News

Mortgage applicants in a market review muddle

Published

11 years ago

May 23, 2014

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.

Charity

Over 1,100 festive bathers enjoy Tenby’s famous Boxing Day Swim

Published

17 hours ago

December 26, 2024

Tom Sinclair

A RECORD-BREAKING number of 1,150 festive bathers have had a splashing time in the Tenby Boxing Day Swim this morning.

The fancy dress theme of Superheroes – in tribute to the RNLI in its 200th anniversary year – saw Batman, The Incredibles, Wonderwoman and a whole crew of emergency services dashing into the chilly water of Tenby’s North Beach.

RNLI mascot Stormy Stan was there amongst the huge crowds to cheer the brave bathers on their way.
The swim will be one to remember forever for one duo of dippers as they got engaged following a surprise proposal on the sand.
Brazilian Jiu-Jitsu coach Philip Frith, 34, made one of his best-ever moves when he popped the question to his girlfriend, former professional dancer Victoria Tansey, 34, who is originally from Hakin.

Said swim chairman Sam Skyrme-Blackhall: “”Well, we said ‘come to the Tenby Boxing Day Swim and take the plunge’ but we weren’t expecting that! Congratulations to the happy couple”.
The swim has raised hundreds of thousands of pounds for charities and good causes in its 52-year history, and this yeae’s event will see Tenby RNLI as the main beneficiary.

Town mayor Dai Morgan said: ”It’s great to see so many people from here, and for such a good cause. I just love it down on the beach on Boxing Day. The swim is such a fantastic tradition.”
The mayor’s daughter, 18-year-old Erin Morgan, who is Tenby’s town crier, gave a special ‘cry’ to welcome the swim.

Swim chairman Sam supervised 10-year-old Sam Fecci as he fired the swim’s starting pistol – a duty usually carried out by his dad, Stuart, who was not well enough to attend.

Festive tunes and a lively commentary from DJ Steve Briers ramped up the atmosphere on the beach and swimmers emerged from the sea to be presented with commemorative medals and warm up with hot soup donated by the Giltar Hotel and served up by Tenby and District Lions.

‘Taking the plunge’ at a festive swim in Wales this morning meant more than just a dip in the sea for one happy couple.

As hundreds of Boxing Day bathers at the legendary event in Tenby dashed for the water, a magical moment was happening between Victoria Tansey and Philip Frith.
Philip, 34, went down on one knee on the sand and asked Victoria, 37, to marry him.

Fortunately, she said an ecstatic ‘yes’ to the carefully-planned proposal, which saw the couple’s special song Ocean Eyes y Billie Eilish sound out over the beach as the newly-engaged couple celebrated with a splash in the sea.

As a former Royal Marine Philip – who is now a Brazilian Jiu Jitsu coach – has faced some scary situations in his life but the Boxing Day proposal was up there with the most nail-biting.
“I’ve been so nervous/special moment.

Victoria, originally from Hakin, Milford Haven in Pembrokeshire, worked as a professional dancer – appearing on the X Factor, Britain’s Got Talent and Pineapple Dance Studio: Survival of the Fittest -and before setting up her own entertainment agency.

Although now living in Guildford with Philip, she has always loved returning to her Pembrokeshire roots

“When we first met, Victoria couldn’t wait to show me all around Pembrokeshire and we have made the trip as often as work would allow us, to visit her family, go beach hopping and take in the breathtaking scenery,” said Philip.

“I absolutely love sea swimming, I believe that it is so worthwhile for your body and mind, however Victoria has never been one to enjoy the cold!

“So, on our first Christmas together as a couple, Victoria surprised me by taking me to Tenby for the Boxing Day Swim – it’s honestly one of my most fond memories from the start of our relationship!

“I wanted to return her the favour of surprising her by proposing to her at this year’s swim.”

Victoria’s mum and her childhood best friend , Sean Griffiths – who she set up Milford Haven’s Unison Dance Group with in 2004 –were on the beach to watch the proposal, with Sean bringing along the engagement ring in his pocket to fellow swimmers crowded round to congratulate Victoria and Philip, and swim chairman Sam Skyrme-Blackhall laughed: “Well, we said ‘come to the Tenby Boxing Day Swim and take the plunge’ but we weren’t expecting that! Congratulations to the happy couple”.

Charity

Letterston dog show raises over £750 for local charities

Published

2 days ago

December 25, 2024

Tom Sinclair

ON SUNDAY (Dec 22), Letterston Ring Craft successfully raised £755.55 for two Pembrokeshire-based charities during a fun dog show event. The funds were equally split between South Pembrokeshire Cat Rescue and Letterston Memorial Hall.

The event featured a variety of well-attended classes, including child handling and fancy dress, drawing participation from dog enthusiasts of all levels.

This fundraiser marked the first charitable event supporting South Pembrokeshire Cat Rescue. Founded and managed by Lizzy Austwick, the rescue organisation aids unwanted, feral, and sick cats across Pembrokeshire and responds to urgent cases in Carmarthenshire and Ceredigion. The rescue provides neutering support for stray and feral cats, directs owners to available resources, and specialises in helping stray cats with severe injuries, raising essential funds for their care.

For assistance, Lizzy can be contacted via the rescue’s Facebook page or at 07575 131443.

Letterston Ring Craft welcomes new members interested in training and showing their dogs, from local companion shows to prestigious events like Crufts. The club meets every other Sunday in Letterston, and further details can be found on their Facebook page.

Looking ahead, the next fun dog show is scheduled for early next year and will support Belle’s Story Charity. For more information or to get involved, contact Gentle Lowe at 07956 653401.

Charity

£3,800 donated to services across Withybush Hospital

Published

2 days ago

December 25, 2024

Tom Sinclair

THE CAMROSE VINTAGE WORKING DAY team has donated £3,800 to services across Withybush Hospital.

Their 37^th annual event raised a record breaking £25,000, which has now been distributed among 26 local charities.

They donated the funds to the Stroke Ward, Specialist Respiratory Team, Chemo Day Unit and Heads Up! Hair Loss Initiative at Withybush Hospital. Each service received £950.

The Heads Up! initiative provides a person-centred, holistic hair loss service for cancer patients. It brings together healthcare and haircare professionals from local communities to give patients the knowledge and products needed to manage their hair loss with dignity and choice.

Katie Hancock, Fundraising Officer, said: “Thank you to Andrew, the team and the supporters of the Camrose Vintage Working Day for your generosity once again. Your donation to each service is amazing and will make a big difference. We are hugely grateful for your wonderful support.

“The support of our local communities enables us to provide services over and above what the NHS can provide in the three counties of Hywel Dda and we are extremely grateful for every donation we receive.”

Pictured above: Andrew James, Chairman of Camrose Vintage Working Day with Withybush Hospital staff from the Stroke Ward, Specialist Respiratory Team, Chemo Day Unit, Heads Up! Hair Loss initiative.