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Mortgage applicants in a market review muddle

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SEVENTY-EIGHT-PER-CENT of those looking to buy a house in Wales in the year do not know what the Government’s Mortgage Market Review (MMR) is, or how it may affect them, according to a report commissioned by Experian, the global information services company.

 

The study also finds that nationally, of those that have heard of the MRR:

 

• 43% think the introduction of the MMR means they can apply with smaller deposits  –  when larger deposits to make mortgage repayments more manageable, are likely to be needed; and

• 19% believe lenders will have relaxed their lending criteria after April 26 2014 – when affordability checks will in fact become much more stringent

 

The MMR, which aims to make mortgage lending more responsible and stable was introduced on April 26. However, it does mean that those hoping to borrow to purchase a property will need to show they have considered how they will be able to manage their repayments now and into the future should interest rates rise.

With more than 10% of Britons surveyed saying that they plan to buy a property this year, Experian has launched a dedicated online resource Mortgage Matters, www.experian.co.uk/mortgages, which contains lots of guides, articles and videos to help people make their property dreams a reality. Experian and This Is Money are also giving people the chance to win a £20,000 deposit to help make these property dreams a reality!*

Peter Turner, Managing Director, Experian Consumer Services, UK & Ireland, said: “It is clear that many aspiring homeowners are in a great muddle about the MMR and many more are unaware of the amount of preparation that should be invested in getting your finances and credit history in order before you make any mortgage application. The Mortgage Matters website was designed to help people navigate the mortgage application journey and this amazing prize could really help make a dream come true for one first time buyer.”

For those who have dreams of owning a home, in order to stand the best chance of securing a mortgage – and to get one with the best interest rate – homebuyers need to get their finances in the best possible shape. However, it appears very few potential buyers are doing that.

A fifth (19%) don’t plan on preparing their finances before their mortgage application, while another fifth (18%) only plan on preparing a month prior to their application. Moreover, fewer than one in four (23%) have checked their credit score in the last six months, which would help provide a clear picture of their financial situation and how they are likely to be viewed by lenders.

 

Of those looking to buy a property:

 

• Only a fifth plan to make a clear six-month budget;

• A quarter (26%) plan to clear outstanding debt;

• A further 15% plan to pay down any outstanding credit;

• Only a third plan on cutting back on luxuries in the lead up to their application.

 

Peter Turner continued: “Time spent preparing your finances now will pay dividends in the future. We’d advise potential homebuyers to look at their financial situation as soon as they make the decision to look for a home, and not just before they apply for a mortgage. This will give you the chance to make any improvements necessary and get accepted – and at the best rates, too.

Here are some simple tips from Experian CreditExpert to help you prepare for a mortgage application after the Mortgage Market Review:

1. Know your budget. As soon as you decide to look for a property, scrutinise your last few months’ outgoings carefully to understand your spending habits. Are there things you could do without to finish each month with cash in the bank?

2. Know what you can really afford. Visit a broker or use an online mortgage calculator to work out your likely repayments. Importantly, play with the interest rate settings to see if you could afford repayments if rates rise by 1%, 2% or more.

3. Make sure your credit report is up to date. As well as checking your outgoings, you should also check your credit report, which includes a record of all your borrowing over the last six years. Ensure everything is accurate and up-to-date.

4. Does your Experian Credit Score need work? The Experian Credit Score is a guide to help you understand how a lender might score your credit worthiness. If it’s lower than you expected, ask the experts for help and ensure your credit report paints the best picture possible before you make your application.

5. Build good behaviours. Finally, from now until your application, try to appear like an ideal mortgage borrower. Show you can make it through several months with a slight surplus. Don’t take out additional borrowing and try to demonstrate you can comfortably manage any outstanding credit commitments you have.

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Monkton man with ‘no regard for the law’ jailed for two attempted robberies

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A MAN who threatened to stab a vulnerable victim just a day after trying to commit a robbery against a stranger has been jailed.

Dyfed-Powys Police officers arrested 29-year-old Jamie Rawlinson 20 minutes after receiving a report that he’d threatened to stab a stranger on June 26.

The victim reported that Rawlinson, of Colley Court, in Monkton, had approached him outside his home and held a sharp object to his chest.

The victim managed to get inside his house safely, and called the police.

Rawlinson was arrested 20 minutes later and taken to police custody, where he was interviewed the following day, and released on bail with conditions while officers carried out enquiries.

But just hours later, he was under arrest for a second time.

Detective Sergeant Tanya Rendell said: “The suspect was released on bail with stringent conditions to comply to while we carried out an investigation into the offence. There were a number of enquiries we needed to progress, which would take longer than we would have been able to keep him in custody. Despite the conditions imposed the suspect clearly had no regard for the law or the conditions imposed, and with less than three hours after being released, went on to commit another attempted robbery, this time against a vulnerable man who was known to him.

“The pair had met at a friend’s house and had gone for a walk, when they ended up in an alleyway.

“The victim was physically assaulted – punched and kicked – and was threatened that he would be stabbed if he didn’t give Rawlinson £40 and tobacco.”

PCSOs on patrol saw the victim and took him to a place of safety. Rawlinson, who was still in the area was arrested following this.

He was charged with two counts of attempt robbery and appeared at Swansea Crown Court, where he was sentenced to six years in prison.

DS Rendell said: “This was a swift an comprehensive investigation, involving officers from a number of teams. Evidence was captured by Neighbourhood Policing Teams at the scene, which was followed up with house-to-house and CCTV enquiries, as well as work from the dog unit, CID and firearms officers.

“This excellent teamwork secured the evidence needed to get a charge, conviction and a prison sentence for a man who is clearly a danger to the community.”

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Surge in reports of personal watercraft incidents on the South Pembrokeshire Coast

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THE NATIONAL PARK is appealing for riders of personal watercraft to consider the impact of their activities on other visitors and wildlife following a recent rise in reported incidents.

Launching the small jet-powered boats has already been banned in a number of locations around the Pembrokeshire Coast due to the actions of irresponsible riders and the noise nuisance generated by the crafts.

Recent reports include a personal watercraft weaving at high speed through the moorings close to the shore in Dale and a near miss with a kayaker in Freshwater East.

Park Authority Chief Executive, Tegryn Jones said: “Noisy, intrusive activities such as personal watercraft riding are not generally welcome on the Pembrokeshire Coast due to their impact on the special qualities of the National Park.

“Peace and tranquillity are some of key things that our residents and visitors value and perhaps more importantly our rare and protected wildlife depends on it. One inconsiderate jet-powered craft user has the potential to ruin the day of hundreds of other people.

“High visitor numbers mean many people are taking to the water in various vessels and kayaks and stand up paddleboards are particularly vulnerable to being overturned by the heavy wakes generated by personal watercraft.

“We are urging people to stick to the dedicated aquabatics zones on the Milford Haven Waterway and follow the ‘dead slow’ and minimum wake guidelines that are in place around beaches, harbours and other people.”

Anyone heading out into the water around the Pembrokeshire Coast is reminded to read and follow the Pembrokeshire Marine Code to minimise any disturbance to wildlife and to enable you to have the best experience possible.

Further information and maps highlighting the dedicated personal watercraft and aquabatics zones on the Milford Haven Waterway is available from the Port of Milford Haven website: https://www.mhpa.co.uk/powered-craft/.

To find out how you can minimise disturbance to wildlife while enjoying the waters around the Pembrokeshire Coast visit the Pembrokeshire Marine Code website: https://www.pembrokeshiremarinecode.org.uk/.

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Johnston: Police appeal after boy on scooter injured in collision

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POLICE are appealing for witnesses after a collision in Johnston, near Haverfordwest, on Wednesday (Aug 5).

A boy on a scooter sustained minor injuries during the collision, which took place at around 4.20pm.

A red 4×4 is also believed to have been involved.

Anyone who was in the area of the St Peters Road pelican crossing, or nearby Langford road, and either witnessed the collision or who has CCTV that covers this area is asked to get in touch with Dyfed-Powys Police

As spokesman said: “You can telephone 101 or email contactcentre@dyfed-powys.pnn.police.uk. If you are deaf, hard of hearing, or speech impaired you can text the non-emergency number on 07811 311 908. Please quote Dyfed-Powys Police Ref DP-20200805-249.”

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