of Anderson Harris, would-be landlords need to ensure that the rental income of a property will be good enough to cover the mortgage, plus a margin. ‘This varies between lenders, but the rent should be at least 125 or 130 per cent of the mortgage amount,’ he says.

The Financial Times
13th April 2013
Homeowners looking to remortgage or first-time buyers with a hefty deposit of at least 30pc will benefit from the lowest ever two, three and five-year fixed-rate mortgages from Nationwide building society.

Jonathan Harris of Anderson Harris, said: ‘Its two-year fix at 2.24pc is up at the top of the best buy tables, plus it features a realistic fee and even better, with a £500 discount on the fee to cash-strapped first-time buyers. There are cheaper fixes available but the fees are higher. Chelsea Building Society has a two-year fix pegged at 1.74pc for someone with a 40pc deposit, for example, but the fee is a hefty £1,545 plus £130 processing charge. It is also worth considering the ‘go to’ rate at the end of the deal – with Chelsea you move onto the society’s SVR of 5.79pc, whereas with Nationwide you move onto the lender’s Base Mortgage Rate, which is currently 3.99pc.’

The Daily Telegraph
9th April 2013
Many homeowners are turning to an offset mortgage as interest earned on savings remains painfully low. ‘Because rates on cash Isas are so poor, the offset route looks a much more cost-effective approach,’ says Adrian Anderson of Anderson Harris. ‘There is no limit to the amount of savings you can have in an offset, compared with quite strict limitations on cash Isas. And just like the cash Isa, you save tax on the offset because you don’t earn any interest as such.’

The Sunday Telegraph
7th April 2013
Scottish Widows Bank is the latest mortgage lender to court wealthy professional borrowers with attractive deals and relaxed criteria. However, Jonathan Harris of Anderson Harris, said: ‘The definition of professional is quite narrow. We had a client who is self-made with a track record of running his own businesses but he wasn’t considered a professional because he wasn’t a solicitor, accountant or doctor.’

The Sunday Times
7th April 2013
Borrowers stand to benefit from rock-bottom mortgage deals, as rates have reached record lows, particularly for those with large deposits. But you do need to watch out for hefty arrangement fees. Adrian Anderson of Anderson Harris, says: ‘The headline rate is only part of the picture. Some of the cheapest rates come with the highest fees, so you must work out the total cost – rate plus fees – when comparing deals.’

The Sunday Express
7th April 2013
For many people embarking on building work on their home, the biggest challenge is raising the money to pay for it. Adrian Anderson of Anderson Harris, says: ‘Securing finance is tougher than before the downturn, and getting your mortgage lender to advance extra funds isn’t as easy.’

The Daily Express
3rd April 2013
There is no point going house-hunting if you don’t have the money – so check how much you will be able to borrow and if possible get a mortgage agreed in principle. Adrian Anderson of broker Anderson Harris, said: ‘Lenders increasingly look at affordability, so your outgoings will be taken into account as well as your income.’

The Times
29th March 2013
House prices in February rose 0.2 per cent compared to January, according to the Land Registry, putting the average price in England and Wales at £162,606. Jonathan Harris of Anderson Harris, said: ‘It’s important to realise that the national average masks significant regional differences, with prices falling in parts of the country and London continuing to outstrip the rest. We expect this situation to continue throughout this year.’

The Independent
28th March 2013
It’s harder than ever to take that first step onto the property ladder, but there are things you can do to help improve your chances of getting a good mortgage deal. Adrian Anderson of Anderson Harris, says: ‘While rates have fallen, criteria have not noticeably eased and lenders will still be looking for good credit histories. They get stricter on this the higher the loan-to-value you need because you are perceived as higher risk anyway, without any credit issues.’

Moneywise
25th March 2013
Mortgage lenders are cutting interest rates to record lows but with average fees rising by 49.6% since 2009, these deals might not be as attractive as they seem. ‘If you really want a rock-bottom deal, you need to put down as much as you can as a down payment,’ explains Adrian Anderson of Anderson Harris.

Moneywise
25th March 2013
George Osborne declared this week’s Budget for a Britain that wants to be prosperous, solvent and free – and there were certainly measures that could boost canny investors’ prosperity. The Help to Buy scheme came in two parts – the first aides buyers of newbuild homes, and the other provides government-guaranteed mortgages. Jonathan Harris of Anderson Harris said the schemes were good news for landlords who will see the value of their buy-to-let properties rise. ‘Property values in London and the South East are likely to see the biggest boost as these areas have the most pent-up demand,’ he said. ‘The mortgage guarantee will encompass new and older homes alike, which should result in higher values on older properties.’

The Sunday Telegraph
24th March 2013
Figures from the Office for National Statistics showed that on a seasonally adjusted basis, UK house prices fell by 0.7pc between December and January, compared with a 0.4pc rise in January 2012. Jonathan Harris of Anderson Harris, called on Chancellor George Osborne to use the Budget to help first-time buyers, which he said would help boost the housing market as a whole. ‘An extension to the NewBuy and First Buy schemes is expected and a new Stamp Duty holiday would also be welcome,’ he added.

The Daily Telegraph
19th March 2013
UK house prices increased by 2.2 per cent between January 2012 and January 2013, according to the Office for National Statistics. Jonathan Harris of Anderson Harris, said: ‘House prices continue to climb as far as the national average is concerned, but this masks significant regional differences. The numbers should therefore be considered with a large pinch of salt, useful as a very general indicator of where things are going but not the holy grail.’

The Independent
19th March 2013
Prices paid for UK homes by first-time buyers in January were 2% higher than a year earlier, official figures from the Office for National Statistics show. Jonathan Harris of Anderson Harris, said: ‘Worryingly, first-time buyers are having to pay more for their first home. While homeowners will welcome higher house prices, those struggling to get on the housing ladder for the first time are unlikely to feel the same. First-time buyers still need a 20% deposit on average, but with more mortgages available to those with 10% deposits, it is getting easier to get funding.’

BBC News
19th March 2013
Borrowers of £1m-plus mortgages are returning to high street lenders as private banks add strict conditions to the small print of deals. Adrian Anderson of Anderson Harris, said: ‘Private bank mortgages often have conditions that might not be in the contracts of conventional mortgages.’ Anderson added that it was common for mortgage contracts to include small print requiring clients to pay down the loan to maintain a minimum equity stake when the property’s price falls.

The Sunday Times
17th March 2013
Banks and building societies have slashed the interest rates charged on many leading mortgage deals. Borrowers can now fix their mortgage at less than 2pc for up to two years. But consumer experts have dubbed this a ‘phoney price war’ with many homebuyers unable to access the cheapest rates. Adrian Anderson of Anderson Harris, warned customers to look beyond these introductory offers. ‘The arrangement fees are bad enough, but some deals have extremely high reversion rates. For example, Chelsea will charge a rate of 5.79pc once the two-year fixed-rate deal expires. On a £200,000 mortgage, this will add almost £400 to your monthly mortgage repayment.’

The Daily Telegraph
12th March 2013
Thousands of homeowners have been let down by the Financial Services Authority, according to the Treasury committee’s chairman, Andrew Tyrie, who hit out at its failure to stop Bank of Ireland increasing its mortgage rates for some borrowers. Jonathan Harris of Anderson Harris, said: ‘It is disgraceful that Bank of Ireland is hiking its rates. As regulator, the FSA has a duty of care and should be looking into this extremely carefully. There is a danger of a precedent being set and other lenders following suit, with much depending on the wording of the documentation given to borrowers. Borrowers must always keep an eye on what their lenders are charging and be prepared to move if your lender springs any nasty surprises.’

The Sunday Times
10th March 2013
Mortgage complaints were up 45 per cent across the board between July and December last year, according to the Financial Ombudsman Service. One of the main complaints is the difficulty in porting a mortgage to another property. Jonathan Harris of Anderson Harris, offered the following advice: ‘Homeowners should look at ways of paying down some of their mortgage to increase the amount of equity they own in their homes to make it more acceptable to the lenders. Or they should review their income streams to see whether there are more effective ways of evidencing income, especially if they are self-employed.

‘Otherwise, you will have to sit tight or remortgage to another deal, and pay an early repayment charge.’

The Sunday Times
10th March 2013
Savings accounts may pay next to nothing but there are other options if you want to generate better returns. Business is booming in the buy-to-let market but Adrian Anderson of Anderson Harris had a word of warning for budding buy-to-let landlords: ‘If you are taking out a buy-to-let deal now, you need to consider what might happen at the end of the fixed or tracker period. Check out the ‘go to’ rate in case values fall further and you are not able to remortgage onto another deal. If it is the lender’s standard variable rate, it might end up costing you a lot more than a rate linked to base rate, particularly as some lenders such as NatWest have a higher SVR on buy-to-let than on their normal residential deals.’

The Daily Telegraph
2nd March 2013
Borrowers seeking £1m-plus mortgages can now find more choice on the high street as lenders eye up the large loan market. However, private banks will remain the better option for some wealthy borrowers. ‘The large loan market requires specialist advice and understanding of its complex nature,’ says Adrian Anderson of Anderson Harris. ‘The answer may be on the high street but in our experience, it often isn’t.’

The Financial Times
2nd March 2013
Record low mortgage deals may be coming to a lender near you soon – watch out for these pitfalls, but grab a bargain now. Lifetime trackers are still popular, says Jonathan Harris of Anderson Harris, with the Bank of England base rate now expected to stay at 0.5 per cent until 2017.

The Times
1st March 2013
Shared equity firm Castle Trust tracked house purchases and sales in England and Wales from January 2007 to January 2013. The study found 41pc of houses bought after 2007 were sold at a loss, with an average shortfall of 11pc. Adrian Anderson of Anderson Harris, says: ‘While transactions have been subdued since the downturn as home owners avoid selling when prices are depressed, sometimes people simply have to move so are forced to do so at a loss. Much will depend on where you live in the country, with prices holding up much better in the south, particularly London. The north of the country is a different picture and price falls have been more dramatic.’

The Daily Telegraph
27th February 2013
Stretched first-time buyers in London were forced to stump up record deposits averaging almost £60,000 last year. Jonathan Harris of Anderson Harris, said: ‘The mortgage freeze is finally thawing with the welcome return of first-time buyers to the London market illustrating that funding conditions are improving. The Funding for Lending Scheme is helping push down mortgage rates, as well as provide more choice for those requiring higher loan-to-values.’

The Evening Standard
26th February 2013
Jonathan Harris of Anderson Harris, told the BBC that the Funding for Lending Scheme has helped to push down mortgage rates. ‘This is boosting the market, improving confidence and making it easier for first-time buyers to get on the housing ladder.’ But he added that while rates have fallen, ‘the criteria have not really eased so you still need an excellent credit history in order to get a mortgage. Some would-be borrowers will still find it difficult to get funding, particularly if they require interest-only or have complex income streams.’

BBC News
26th February 2013
Bath Building Society is now offering 100pc mortgages to first-time buyers – the only catch is that the society will put a charge on the parents’ home. Adrian Anderson of Anderson Harris, said: ‘The biggest barrier to home ownership is the deposit. A mortgage where no down payment is required will be attractive to those who can’t face years of saving.’

The Daily Telegraph
25th February 2013
Buy-to-let landlords will be forced to make their properties more energy-efficient or stop renting them out by 2018. However, buy-to-let is still a good alternative investment to cash and shares, as long as you do your research. Adrian Anderson of Anderson Harris said smart two-bedroom properties rented out to young professionals could generate a good yield. ‘Commuter towns to London are always good,’ he added.

The Daily Telegraph
23rd February 2013
Homeowners looking to take advantage of record-low fixes have the option of locking in for a decade as the number of deals continue to soar, but borrowers should be wary of eye-watering fees. However, the size of the loan is key to whether you would be better paying a hefty fee. Calculations by Anderson Harris show that someone with a £200,000 loan pays £164 less over the two-year term on Chelsea’s new 1.89 per cent two-year fix with its £1,825 fee than on Nationwide’s 2.34 per cent two-year fix with the lower £999 fee. However, with a £100,000 mortgage, the Nationwide option is cheaper by nearly £300 over the two years.’

The Sunday Times
17th February 2013
The number of buy-to-let mortgages reached its highest level in four years in 2012, as landlords benefited from strong tenant demand. ‘It is no surprise that the sector continues with its strong performance,’ said Jonathan Harris of Anderson Harris. ‘With more buy-to-let deals available, rates are increasingly competitive although criteria remain tighter than before the downturn and are not easing significantly.’

The Financial Times
16th February 2013
Owners of properties that do not tick all the ‘standard boxes’ are finding it harder to sell their homes as major high street banks have become more choosy about whom they lend to. ‘With lenders generally lending less and being more picky about how they lend to and what premises they lend on, anything remotely controversial or risky is more likely to meet with a rejection,’ said Adrian Anderson of Anderson Harris.

The Financial Times
16th February 2013
Some of the new mortgage rates are not what they seem, and brokers are urging borrowers to do their homework before taking out a deal. Jonathan Harris of Anderson Harris said that those with a modest deposit were still paying a ‘significant premium’ on the rates available. He also warned of high fees and difficult-to-please lenders. ‘Lenders are not relaxing their criteria and this can be extremely tight on higher LTV deals in particular,’ he said. ‘Over the past few years, many of those applying for 90pc LTV deals have been turned down on seemingly spurious reasons such as missed mobile phone payments.’

The Daily Telegraph
16th February 2013
The mortgage market may have defrosted slightly in recent months, but it is still tough to get a loan without a hefty deposit. Many people turn to parents and grandparents for help but this is not always straightforward. ‘While it is understandable that parents and grandparents want to help children and grandchildren on to the property ladder, it is important not to overstretch yourself financially so that you sacrifice a comfortable retirement,’ cautions Adrian Anderson of Anderson Harris.

The Guardian
15th February 2013
Unless you are very lucky, buying a property will involve taking out a mortgage – and that’s not as easy as it once was. Your credit record may ring alarm bells for a lender if it is blank, for example. ‘It is tempting to think that having no debt is a good thing but you really need a credit history so that lenders can see that you are good with debt and repay it on time,’ says Adrian Anderson of Anderson Harris. ‘If you haven’t got a credit card, take one out and pay off the balance in full each month.’

The Guardian
15th February 2013
The number of buy-to-let mortgage loans reached its highest level for four years last year, the latest figures from the CML show, as record rents encouraged landlords to expand their property portfolios. Jonathan Harris of Anderson Harris said the figures reflected greater numbers of would-be first-time buyers turning to renting while they struggle to get a foothold on the housing ladder. ‘This is pushing up rents, making the sector increasingly attractive to investors,’ he said.

The Guardian
14th February 2013
The number of properties being repossessed has fallen to the lowest level seen since before the credit crisis, according to the CML. Jonathan Harris of Anderson Harris, said that although the number of repossessions fell in the fourth quarter compared with the third, many households were still struggling financially. ‘While base rate is expected to stay at 0.5 per cent for the foreseeable future, there are thousands of people who have already got into difficulty and are struggling to get out of it,’ he said.

The Daily Telegraph
14th February 2013
Repossessions last year dropped to the lowest level since 2007, but there are worrying signs that more households are falling seriously behind with their mortgage repayments, the CML said. Jonathan Harris of Anderson Harris, said: ‘While mortgage rates continue to fall on the back of the Funding for Lending Scheme, only those with significant equity cushions can access the market-leading deals. Those up against it and in danger of having their homes repossessed don’t have this luxury so can’t remortgage onto the cheapest rates.’

The Times
14th February 2013
Signs emerged today that the UK property market could be on the way to a new buy-to-let boom, as landlord mortgages were shown to have soared a fifth in 2012, according to the Council of Mortgage Lenders. Jonathan Harris of Anderson Harris, said: ‘It is no surprise that the sector continues with its strong performance. As would-be first-time buyers continue to struggle to get on the housing ladder, more people are turning to renting. This is pushing up rents, making the sector increasingly attractive to investors. With more buy-to-let deals available, rates are increasingly competitive although criteria remain tighter than before the downturn and are not easing significantly.’

This is Money.co.uk
14th February 2013
Home repossessions have dropped to their lowest level in five years, thanks to record low interest rates and good debt management between borrowers and lenders, says the CML. Jonathan Harris of Anderson Harris, said: ‘Some homeowners are getting into difficulty paying their mortgage because they can’t afford the payments on top of high living costs, low wage rises, and in some cases, losing their jobs.’

This is Money.co.uk
14th February 2013
The number of homes repossessed in the UK fell to its lowest annual level since 2007, with 33,900 homes seized last year, according to the CML. Jonathan Harris of Anderson Harris, said: ‘Borrowers must seek help, preferably before they miss a payment, speaking to their lender or one of the specialist – and free – debt agencies, such as Citizens Advice. It is essential that lenders continue to show forbearance and look after customers who are struggling by switching them to interest only, allowing them to take payment holidays or extend their mortgage terms, where practical.’

BBC News
14th February 2013
When a family breaks down, property will be central to a divorce settlement. Getting a mortgage can be difficult. ‘Lenders have very different ways of treating maintenance payments,’ said Jonathan Harris of Anderson Harris. ‘He says some, including Clydesdale Bank and Coventry building society, will not take them into account at all, some will only accept a percentage of the payments and some, including Nationwide and Skipton building societies, will accept 100% of payments as income.

The Guardian
7th February 2013
After years of lenders refusing to offer cheap deals to all but the most ideal candidates, banks and building societies are cutting interest rates to record lows. However, for first-time buyers the falls are less significant. ‘You also have to wonder just how low mortgage rates can possibly go,’ says Adrian Anderson of Anderson Harris. ‘Lenders need to make some money and, with two-year fixed rates already available at less than 2pc, there isn’t much margin left for them to cut. From a historical perspective, the fixes we are seeing now are the lowest ever and look extremely good value.’

The Sunday Telegraph
3rd February 2013
The mortgage market bounced back in December with the number of loans approved rising to their highest level in almost a year, according to the Bank of England. Adrian Anderson of Anderson Harris, said: ‘The number of people taking out new mortgages continued to rise in December, reflecting what we are seeing in the marketplace. The government’s Funding for Lending scheme continues to make more money available at cheaper rates to lenders, and this is trickling through to borrowers.’

The Guardian
30th January 2013
Chelsea Building Society has launched a new two-year fixed-rate mortgage at 1.99pc for those with a 40pc deposit. ‘This is a cracking offer,’ said Adrian Anderson of Anderson Harris. ‘This is a market-leading rate for a two-year fix. The rate is excellent and there is an average-sized arrangement fee so it is not too expensive to access. However, borrowers do need at least a 40 per cent deposit or similar level of equity in their home.’

The Daily Telegraph
29th January 2013
Families are being warned that they face a reduction in the amount they can borrow on a mortgage because of rising childcare costs. Jonathan Harris of Anderson Harris, said: ‘The cost of childcare is a consideration, as well as the general cost of bringing up children. If you’re a stay-at-home parent, childcare costs might not be an issue, but the parent would be classed as a dependant, so it raises other issues for affordability.’

The Sunday Telegraph
27th January 2013
The four D’s – debt, divorce, death and downsizing – have long been regarded by estate agents as the main reasons why people move house. Jonathan Harris of Anderson Harris warns that getting a mortgage has become ‘trickier’ since the downturn: ‘We are increasingly getting referrals from lawyers before a settlement is reached to ensure that a mortgage is viable once the division of assets has been reached.’

Harris adds that another issue for securing a mortgage is when the husband is buying a property for his estranged wife as he will need to ensure he has sufficient income to fund two mortgages, as this will be assessed on his income. ‘If he has very high maintenance payments to meet, it could affect his ability to service his mortgage payments, while if he has to relinquish some of his pension fund to his wife, this may make him less attractive to a private bank.’

The Financial Times
26th January 2013
The Government’s new Green Deal could help you to make improvements to save hundreds of pounds a year on your bills at no upfront cost. Jonathan Harris of Anderson Harris, says: ‘The Green Deal commitment stays with the home and passes on to the new owner, so this could restrict saleability as potential buyers might not understand or welcome an extra debt. They would want to see evidence that any measures were resulting in cheaper bills. Lenders are still rather wary about how the scheme will work in practice, and in some cases it may make it more difficult to get a mortgage on a property.’

The Times
26th January 2013
The Government’s flagship Green Deal scheme, aimed at encouraging more homeowners to become more energy efficient, looks set for an uncertain launch. Some lenders are concerned that it will restrict the saleability of a property as it may be more difficult to get a mortgage on. Jonathan Harris of Anderson Harris, said: ‘Given that it is already harder to get a mortgage than it was a few years ago, this may be an added hassle that prospective buyers simply don’t want to take on.

The Daily Telegraph
22nd January 2013
Lloyds Banking Group has said it will lend £6.5bn to customers looking to buy their first property this year. Jonathan Harris of Anderson Harris, said: ‘The fact that Lloyds and Halifax are offering a wide range of 90pc deals is excellent news, and should mean many more first-time buyers can finally make their dreams a reality…. If you have less than this you should really be saving for longer and delaying purchase until it is more affordable. A 10pc deposit should be within the reach of most first-time buyers.’

The Daily Telegraph
21st January 2013
The Government would like us to believe that its Funding for Lending Scheme has made it easier to secure a mortgage, but for the self-employed it is as tough as ever, particularly as many lenders have pulled out of interest-only lending. Jonathan Harris of Anderson Harris, says: ‘Those who run their own businesses have often utilised interest-only in order to keep as much money in the business as possible until a later date when they receive a dividend or look to sell.’

The Times
19th January 2013
Best buys on fixed-rate mortgages could fall as low as 1.5 pc, experts have predicted. Adrian Anderson of Anderson Harris, said: ‘It is still early days for Funding for Lending but the early signs are encouraging with mortgage rates falling all the time and some better options at higher loan-to-values.’

The Daily Telegraph
18th January 2013
Borrowers are increasingly using expensive short-term bridging loans to complete property purchases because of delays at traditional lenders. Jonathan Harris of Anderson Harris, said: ‘The inability of high street lenders to complete quickly enough for many borrowers is resulting in more people turning to bridging. However, these loans are only a temporary measure as bridging lenders will want to see evidence that the longer-term facility is confirmed before they will agree to short-term finance.’

The Sunday Times
13th January 2013
Hundreds of thousands of homeowners are stuck paying mortgage rates of up to 6 per cent because they don’t have enough spare equity in their property to remortgage to a cheaper deal. You will have to pay more to borrow at higher LTVs, says Adrian Anderson of broker Anderson Harris: ‘Yorkshire Building Society offers a two-year offset tracker charging 2.89 per cent up to 75 per cent LTV, with a £995 fee. HSBC offers a lifetime tracker charging 4.69 per cent up to 90 per cent LTV, with a £599 fee. The Post Office offers a competitive five-year fixed rate charging 2.99 per cent up to 75 per cent LTV, with a £1,495 fee.’

The Sunday Express
13th January 2013
Mortgage experts are divided about the Castle Trust partnership mortgage scheme, a new way to cut the cost of homeownership and help rising numbers trapped in ‘generation rent’ get a foot on the housing ladder. Jonathan Harris of Anderson Harris, said: ‘If house prices appreciate significantly, borrowers with a partnership mortgage will sacrifice a good percentage of any profit they make when they sell. While it is welcome that Castle Trust is sharing in any potential loss, it is perhaps unfair that the amount is more limited compared with its share in any profits.’

The Daily Telegraph
11th January 2013
Borrowers have been promised better access to mortgage deals in 2013 in a Bank of England report. Jonathan Harris of Anderson Harris, said: ‘More lending is likely to be done this year than last, but lenders will continue to cherry-pick the best applicants. Stronger mortgage applicants are likely to be in for a good year as rates will be lower and there will be more choice.’

Older borrowers will find it particularly tricky. Harris said: ‘There has been a big increase in the number of wealthy older clients looking to downsize, who often look to buy a smaller home before selling existing family property. They usually need to borrow to fund this, with repayment of the mortgage coming from the sale of existing property. High street lenders will not lend to them as they are often too old and have limited income but are very asset rich.

‘Private banks, however, will want to lend to these individuals as the wealth management opportunity can be significant when the existing family home is sold and other investments are cashed in to fund the remainder of their retirement and pass on wealth to their children.’

The Sunday Times
6th January 2013
Government intervention looks set to play an increasing role in supporting house prices. Jonathan Harris of Anderson Harris, said: ‘It is early days for the Funding for Lending scheme but we expect this to boost mortgage availability and pricing in 2013, which should have a positive impact on the housing market. However, lenders are likely to keep their criteria tight, meaning first-time buyers in particular will continue to struggle. The Bank of Mum and Dad, will be called upon more than ever.’

The Daily Telegraph
27th December 2012
Looking forward to 2013, the Funding for Lending Scheme should result in more mortgages at cheaper rates. Adrian Anderson of Anderson Harris, says: ‘While mortgage rates will stay low, this doesn’t necessarily mean more of them will be approved. Lenders are likely to keep their criteria tight, meaning first-timers in particular will continue to struggle. The Bank of Mum and Dad will be called upon more than ever.’

The Independent on Sunday
23rd December 2012
2012 proved to be another expensive year for the Bank of Mum & Dad. Jonathan Harris of Anderson Harris, said: ‘The Bank of Grandma and Grandad has also been doing more than its fair share.’

The Daily Telegraph
22nd December 2012
Parents could be putting their retirement security at risk by helping their adult children on to the property ladder, Shelter warns. Jonathan Harris of Anderson Harris, says: ‘While it is understandable that parents and grandparents want to help children on to the property ladder, it is important not to overstretch yourself financially so that you sacrifice a comfortable retirement. If you are thinking of acting as a guarantor seek advice, particularly if the lender takes a charge on your property. Depending on the details of the guarantee, you may be restricted from borrowing in your own right until the restriction is lifted and could lose your home if your child defaults on their mortgage. It is important to understand what you are getting into.’

The Times
22nd December 2012
The property success story of the year has to be prime central London buy-to-let, according to Adrian Anderson of Anderson Harris. He says: ‘A client who purchased an investment flat for £750,000 at the start of the year, borrowing £450,000 or 60 per cent LTV, would have enjoyed a rental yield of 4 per cent. Low mortgage rates mean 3.25 per cent was achievable, with mortgage interest used to offset some of the tax due on the rental income. Over the year, such a property would have increased in value by 10 per cent or £75,000, even though national average house prices have struggled and fallen in many parts of the country. This represents a 21 pr cent return against the £350,000 cash investment. What is more, while property values in the area are predicted to be flat in 2013, an increase of 20 to 25 per cent is forecast by 2017, resulting in a strong longer-term investment.’

The Times
22nd December 2012
If you are expecting things to be easier for the housing market in 2013 you are likely to be disappointed. Adrian Anderson of Anderson Harris, expects the North/South divide to become more apparent. ‘It looks set to deepen. London and the South East seem to be completely detached from the rest of the country.’

Moneywise
17th December 2012
More parents are expected to move to smaller properties in coming years, releasing equity to help their children on to the property ladder. Jonathan Harris of Anderson Harris, said borrowers should not assume that their lender will assent to a transfer of the mortgage from one property to another: ‘If you are on an exceptionally cheap legacy rate or the lender doesn’t want to lend to an ‘older’ borrowers, you may find your application is refused,’ he warned.

The Financial Times
15th December 2012
Thousands of families are to lose their child benefit payments next month. But this won’t just hit the household budget, it could also have a direct effect on their ability to remortgage or move home – because most banks and building societies now factor in such payments when calculating how much you can borrow. Jonathan Harris of Anderson Harris, said: ‘Affordability is a movable feast, with lenders tweaking their requirements depending on their appetite to lend at any given time. This is extremely frustrating for borrowers – the impact that, say, two children have on an affordability calculator varies depending on how keen a lender is to boost its mortgage book at the time of the application.’

The Daily Telegraph
15th December 2012
If the Autumn statement has left you worse off, you can beat the squeeze by switching to best-buy deals on mortgages and bills. Jonathan Harris of Anderson Harris, said: ‘Families looking to save money should first review their mortgages as this is likely to be the biggest single outgoing.’ Those on a SVR should check whether they would be better off remortgaging.

The Sunday Times
9th December 2012
Many homeowners pay too much for their mortgages by sticking with their original lenders when there are better deals out there. Adrian Anderson of Anderson Harris, says: ‘Some of the best rates come with hefty arrangement fees, plus there are also valuation and legal fees to consider if the lender is not offering a remortgage package where these come free. You may also not wish to commit yourself to say, a five-year fix, when on the SVR you have complete flexibility as there are no early repayment charges.’

The Independent on Sunday
9th December 2012
Private banks are offering mortgage rates as low as 1.87 per cent for homeowners looking to borrow over £2m – as long as they have assets to place with the bank. Rates of 2.08 per cent with a fee of between 0.5 and 1 per cent are more widely available, according to Anderson Harris, the high-end mortgage broker.

The Financial Times
7th December 2012
The FSA would be pleased to see interest-only mortgages disappearing for good as a mainstream product, but that is not a view shared by everyone. Jonathan Harris of Anderson Harris, said: ‘Interest only is increasingly becoming a niche product, the preserve of wealthier borrowers. It is a shame as you don’t necessarily have to be wealthy to have a viable repayment strategy for an interest-only loan.’

BBC News
4th December 2012
Borrowers with £1m-plus mortgages can take advantage of rock-bottom rates from mainstream lenders, but it is getting harder to secure an interest-only deal. Adrian Anderson of Anderson Harris, said: ‘One big disadvantage of the high street is that loans usually have to be on a repayment basis. But that isn’t all. There aren’t that many variable-rate mortgages and they often come with penalties during the offer period, which gives less flexibility. The advantage of the private banks is that mortgage terms tend to be more flexible with no early repayment charges as a general rule.’

The Sunday Times
2nd December 2012
The mortgage market is in the midst of its first price war since before the credit crisis. Adrian Anderson of Anderson Harris said: ‘To get hold of the cheapest loans, you have to put down a big deposit. If you don’t have this kind of money, you either need to save, delaying your property purchase, or ask your parents or grandparents for help.

‘If parents and grandparents can help with the deposit, it makes life much easier if it is a gift rather than a loan. If it is the latter and needs repaying, the lender may not agree to the mortgage at all. If it does agree, it will factor in the repayments as an outgoing, which will affect the borrower’s affordability and therefore how big a mortgage they can get.’

The Sunday Telegraph
2nd December 2012
Customers who can only afford to pay the interest on their mortgages have had their options reduced again this week after RBS and Coventry Building Society announced that they would stop offering these loans to new customers. Jonathan Harris of Anderson Harris, said: ‘Interest-only is increasingly becoming a niche product, the preserve of wealthier borrowers. It is a shame as you don’t necessarily have to be wealthy to have a viable repayment strategy for an interest-only loan.’

The Daily Telegraph
1st December 2012
Coventry Building Society has become the latest high-street lender to pull the plug on borrowers who want to take out an interest-only mortgage. Jonathan Harris of Anderson Harris said that interest-only deals were becoming a niche product for the wealthy: ‘While high-street lenders are making it tougher to get an interest-only mortgage, the private banks continue to do nearly all their lending on an interest-only basis with five-year reviewable facilities. Only the wealthy would qualify for such loans, as they must meet the private banks’ criteria, so this will not be an option for the vast majority.’

The Times
29th November 2012
Floods have brought chaos to homes in many parts of the UK. People see severe flooding as a one-off event, according to Jonathan Harris of broker Anderson Harris. Even if houses have been flooded before, prospective buyers may spot ways in which they can flood-proof them.

BBC Magazine
29th November 2012
Property prices were flat in November and are likely to remain this way according to the latest Nationwide House Price Index. Jonathan Harris of Anderson Harris, says: ‘The uptick in lending in October reflects a busier housing market, while the number of homeowners remortgaging also increased as better mortgage rates filtered through as a result of the Funding for Lending Scheme (FLS). While the FLS is pushing down money market rates, which is good news for all borrowers, the very best mortgage rates are still targeted at those with the biggest deposits and similar levels of equity in their homes. It is great news for those borrowers that they are so well catered for but those with far more modest deposits are crying out for better rates.’

Thisismoney.co.uk
29th November 2012
The government hopes that the Funding for Lending Scheme will channel cheap money to lenders who will then make mortgage funds more easily available to borrowers. Jonathan Harris of Anderson Harris, said: ‘Those with far more modest deposits are crying out for better rates. The deposit is the biggest single barrier to home ownership, with first-time buyers having to delay getting onto the housing ladder until they are well into their 30s if they can’t call upon the bank of mum and dad to help. However, we do expect the FLS to filter through to those with more modest deposits next year which will give the housing market a much-needed kickstart.’

BBC News
29th November 2012
With flooding turning into a regular occurrence in many parts of the country, having the right insurance is vital. Jonathan Harris of Anderson Harris, says: ‘It is also essential that there is a commitment from insurers to continue to offer home insurance at reasonable rates. If not, these properties will become unmortgageable because they will not satisfy the requirement for buildings insurance.’

Daily Express
28th November 2012
Nationwide have told one couple in their mid-seventies that they can’t port their mortgage to their new property because they are ‘too old’. Jonathan Harris of Anderson Harris says: ‘Although the population is getting older and delaying getting on the housing ladder for longer because they can’t get a mortgage until well into their thirties, lenders are reluctant to let mortgages continue into retirement. A few lenders have a cut-off point of 75, by which time the mortgage must be repaid, with only one or two continuing beyond it. Yet having a mortgage in retirement suits many people. As long as they can meet the payments out of pension or other investment income then why not? It can be a much cheaper option than equity release.

‘While lenders have restricted the amount of borrowing they are willing to advance to older people, they have also cut back on interest-only lending. Some lenders have gone too far. It is particularly tough for borrowers who are already on interest-only and are having to switch to a much more expensive repayment option if they wish to remortgage or move house. For many, this is simply not possible.’

The Times
24th November 2012
Mortgage costs look set to fall across the board as a price war breaks out among high street lenders and private banks pass on the benefits of lower interbank funding costs. Adrian Anderson of Anderson Harris, says: ‘The falls in Libor have been very positive for clients. The private banks can price in cheaper funding as they are hoping to make money from the client on the other side of their balance sheet through assets under management.’

The Financial Times
24th November 2012
Record rents are giving landlords bumper returns as the number of households renting privately has increased by almost 48 per cent over the past five years. Jonathan Harris of Anderson Harris has seen an increase in inquiries from landlords – mainly from experienced investors, but increasingly from buy-to-let novices. ‘They are attracted to property because it will generate decent returns, even if capital values are unlikely to rise much soon. Low interest rates mean cheaper mortgages and lenders have also relaxed their criteria to an extent,’ he says.

The Times
23rd November 2012
Almost half of first-time buyers now receive financial help from family members. Jonathan Harris of Anderson Harris, says: ‘This is a growing trend, with more and more buyers unable to get on the ladder without family help. It is not only young first-time buyers but older, established professionals who are transacting at quite high levels and taking part of their inheritance early.’

The Times
17th November 2012
Some 80 per cent of all new buyers aged under 30 now get financial assistance from their parents to buy a house, according to the Council of Mortgage Lenders. Assisting with the deposit or gifting the money outright can increase the first-time buyer’s chances of getting an affordable mortgage. Adrian Anderson of Anderson Harris, says: ‘Ideally, this would be a gift rather than a loan; if it is the ladder, then it must be repaid. This repayment will be taken into account by the lender when calculating affordability, meaning the first-time buyer cannot borrow as much as they might otherwise have done.’

The Times
13th November 2012
Interest-only mortgages may soon be the preserve of wealthy borrowers as another lender introduced tough new restrictions this week. Woolwich will offer loans on the basis only if the amount is £300,000 or more. Jonathan Harris of Anderson Harris, says: ‘Interest-only is increasingly becoming a niche product, the preserve of wealthier borrowers. While high street lenders are making it tougher to get an interest-only mortgage, the private banks continue to do nearly all their lending on an interest-only basis.’

The Times
12th November 2012
The percentage of borrowers taking out interest-only mortgages steadily climbed between 2000 and 2007. Jonathan Harris of Anderson Harris said: ‘Interest-only should be for people with a genuine strategy for repaying the capital at the end of the term. Historically, these mortgages were often given away to people who were not in this position so for lots of borrowers it will be a ticking time-bomb.’

What House?
9th November 2012
Smart investing is about building a diversified portfolio, that fits your circumstances and risk appetite. But where could you seek higher returns? Adrian Anderson of Anderson Harris, says: ‘Buying property without planning consent for a significant extension or conversion may be risky, but if consent is granted, the investor can enjoy a big uplift in value. Choose a property in a street where similar properties have been granted planning. This sets a precedent, meaning you are more likely to have your application approved. The best way to add value is to significantly increase the property’s square footage. Stick to prime residential areas as much as possible to get the best returns.’

The Times
3rd November 2012
Government plans to relax planning laws will make it easier to build extensions to provide ‘granny flats’. But it’s not always a good idea. Adrian Anderson of Anderson Harris, says: ‘Be realistic about what is achievable by any extension or conversion. If you spend £100,000 on a granny flat or annexe for a family member of any age, don’t expect that it will always add the equivalent value to the property as not everybody will want such a feature. Much depends on what you do – adding more square footage may produce an equivalent uplift in the value of the property but if you are converting an existing room, such as a bedroom or lounge, and aren’t adding space then you may not get back all the money that you invested when you come to sell.’

The Daily Telegraph
2nd November 2012
Self-employed and contract workers are finding it harder to get a mortgage as banks tighten criteria. Those working in academia or studying for a postgraduate degree, and earning from lecturing and tutoring, will usually have an irregular income stream and find it hard to secure a mortgage. Jonathan Harris of Anderson Harris, said: ‘This group have no salaried and long-term income and no track record of earnings. Banks prefer to look at what happened in the past rather than what is likely to happen in the future and can be very limited in the way they view mortgage applications. If they can demonstrate they have managed their financial affairs well during times when they have been studying and not earning, this will go down well with the bank. They need to think commercially rather than focus on their academic achievements, painting themselves as someone on the up who is going to prosper.’

The Sunday Times
28th October 2012
The mortgage market is to be regulated more strictly. ‘Lenders rightly want proof that the borrower can afford the mortgage out of retirement income, but this is not always easy to prove,’ said Jonathan Harris of Anderson Harris. ‘While more pensioners want to keep their mortgage going past the age of 65, either because they have to or because they wish to release equity to help children or grandchildren onto the housing ladder, ultimately it is a commercial decision for the lender, so it is not guaranteed that this will become any easier.’

The Sunday Telegraph
28th October 2012
Wealthy borrowers will be spared tough affordability tests when taking out mortgages, under new lending rules confirmed by the Financial Services Authority. Jonathan Harris of Anderson Harris, said: ‘There will be groups who can opt out of receiving advice, although arguably advice is crucial when choosing a mortgage, whether you are a high-net-worth borrower, entrepreneur or first-time buyer.’

Financial Times
27th October 2012
More than one million interest-only mortgages due for repayment in the next eight years have no specified repayment plan – leaving home owners facing potential repossessions. Jonathan Harris of Anderson Harris, said: ‘Interest only should be for people with a genuine strategy for repaying the capital at the end of the term. Historically, these mortgages were often given away to people who were not in this position so for lots of borrowers it will be a ticking time bomb. However, others will have investments in place to repay the capital. If you have got eight to ten years until your mortgage term ends, the likelihood is that you bought your property some years ago so will have enough equity to repay the capital and buy a smaller home to live in. If not, you have time to plan a strategy but you need to take proper advice and crack on with it rather than ignore the problem and hope it goes away. It won’t.’

The Daily Telegraph
25th October 2012
If you’ve had the same mortgage for a while, or have been sat on your lender’s standard variable rate, you might be oblivious the some of the changes that have taken place in the market. Lenders have made some restrictions on borrowing for older homeowners. Adrian Anderson of Anderson Harris, says: ‘A number of lenders won’t lend to borrowers past retirement age, although some will lend up to 75, as long as the retirement income is enough to service the mortgage payments.’

The Guardian
23rd October 2012
Homeowners looking for interest-only mortgages face an increasingly desperate search as the market shrinks ahead of the introduction of strict lending rules by the Financial Services Authority. Jonathan Harris of Anderson Harris, said: ‘Finding an interest-only mortgage has become a minefield, with an array of different criteria and restrictions.’

The Sunday Times
21st October 2012
Tesco is using cheap money from the government’s ‘funding for lending’ scheme to launch a record low fixed-rate mortgage – but it will only be available to customers with big deposits. Jonathan Harris of Anderson Harris, said the government scheme was pushing down borrowing costs and resulting in cheaper mortgage rates, ‘but still it is those with the biggest deposits or similar level of equity in their homes who are benefiting’. He added: ‘There is already so much choice at excellent rates for those with big deposits; we need more options at 90% and 95% LTV to help first-time buyers and get the market moving again.’

The Guardian
19th October 2012
Five-year fixed-rate mortgages are at a record low, encouraging many buyers to lock in their rate now. Jonathan Harris of Anderson Harris, says: ‘A five-year fixed rate at less than 4 per cent is tremendous value, so if you can secure a deal at this rate, it is worth doing. If the alternative is sitting on a higher standard variable rate as you wait for rates to fall further, it will cost you in the short term – so you might want to get on and fix instead.’

The Daily Telegraph
16th October 2012
Dwindling savings returns combined with rising mortgage costs are making offset mortgages an increasingly attractive option for homeowners. Adrian Anderson of Anderson Harris, said: ‘An offset mortgage is an excellent option in the current climate as borrowers want to hang on to their savings but make them work harder and reduce the interest they pay on their mortgages. This is particularly pertinent with several lenders, such as Santander, raising their rates – even though there has been no movement in Bank rate. Money overpaid on a mortgage is practically impossible to get back, so using an offset has the effect of overpaying but with none of the downsides.’

The Sunday Times
14th October 2012
Some of the UK’s biggest mortgage lenders reduced their rates this week, raising hopes that the Government’s offer of cheap funding to banks is starting to feed through to lower rates for borrowers. However, the Council of Mortgage Lenders reported that remortgages accounted for 22 per cent of lending in August, compared with 33 per cent a year ago. Jonathan Harris of Anderson Harris, says: ‘It is perhaps surprising that remortgaging was weak in August when there are so many excellent rates now available and lenders such as Santander continue to raise their standard variable rates.’

The Times
13th October 2012
Mortgage lending to homebuyers has hit a two-year high, according to the Council of Mortgage Lenders, triggering hope that the Funding for Lending scheme is proving successful. Jonathan Harris of Anderson Harris, said the figures showed ‘welcome indications’ that funding for lending is starting to kick in, with several lenders slashing their rates recently. But he said: ‘With first-time buyers still needing to put down nearly 20 per cent of the purchase price as a deposit, we need funding for lending to result in more options and better rates at higher LTVs if it is to make a real difference for the market.’

The Scotsman
13th October 2012
Nearly one in five first-time buyers relies on the bank of mum and dad to get them onto the property ladder. Adrian Anderson of Anderson Harris said those who could afford to put down a larger deposit would qualify for a far wider range of mortgage deals at lower interest rates. So help from parents, or grandparents, could mean significant savings.

The Sunday Telegraph
7th October 2012
Interest-only mortgages look set to disappear from mainstream lending after Nationwide announced plans to stop offering them. Adrian Anderson of Anderson Harris, said: ‘It might not be long before the only place you’ll find an interest-only mortgage is a private bank.’

The Independent
6th October 2012
Homeowners must review their mortgage rates after Santander raised its standard variable rate for existing borrowers this week. Some ‘mortgage prisoners’ will not be able to remortgage, however. Adrian Anderson of Anderson Harris said these borrowers are likely to have no choice but to stay put on the higher SVR until their circumstances – or lending terms – improve.

Financial Times
6th October 2012
Nationwide is no longer offering interest-only mortgages. Jonathan Harris of Anderson Harris, said high street lenders were ‘running scared, falling over each other to rein back on the loan-to-values and maximum loan sizes they are prepared to advance’.

Financial Times
4th October 2012
Nationwide is no longer offering interest-only mortgages to new customers and existing customers requiring further borrowing. Jonathan Harris of Anderson Harris, said: ‘As long as you have a genuine repayment strategy in place for repaying the capital at the end of the term, then interest only is not a reckless option. Yet high-street lenders are running scared, falling over each other to rein back on the loan-to-values and maximum loan sizes they are prepared to advance, or in some cases refuse to offer loans to new borrowers on this basis. The interest-only mortgage moves further towards extinction.’

The Daily Telegraph
4th October 2012
The number of mortgages for new purchases approved in August remained unchanged, according to the Bank of England, despite the launch of the Funding for Lending scheme. Jonathan Harris of Anderson Harris, said: ‘This data has been eagerly awaited to see what impact the Bank’s £80bn Funding for Lending scheme is having. The answer: not a lot. A decline in lending in August doesn’t sound too positive and doesn’t tally with a recent Bank of England survey where lenders claimed the scheme was helping boost lending to individuals and households.’

The Guardian
1st October 2012
First-time buyers are the key to unlocking the housing slump. Adrian Anderson of Anderson Harris, says: ‘If the parent has a mortgage of their own already then the cost of this will be taken into account by the lender, which could reduce the loan size.’ Another option is a cash gift towards the deposit. Jonathan Harris of Anderson Harris, says: ‘It is important that it is a gift not a loan. The parent or grandparent should provide a letter confirming this and stating that they have no legal interest in the property. Some lenders will require a deed of gift to be drawn up.’

The Sunday Times
30th September 2012
The Liberal Democrats are proposing that parents and grandparents use their pensions to help their children and grandchildren raise a deposit in order to get them onto the property ladder. Jonathan Harris of Anderson Harris, says: ‘The deposit is the most crucial aspect of any property purchase and increasingly our clients are helping children or grandchildren on to the housing ladder by giving them the necessary funds.’

Financial Times
29th September 2012
Data firm xit2 reports that £116bn worth of interest-only mortgages due to mature over the coming eight years have no specified repayment plans in place. Jonathan Harris of Anderson Harris, says: ‘Interest only should be for people with a genuine strategy for repaying the capital at the end of the term. Historically, these mortgages were often given away to people who were not in this position, so for lots of borrowers it will be a ticking time bomb. If you have got eight to 10 years until your mortgage term ends, the likelihood is that you bought your property some years ago, so will have enough equity to repay the capital and buy a smaller home to live in. If not, you have time to plan a strategy but you need to take proper advice and crack on with it rather than ignore the problem and hope it goes away. It won’t.’

Independent on Sunday
23rd September 2012
Santander is offering cashback on monthly mortgage payments to customers who open a 123 Current Account but comparing differently priced products with other providers is not straightforward. Jonathan Harris of Anderson Harris, says: ‘Most of us want more simplicity and flexibility in our lives, not less, and particularly not where the returns are relatively modest.’

The Times
22nd September 2012
The past ten years has been a rollercoaster decade for the housing market. It is harder to get finance than it was then but all is not lost for owner-occupiers. Jonathan Harris of Anderson Harris, says: ‘The situation has flipped from one extreme to the other so some rebalancing is inevitable. Although we are unlikely to go back to the madness of 2005-07, we are likely to move away from this paralysis. That can only be a good thing.’

The Times
21st September 2012
It is set to become easier to sell your property yourself online instead of using an estate agent. However, Jonathan Harris of Anderson Harris says there is a lot of time and effort involved. ‘You have to get the listing and photographs right, price your home correctly and conduct the viewings. All this is time-consuming. We are in a tough property market, so you may have to conduct many, many viewings before you find a buyer. Some people enjoy selling their own home but others prefer to leave it to the experts, particularly if any money you save on the fee is lost because you end up selling the property for a lower price.’

Daily Express
19th September 2012
Lenders have cut the cost of two-year fixed-rate mortgages to attract borrowers but those with large mortgages are opting to fix for five years or take out a lifetime tracker. ‘Our clients tend to shun short-term fixes as they don’t give enough flexibility and require the borrower to refinance after a relatively limited period,’ says Adrian Anderson of Anderson Harris.

Financial Times
15th September 2012
If you’re planning to extend your home, do your homework first, particularly when it comes to funding the works. Jonathan Harris of Anderson Harris, says: ‘Banks are taking a tougher line than before the downturn and getting your mortgage lender to advance the required funds could prove a struggle…If your total LTV, including any extra borrowing, exceeds 75 per cent of the property’s value, many lenders will refuse to grant you more funds. If you already have a high LTV loan, you may struggle.’

Daily Express
12th September 2012
Tesco Bank is the latest lender to cut rates. Jonathan Harris of Anderson Harris, says: ‘Tesco’s decision to cut its mortgage rates so soon after launch suggests that it wasn’t getting the levels of business it had hoped for.’

The Sunday Times
9th September 2012
Japanese knotweed is every homeowner’s nightmare as any traces of it make it tricky to get a mortgage. Jonathan Harris of Anderson Harris, says: ‘If a bank’s valuer finds evidence of it, or there is a history of it in the area, a specialist survey will be required. Lenders can get quite hysterical and over-react. The bank may not lend, or may retain part of the loan.’

The Observer
9th September 2012
First Direct offers competitive mortgage fees, according to Jonathan Harris of Anderson Harris. ‘[It] often offers best-buy rates, many with low or no fees.’

The Sunday Express
9th September 2012
Mortgage fees have reached new highs, according to Moneyfacts. Adrian Anderson of Anderson Harris, said: ‘It is simply part of the pricing strategy employed by the lender – if it offers a cheap rate, it usually makes up some of its money on the fee.’

The Independent
8th September 2012
Housing experts are questioning the viability of new planning measures. Jonathan Harris of Anderson Harris, says: ‘Those borrowers with plenty of equity in their homes may be OK, but those who have a high loan to value already may struggle.’

Financial Times
8th September 2012
The government plans to relax laws surrounding domestic extensions in England, at least on a temporary basis. Jonathan Harris of Anderson Harris, says: ‘It’s all well and good suggesting the answer to the housing crisis is to extend existing properties, but unless you have got the £20,000 upwards to pay for it sitting in your bank account, there could be funding issues.’

The Guardian
6th September 2012
Government proposals to relax planning restrictions will come to nothing unless the mortgage famine can be resolved. Jonathan Harris of Anderson Harris, says: ‘It’s not so much planning that’s the issue, for most people it’s lack of finance to pay for building work. It’s all well and good suggesting that the answer to the housing crisis is to extend existing properties but unless you have got the £20,000 upwards to pay for it sitting in your bank account, there could be funding issues. Lending is tougher than before the downturn so getting your mortgage lender to advance the required funds will not be as easy as in the past.’

The Daily Telegraph
6th September 2012
Quick sale companies which promise to buy any property and offer a quick completion may be paying well below market value. Jonathan Harris of Anderson Harris, says: ‘Consider other options such as renting out the property if you can to avoid selling at a rock-bottom price, or at the very least get quotes from different companies to ensure you get the best price you possibly can.’

Evening Standard
4th September 2012
It remains tough for first-time buyers to get a mortgage. Anderson Harris likes First Direct’s 4.99 per cent five-year fix up to 90 per cent LTV with no fee. For those wanting a lifetime tracker, Anderson Harris says the best-buy lifetime tracker for someone with a 40 per cent deposit is from HSBC at 2.14 points above Bank rate, so 2.64 per cent with a £999 fee.

The Sunday Times
2nd September 2012
Mortgage approvals are still subdued, says the Bank of England. Jonathan Harris of Anderson Harris, says: ‘It is too early to say what impact the Funding for Lending scheme will have. There are fewer deals available at higher loan-to-values than a year ago, so this needs urgently addressing if it is to be a success and to give the housing market the kickstart it so desperately needs.’

BBC News
30th August 2012
Mortgage approvals increased in July, according to the Bank of England. Jonathan Harris of Anderson Harris, says: ‘With Nationwide raising a number of rates because of compromised service levels caused by an influx of business, we need more lenders to offer competitive rates in order to keep pricing low across the board. With money market rates at all-time lows, this should be possible.’

The Daily Telegraph
30th August 2012
Borrowers continue to face a mortgage crunch five years after Northern Rock almost collapsed. Adrian Anderson of Anderson Harris, says: ‘Many lenders, including Halifax, ING, Clydesdale and Yorkshire banks, the Co-operative and Cambridge Building Society, have raised their SVRs this year even though there has been no movement in Bank Rate.’

The Daily Telegraph
25th August 2012
Many Santander borrowers had the shock news this week that their mortgage rate would be going up – even though there has been no movement in base rate. Adrian Anderson of Anderson Harris, says: ‘As Santander has proven, lenders can raise their SVRs on a whim, so borrowers should not take for granted that rates won’t rise, even if base rate doesn’t…. If you find yourself in this situation, seek advice. You can use savings earning next-to-nothing to reduce your outstanding loan which will improve your equity position, for instance.’

The Independent
25th August 2012
Manchester Building Society has launched a 25-year fixed-rate mortgage. Jonathan Harris of Anderson Harris, says: ‘Fixing for 25 years is a gamble. Even if you think you are getting a competitive rate, it might not look that way in a few years’ time when you will be trapped and unable to switch to a cheaper deal without paying a hefty penalty.’

The Times
24th August 2012
Mortgage approvals improved slightly in July, according to the British Bankers’ Association but they remain well below the long-term average. Jonathan Harris of Anderson Harris, says: ‘Weak economic growth in the UK and the ongoing eurozone crisis are fuelling uncertainty and a lack of consumer confidence. More borrowers are choosing to overpay on their mortgage and reduce their outstanding debt and borrowing costs where they can, rather than take on new loans.’

The Daily Telegraph
23rd August 2012
Santander is under fire after raising its mortgage rate. Adrian Anderson of Anderson Harris, says: ‘As Santander has proven, lenders can raise their SVRs on a whim so borrowers have no protection. Rates could rise, even if the base rate doesn’t.’

The Independent
23rd August 2012
Santander has raised its SVR by four times the rate of inflation. Adrian Anderson of Anderson Harris, says: ‘It’s possible that other lenders will raise their SVRs if they haven’t already.’

The Sun
23rd August 2012
Santander is raising its mortgage rate. Adrian Anderson of Anderson Harris, says: ‘It is possible that other lenders will raise their SVRs if they haven’t already. Borrowers should remain vigilant and check what their lender is charging.’

Evening Standard
22nd August 2012
Santander is raising its SVR. Adrian Anderson of Anderson Harris, says: ‘It is possible that other lenders will raise their SVRs if they haven’t already. Borrowers should remain vigilant and check what their lender is charging.’

The Independent
22nd August 2012
Santander is raising its SVR, despite no move in base rate. Adrian Anderson of Anderson Harris, says: ‘Borrowers should remain vigilant and check what their lender is charging. As Santander has proven lenders can raise their SVRs on a whim, so borrowers have no protection, and should not take for granted that rates won’t rise, even if there is no corresponding increase in the Bank Rate.’

The Daily Telegraph
22nd August 2012
The new wave of cheap mortgage deals will appeal to those looking to remortgage. Adrian Anderson of Anderson Harris, says: ‘Borrowers opting for a fix are going for five rather than two years because they get an excellent rate for a reasonable period of time. This is particularly true if they have a sizeable deposit or similar level of equity in their home. Fixing for two years doesn’t make sense. Rates might be cheaper but interest rates are unlikely to rise during that time.’

Daily Express
22nd August 2012
Borrowers coming to the end of a fixed-rate mortgage may be able to cut their monthly payments significantly by remortgaging but they need to be careful with their application. Adrian Anderson of Anderson Harris, says: ‘With five-year fixed rates in particular falling to all-time lows, it is worth considering remortgaging onto one of these deals if you have enough equity in your home…. The fuller your application, the better. Include your work phone number, home number, mobile number et cetera – not having any missing detail helps. An address history with long stays at each address is favourable. The problem many first-time buyers face is that they haven’t got a history of borrowing but lenders want to see one. If you haven’t got one, start one, and pay the bills off in full each month. It is also worth thinking how you describe your occupation. One underwriter told us that some professions are instantly declined but there are ways around that: for example, ‘van driver’ might be declined when ‘delivery man’ would not.’

The Daily Telegraph
21st August 2012
The Royal Institution of Chartered Surveyors is blaming poor weather and low uptake of the government’s NewBuy scheme for the fall in house prices in July. Jonathan Harris of Anderson Harris, says: ‘The NewBuy initiative is limited in scope and has got off to a slow start with only a handful of mortgage lenders offering products – and with higher rates than expected, at that. With only 100,000 buyers able to benefit under the scheme, it’s a drop in the ocean compared with the scale of the problem and the many people who are struggling to get on the housing ladder, requiring assistance. To expect this scheme to be the saviour of the housing market was always unrealistic.’

The Daily Telegraph
14th August 2012
The historically low fixed-rate mortgages on the high street are not being offered to wealthy borrowers requiring large loans. Adrian Anderson of Anderson Harris, says: ‘It can be tricky for those borrowing more than £500,000 as many high-street lenders don’t wish to lend above this amount, or they charge a premium for doing so.’ He adds that the private banks may provide the answer. ‘The vast majority of our clients borrow more than £500,000 and we usually end up going to the private banks for cheaper margins, particularly if they wish to borrow more than £1m which most high-street banks don’t have the appetite for.’

Financial Times
11th August 2012
With base rate unlikely to rise anytime soon, many borrowers are wondering whether they should lock into a fixed-rate mortgage. Jonathan Harris of Anderson Harris suggests NatWest’s five-year deal at 2.95 per cent. ‘The cheapest five-year fixed rate ever, this deal comes with a hefty fee but it might be worth paying, depending on the size of your mortgage,’ he says. ‘As a general rule, the bigger the mortgage, the more important the rate and the less important the fee, so if your mortgage is bigger than £100,000, it could be worth paying the fee in order to get this great rate and cheap monthly payments.’

The Daily Telegraph
10th August 2012
The Government’s Funding for Lending scheme is having the desired effect and pushing down mortgage rates. Adrian Anderson of Anderson Harris, says: ‘The funding for lending scheme has already had an impact on mortgage pricing, pushing down swap rates and resulting in some excellent five-year fixed-rate deals in particular….Borrowers should ensure they don’t fix for longer than they are absolutely sure about or they’ll have to pay a hefty early redemption penalty to get out before the fixed term ends. But with interest rates not expected to rise before the next couple of years at least, a five-year fix gives security over a longer period of time but not longer than most people are prepared to commit themselves to.’

Evening Standard
7th August 2012
Tesco is launching a range of mortgage deals. Jonathan Harris of Anderson Harris, says: ‘The choice of fees and various loan-to-values is welcome but it would have been good to see some higher LTVs than 80%. The flexibility in terms of being able to overpay is also a good feature. There is no advice available, though, and borrowers can’t speak to someone face to face – it’s all over the phone or online, which will put some people off.’

The Guardian
4th August 2012
Will the Funding for Lending scheme help more first-time buyers onto the housing ladder? Adrian Anderson of Anderson Harris, says: ‘This should mean more choice and cheaper rates. But if it means there is more choice at the 60 per cent LTV level, it isn’t going to free the market. We need more options at the 90 per cent LTV level and a wider variety of mortgages at better rates.’

Daily Express
1st August 2012
The mortgage price war is well underway. Adrian Anderson of Anderson Harris, says: ‘Two-year fixes are marginally cheaper than the lowest five-year equivalents, but with interest rates unlikely to rise for years there is little point in fixing for such a short period. The added advantage is you won’t have to remortgage in a couple of years. Do not fix for longer than you need as there are hefty early-repayment fees to get out before the end of the term.’

Daily Express
1st August 2012
Consumers are being warned to act now to protect themselves from further twists in the Eurozone crisis in coming months. A lifetime tracker may suit those who don’t need the certainty of a fixed-rate mortgage. Adrian Anderson of Anderson Harris, says: ‘Many of these deals carry no early repayment charges so borrowers can switch to a fix without penalty once rates start to rise.’

The Sunday Times
29th July 2012
Some private banks are getting tough on borrowers who do not invest assets under management. Jonathan Harris of Anderson Harris, says: ‘Over the past few weeks, we have seen a steady flow of borrowers approaching us who have been called in by their private bank to review their loan facility. It is no longer a sure thing that their loan will be renewed at the end of the five-year term.’

The Times
28th July 2012
A price war has broken out among mortgage lenders. Adrian Anderson of Anderson Harris, warns against fixing your mortgage for too long: ‘While these falling fixed rates are great news for borrowers looking for extended security, make sure you don’t fix for longer than you are absolutely sure about,’ he said. ‘Otherwise you’ll be hit with hefty early repayment charges when you try to exit, particularly as porting a mortgage is so much more difficult these days.’

Daily Telegraph
27th July 2012
As inflation falls, the Bank of England is coming under pressure to reduce the base rate even further. Jonathan Harris of Anderson Harris, says: ‘There are some cracking fixed rates available, particularly longer-term deals. The downside is that borrowers need sizeable deposits to qualify for the very best deals.’

Daily Express
25th July 2012
Customers looking for competitive mortgages might wish to look beyond the high-street banks to building societies. Adrian Anderson of Anderson Harris, says: ‘[The Cumberland BS 3.44 per cent discounted rate] is one of the cheapest rates available for an offset mortgage, enabling borrowers to use their savings to reduce the debt on their mortgage, while still retaining access to their money in case of an emergency.’

Daily Telegraph
21st July 2012
Lenders are offering cheap discounted mortgages to attract borrowers. Adrian Anderson of Anderson Harris, says: ‘While borrowers know where they stand with the base rate, with a discounted rate there is always the danger of a nasty surprise.’

Financial Times
21st July 2012
Facebook founder Mark Zuckerberg has a $5.95m mortgage on his California home, even though he is the 40th richest man in the world. Jonathan Harris of Anderson Harris, says: ‘It is a fallacy that wealthy people don’t need mortgages. Mr Zuckerberg’s mortgage makes perfect sense. If you can borrow money at such cheap rates, you can invest ‘spare’ cash you have where it will generate better returns. In this way, the wealthy can use other people’s money to make more money, which will make them wealthier still.’

Daily Telegraph
19th July 2012
If you are self-employed, it can be difficult to get a mortgage now that self-cert no longer exists. Jonathan Harris of Anderson Harris, says: ‘High-street lenders do not like borrowers with unreliable incomes so if you are self-employed, rely on freelance contracts, bonuses or commissions, it can be tricky to get funding. It might not be impossible, however, depending on your track record, how long you have been trading and what experience you have in that industry. If you are wealthy, the private banks may offer a solution, depending on your asset and liability position. They are familiar with bonus payments, investment income, dividends and anything around tax planning where money is ploughed back into a business, so they really understand reliable incomes.’

The Times
13th July 2012
HSBC has launched the cheapest ever five-year fixed-rate mortgage pegged at 2.99 per cent. Jonathan Harris of Anderson Harris, says: ‘This is the cheapest five-year fix we’ve seen and is part of a general trend among lenders to reduce their fixed rates. Funding rates have fallen, so we expect those lenders who have not yet cut their fixed rates to do so in the next few weeks. It’s great news for borrowers looking for extended security but don’t fix for longer than you are absolutely sure about – otherwise you’ll be hit with hefty early repayment charges when you try to exit, particularly as porting a mortgage is so much more difficult these days.’

Daily Telegraph
13th July 2012
Rising standard variable rates and the Libor mortgage scandal mean many borrowers are looking to remortgage but uncertain where to turn. Adrian Anderson of Anderson Harris, says: ‘The decision by ING Direct [to raise its SVR] was no real surprise as it was one of the lowest SVRs available. While we don’t expect increases across the board, lenders can raise their SVRs on a whim. Borrowers should not take it for granted that rates won’t rise. They should remain vigilant and check what their lender is charging.’

Sunday Express
8th July 2012
More people are turning to building societies for their mortgages as trust sinks in the high-street banks following rate-rigging and service issues. Jonathan Harris of Anderson Harris, says: ‘Look at mortgage ‘best buy’ tables, and building societies lead the way.’ Building societies can be flexible on lending as they typically use ‘human underwriters, rather than the tick-box, computer says ‘no’ approach of major banks,’ he adds.

Financial Times
7th July 2012
Some private banks require assets under management from borrowers or they may refuse to renew the lending facility, or hike the rate, once the five-year term has expired. Jonathan Harris of Anderson Harris, says: Borrowers have been told that their five-year deals are up for review before the end of the term. Private banks are threatening to hike the rates or insist borrowers increase the size of investments under management, or simply refuse to renew the loan.’

The Sunday Times
1st July 2012
Remortgaging has become more expensive in the past five years as lenders have cut back on the number of ‘freebies’ they are prepared to offer. Jonathan Harris of Anderson Harris, says: ‘Sadly, great remortgage packages, where the lender threw in plenty of freebies, are a thing of the past. Now you would be lucky to get a free valuation, never mind free legals or lender’s arrangement fee.’

AOL Money
1st July 2012
Lenders are offering incentives to encourage borrowers to take out mortgages. Adrian Anderson of Anderson Harris, says: ‘Long gone are the days when lenders gave away plasma televisions or Rover cars to incentivise borrowers to take out a mortgage… Borrowers should not take out a mortgage just because there is an incentive: if there is a perk on offer, work out its value and factor it into the sums when comparing the cost of deals.’

Financial Times
30th June 2012
The London Interbank Offered Rate (Libor) affects the pricing of short-term mortgages as lenders borrow against it. Adrian Anderson of Anderson Harris, says: ‘The pricing of Libor has an impact on the rates offered by lenders on short-term variable rate mortgages, such as two-year base rate trackers. When three-month Libor falls, the pricing on new base-rate trackers usually falls and similarly, when Libor rises, so too does the pricing of trackers.’

Daily Telegraph
27th June 2012
Accidental landlords are having to pay higher mortgage costs as lenders make it more difficult to rent out your home for a period of time. Some lenders are tougher than others with Clydesdale Bank, for example, refusing to give consent-to-let. Adrian Anderson of Anderson Harris, says: ‘There is no flexibility at all.’

Financial Times
23rd June 2012
Abbey for Intermediaries is the first lender to pay brokers based on the perceived quality of the clients they refer. Adrian Anderson of Anderson Harris, says it is ‘impossible’ for brokers to know who Abbey considered a quality applicant, as the lender would not reveal how its credit scoring worked.

Financial Times
23rd June 2012
Banks are improving their loyalty mortgage rates – the preferential deals they offer existing current account holders. But Adrian Anderson of Anderson Harris, says that it is not that straightforward: ‘Most banks have quite stringent requirements – with the borrower required to hold the bank account for several months, for example – and the luxury of time is one most buyers simply don’t have.’

Financial Times
16th June 2012
Students returning home after university may find they have to stay put for longer as high house prices and graduate debts mean they can’t afford their own home. Jonathan Harris of Anderson Harris, says: ‘Alternatives include buying jointly with parents or opting for a guarantor deal such as the Lloyds Lend a Hand scheme. Under this scheme, the adult child puts down a 5pc deposit and the parents deposit 20pc of the property value in a bank account with Lloyds, to access lower mortgage rates usually only available to those with a 25pc deposit.’

Daily Telegraph
15th June 2012
Interest rates may have been held for many months but mortgage rates have risen by 70 per cent over the past three years. Is now a good time to remortgage? Adrian Anderson of broker Anderson Harris, says: ‘Borrowers must consider whether they are actually in a position to remortgage. It is certainly worth reviewing your situation fairly regularly if you are on a SVR – every six months or so – to see whether you might now be better off switching.’

Sunday Telegraph
10th June 2012
Restrictions designed to limit the number of second home owners in parts of Yorkshire could be scaled back after lenders proved reluctant to lend on properties with restricted occupancy clauses. Adrian Anderson of Anderson Harris, says: ‘Local occupancy clauses are a tricky area for lenders as it can make resale of the property difficult.’

Financial Times
2nd June 2012
British expats returning to the UK because of problems in the Eurozone may find it difficult to get a mortgage to buy a property here. Adrian Anderson of Anderson Harris, says: ‘Expats returning to the UK may find borrowing tricky. The lender will often require them to be back in the UK for a specified period to be able to credit score.’

Financial Times
2nd June 2012
Mortgages may become more expensive if Greece leaves the Euro. Adrian Anderson of Anderson Harris, says: ‘There will be plenty of pressure on lenders to reduce the amount of lending they do, improve margins and raise mortgage rates in coming weeks. We are already seeing lenders raise rates, and that’s even before Greece has made any official decision to leave.’

Daily Telegraph
28th May 2012
The buy-to-let boom continues with an increasing number of people forced to remain tenants rather than get on the housing ladder because of the mortgage famine. Jonathan Harris of Anderson Harris, says: ‘All the indicators are that rents are continuing to rise and while growth may be slowing in some parts of the country it does not necessarily follow that rents are actually cooling off. Rental properties continue to generate a decent income for many landlords because of the shortage of rental property available and continued demand from would-be buyers who simply can’t get a big enough deposit together to get on the housing ladder. We don’t expect either of these factors to change anytime soon.’

Daily Telegraph
25th May 2012
HSBC is dropping its controversial requirement that homebuyers must use one of a restricted panel of solicitors for their conveyancing. Adrian Anderson of Anderson Harris, says: ‘HSBC has been plagued with service issues and delays, partly caused by a limited conveyancing panel and also by offering some of the ‘best buy’ mortgage rates on the market. Over the past few months we have seen a significant increase in buyers coming to us in desperation because their mortgage offer is taking so long to process that they are in danger of losing their property. In this climate, where there is a dearth of desirable properties on the market, this is a disastrous situation for buyers to find themselves in.’

The Guardian
16th May 2012
There may be fewer mortgage deals available for landlords but rental prospects remain strong. Jonathan Harris of Anderson Harris, says: There are more deals available at reduced rates, but most lenders now have a minimum income requirement, which may be as high as £60,000 a year. They will also take the rental income of the property into account. Lenders do not want speculative buy-to-let investors and landlords with no income borrowing several hundred thousand pounds against the asset. Instead, they want people with substance who can maintain the asset and pay the mortgage during the void periods.’

The Sunday Times
13th May 2012
Banks are putting an increasing number of obstacles in the way of borrowers, which is considerably slowing down the buying process. Jonathan Harris of Anderson Harris, says: ‘We have seen a significant increase in buyers coming to us in desperation because their mortgage offer is taking so long to process that they are in danger of losing their property. In this climate, where there is a dearth of desirable properties on the market, this is a disastrous situation for buyers to find themselves in.’

The Times
11th May 2012
Private banks are increasingly focusing on the relationship they can foster with a client in return for lending. However, Jonathan Harris of Anderson Harris, says this does not mean that all private banks demand that clients transfer huge sums of money or assets to them: ‘If a private bank really wants a client because they are high calibre it may not be too aggressive about the assets under management.’

Financial Times
8th May 2012
Relationships between private banks and their customers have been severely tested during the financial crisis. Jonathan Harris of Anderson Harris, says: ‘At the height of the crisis, there was a six-month period where all banks, including private banks, had little appetite to lend as they were assessing their balance sheets and potential exposure to the debt crisis. Some clients, even long-standing ones, had facilities restricted and requests for further borrowing declined. This created distrust and fuelled migration to different private banks as soon as conditions eased.’

Gulf News
6th May 2012
One in five people couldn’t afford food if their mortgage payments rose. This is a worry when a number of lenders are raising their standard variable rates (SVRs), even though there has been no increase in interest rates. Adrian Anderson of Anderson Harris, says: ‘We don’t expect wholesale rising of SVRs by other lenders, but borrowers should remain vigilant and check what their lender is charging. Lenders can raise their SVRs on a whim so borrowers have no protection and should not take for granted that rates won’t rise.’

Daily Telegraph
1st May 2012
Lenders are offering plenty of two-year fixed rates but they may not the best option for borrowers. ‘The majority of our clients favour lifetime trackers or five-year fixes,’ says Adrian Anderson of Anderson Harris. ‘They would rather not have to remortgage again in two years. If property values have decreased, they may not be eligible for the same loan-to-value, or their job or family position may have changed so they may not be able to remortgage.

Financial Times
28th April 2012
Borrowers with modest deposits must pay higher rates of interest than those with larger down payments. Jonathan Harris of Anderson Harris, says: ‘The majority of lenders are re-pricing upwards at short notice, with bigger increases notable on higher LTV products. This means that the margin between borrowing at low and higher LTVs is widening, making affordability even more of an issue for those borrowing at 85 per cent LTV.

Financial Times
14th April 2012
It can be notoriously difficult for first-time buyers to get on the housing ladder. Jonathan Harris of Anderson Harris, says: ‘If you get a mortgage approved in principle, you will know how much you can borrow and won’t waste time looking at properties, you can’t afford. Vendors will also take you more seriously.

The Times
13th April 2012
Extending a short lease on a property should be straightforward as long as you know which bank to approach. Adrian Anderson of Anderson Harris, says: ‘Private banks tend to be much more flexible than high street lenders when it comes to buying short lease property. As long as the private bank is happy with the client, they may cross-charge against other properties or assets owned by the client.

House & Home, Financial Times
7th April 2012
Buy-to-let investors are targeting London and the south-east for the greatest returns over the next decade. Adrian Anderson of Anderson Harris, says: ‘As more lenders return to this market, and rates become increasingly competitive, buy-to-let is only going to grow in popularity.’

Financial Times
31st March 2012
The rapid increases in rents seen over the past few years have started to slow down. But in London, capital appreciation also plays a part. Adrian Anderson of Anderson Harris, says: ‘In terms of London, especially prime central London, demand for buy-to-let properties is only increasing. This is down to the expected increase in capital growth for prime properties over the next few years and attractive rental yields compared to other investments.’

Financial Times
17th March 2012
Private banks are increasingly insisting that clients transfer assets to them before granting a low mortgage rate. Jonathan Harris of Anderson Harris, says: ‘Over the past few months, private banks have become more aggressive regarding assets under management. Some feel they have been used for transactional lending on large loans as funding has dried up on the high street – and they have not developed the relationships with customers they had hoped to off the back of that lending.’

Financial Times
9th March 2012
Halifax has raised its standard variable rate. Jonathan Harris of Anderson Harris, says: ‘Borrowers on some of the other ‘cheap’ SVRs, such as those Lloyds and Nationwide customers who are paying 2.5 per cent, may be worried that their lenders will raise their cap from 2 per cent above base rate. That is unlikely because their contracts are written in such a way that they can’t be altered. Borrowers on SVRs without caps are more at risk.’

Sunday Express
4th March 2012
Homeowners can protect themselves against interest rate rises by taking out specialist insurance. But Adrian Anderson of Anderson Harris is not convinced. He says: ‘In our experience, borrowers would rather remortgage onto another deal then take out an expensive hedge. Borrowers are well aware that rates are artificially low and won’t stay that way forever but if they are really concerned about this, there are some excellent five-year fixed-rate mortgages at under 4pc which are proving popular.’

Daily Telegraph
24th February 2012
Buy-to-let continues to thrive with rising rents and cheap mortgage finance. Adrian Anderson of Anderson Harris, says: ‘We have seen a pick-up in inquiries, mainly from experienced investors.’

Financial Times
18th February 2012

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