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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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Simon Hart’s memoir reveals inside story of Westminster chaos

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SIMON HART, the former MP for Carmarthen West and South Pembrokeshire, is set to lift the lid on the political turmoil of recent years with his new book, Ungovernable: The Political Diaries of a Chief Whip, due for release on February 27, 2025.

The memoir promises a rare, behind-the-scenes account of life inside the Conservative government during one of its most chaotic periods. Hart, who served as Chief Whip under Prime Minister Rishi Sunak, provides an unfiltered look at the party’s internal struggles, resignations, and public controversies that rocked Westminster between 2019 and 2024.

From power to crisis

Having first been elected in 2010, Hart represented South Pembrokeshire and parts of Carmarthenshire for over a decade before boundary changes saw him lose his seat in 2024. His political career saw him rise to the role of Secretary of State for Wales under Boris Johnson before taking on the crucial but often misunderstood position of Chief Whip in Sunak’s government.

In Ungovernable, Hart describes how he witnessed the Conservative Party unravel from a position of strength to electoral vulnerability. He provides firsthand insight into the party’s inner workings, dealing with rebellious MPs, scandal-ridden colleagues, and the battle to maintain discipline within the government.

Westminster’s scandals and secrets

Among the most revealing aspects of the book are Hart’s accounts of the defection of Conservative MPs to Labour, the fallout from Liz Truss’s 49-day premiership, and the struggles to manage a party fractured by Brexit, infighting, and scandal. He details the dramatic moments that saw fifteen Tory MPs leave their seats under his tenure, including high-profile figures such as Nadine Dorries, whose controversial resignation caused months of political tension, and Matt Hancock, suspended after his infamous appearance on I’m a Celebrity, Get Me Out of Here.

Hart also delves into Lee Anderson’s suspension over inflammatory remarks about the London Mayor, and the internal battles over government policies, leadership, and media spin.

Praise for an insider’s account

The book has already attracted attention from senior political figures. Rory Stewart, former MP and political commentator, described it as “a remarkable insight into a critical moment”, while Michael Dobbs, author of House of Cards, praised Hart’s blunt honesty, calling it a “balls-up-to-break-down account of how the Tories managed to fall flat on their faces”.

For Pembrokeshire readers, Ungovernable provides a unique perspective from a local politician who operated at the very heart of Westminster’s power struggles. Whether a supporter or critic of his time in office, Simon Hart’s memoir promises to be a fascinating and controversial account of one of the most dramatic chapters in modern British politics.

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Community

Port issue warning over damage to Milford Beach access route

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THE PORT of Milford Haven has issued a warning regarding a wall collapse on the hot water slip access to Milford Beach.

Residents and visitors are urged to stay clear of the affected area and avoid using this access route while investigations and repairs are carried out.

Please share this message to help ensure public safety.

Thank you.

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The Sea Empress Disaster: Remembering the catastrophe 29 years on

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IT WAS exactly 29 years ago. On the evening of February 15, 1996, at approximately 8:07pm, the oil tanker Sea Empress ran aground on rocks near St. Ann’s Head at the entrance to the Milford Haven Waterway in Pembrokeshire. The vessel, en route to the Texaco oil refinery in Milford Haven, was carrying over 130,000 tonnes of Forties blend crude oil. The incident led to one of Britain’s worst environmental disasters.

A catastrophic collision

As the Sea Empress navigated the narrow channel against an outgoing tide, strong currents pushed the vessel off course, causing it to collide with mid-channel rocks. The initial impact released approximately 2,500 tonnes of crude oil into the sea. Over the next six days, severe weather conditions and missteps in salvage operations hindered efforts to refloat and stabilize the tanker. The vessel grounded and refloated multiple times, ultimately spilling around 72,000 tonnes of crude oil and 370 tonnes of heavy fuel oil into the surrounding waters.

Environmental devastation

The spill had catastrophic consequences, particularly for the ecologically sensitive Pembrokeshire Coast National Park. More than 200 kilometers of coastline were contaminated, impacting numerous habitats and species.

Wildlife impact

Though the spill occurred in late winter before many migratory species had returned, resident wildlife suffered extensively. Thousands of seabirds, including guillemots, razorbills, and the common scoter duck, were found dead or severely oiled. Estimates suggest that approximately 5,000 of the 15,000 common scoters in the area perished.

Marine life was also heavily affected. Intertidal species such as seaweeds, invertebrates, and rock pool fish experienced significant mortality. Grey seals inhabit the region, but their population suffered minimal direct impact due to the timing of the spill.

Economic and social repercussions

The disaster had profound economic consequences for local communities. A fishing ban was promptly imposed along the affected coastlines, suspending operations for fisheries targeting species like shellfish and lobsters. The ban lasted several months, resulting in substantial financial losses. While compensation schemes were introduced, many affected individuals felt the payouts were insufficient.

Tourism, a vital part of Pembrokeshire’s economy, also suffered. The spill occurred just before the Easter holiday season, leading to mass cancellations and a decline in visitor numbers. Popular beaches were covered in oil deposits, deterring tourists and impacting businesses reliant on seasonal trade.

Mobilization of cleanup efforts

In response to the crisis, a massive cleanup operation was launched, involving over a thousand individuals, including local volunteers, environmental organizations, and government agencies. The immediate priority was rescuing and rehabilitating oiled wildlife. Specialized facilities were established to clean affected birds, though survival rates post-release remained low.

Shoreline cleanup efforts presented significant challenges. Teams employed various methods, including manual oil removal and chemical dispersants designed to break down the crude. While dispersants proved effective in some cases, concerns arose about their long-term environmental impact. Most visible oil was removed from beaches within six weeks, but cleanup efforts in remote areas continued for over a year.

Investigations and accountability

Subsequent investigations identified pilot error as a primary cause, with misjudgments regarding tidal streams and currents leading to the initial grounding. The report also highlighted deficiencies in the port’s navigational aids and emergency response protocols. As a result, the Milford Haven Port Authority faced scrutiny and was fined £4 million for its role in the disaster.

Long-term environmental recovery

Monitoring of the affected areas revealed that natural recovery was underway, aided by the region’s dynamic tidal systems. By 2001, studies indicated significant habitat restoration. However, certain species, particularly those with longer lifespans and slower reproductive rates, continued to show reduced population numbers, underscoring the prolonged effects of oil spills on biodiversity.

Lessons learned

The Sea Empress disaster prompted significant reforms in maritime safety and environmental protection within the UK, including:

  • Enhanced Navigational Protocols: Improved pilot training and navigational aids to prevent future groundings.
  • Regulatory Changes: Introduction of the Port Marine Safety Code, establishing national port safety standards.
  • Environmental Safeguards: Strengthened oil spill contingency plans and increased investment in spill response technologies.

The Sea Empress disaster remains a stark reminder of the fragile balance between industrial activities and environmental preservation. It underscores the need for stringent safety measures, rigorous regulatory oversight, and proactive environmental protection to prevent similar catastrophes in the future.

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