View more on these topics

Savills PF enhances illustrations to show effects of interest hikes

Savills Private Finance has responded to concerns about consumer debt by enhancing its mortgage illustrations to show the effect of potential interest hikes.

The company has updated its computer system to provide would-be clients with standard illustrations for every mortgage proposal to show in pounds and pence what a borrower&#39smonthly loan repayments would be should rates rise.

The new feature allows the client to see not only the monthly repayment costs at the initial rate, but also shows a projected monthly repayment figure at 6.5% and 7.5%.

Mark Harris, managing director at Savills, says: “A lot of people are forgetting that rates are low at present. For some, if there was a rise they could find themselves in a difficult situation, struggling to make the monthly payments.

“Hopefully when clients see the repayment figures at the higher percentages, they will take into consideration that although they may be able to afford the monthly repayments on their new low rate they will need to be sensible with their spending just in case there was a rise in the future.”

Recommended

Net dominance is a distant dream

Colin Dale, head of lending, Skipton When people talk about internet lending, it&#39s worth asking what their definition is. If they are referring to the fact application forms are available online, then the practise is widespread. If, however, they are talking about housebuyers being able to fill in a form online and press a button […]

APS adds BuildStore to direct lending panel

APS Europe Mortgage Club has added BuildStore, provider of mortgage products to people wanting to renovate or convert their home, to its direct submission panel. Brokers will now be able to offer BuildLoan, a self-build mortgage for the intermediary market, to their clients and receive a procuration fee via APS Europe. The range of features, […]

Would you recommend Bond 2 Let to landlords?

The buy-to-let boom shows no sign of abating with the first half of this year showing 75,100 buy-to-let mortgages worth £7.7bn advanced. By 2020 it is estimated that the average house price will nearly double from £161,665 to over £300,000. Meanwhile, it is expected that the UK population will increase by six million in the […]

Over 400 brokers register interest in Spanish property network

The Spanish Property and Investment Network has announced that more than 400 brokers have registered an interest in its network since launching in September. The network, launched by CETA, provides homebuyers with a one-stop-shop service offering help to source the right property, advice about the best areas and developments, arranging mortgages with Spain&#39s leading banks […]

Survey cover

EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.

Newsletter

News and expert analysis straight to your inbox

Sign up