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Mortgage applicants in a market review muddle

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houess

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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News

Prince William faces diplomatic tightrope on first Saudi Arabia visit

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Energy, trade and human rights concerns collide as UK deploys monarchy’s ‘soft power’

PRINCE WILLIAM will step into one of the most politically sensitive overseas trips of his public life this week as he travels to Saudi Arabia at the request of the UK Government.

Unlike recent royal visits to Estonia, Poland or South Africa, this tour carries significant diplomatic weight, placing the Prince of Wales at the centre of a complex balancing act between strengthening economic ties and confronting a deeply controversial human rights record.

Sources close to the Palace say William “didn’t flinch” when asked to go, viewing such duties as part of his responsibility as heir to the throne.

But Saudi Arabia presents challenges unlike almost anywhere else on the royal calendar.

A country in transition

The visit will focus on energy transition and young people, two areas the kingdom is promoting heavily as it attempts to diversify its oil-dependent economy.

In recent years Saudi Arabia has staged major sporting and cultural events, including Formula One races, international film festivals and high-profile entertainment shows. The country will also host the men’s football World Cup in 2034.

Officials argue this signals modernisation and openness.

Critics say it is “sportswashing” — using global events to distract from repression.

Human rights organisations including Amnesty International continue to raise concerns over restrictions on free speech, criminalisation of same-sex relationships and harsh penalties for dissent.

While reforms have allowed women to drive and increased participation in public life, significant legal and social limits remain.

Meeting a controversial leader

Central to the trip will be talks with Mohammed bin Salman, widely known as MBS, the kingdom’s de facto ruler.

The crown prince is credited with pushing economic reforms but remains internationally divisive.

A US intelligence report concluded he approved the 2018 killing of journalist Jamal Khashoggi inside the Saudi consulate in Istanbul — an allegation he denies and Saudi Arabia rejects.

Whether William raises such issues privately is unlikely to be disclosed. Kensington Palace does not comment on confidential conversations.

However, the prince will be briefed extensively by the Foreign Office and the British Embassy before any meetings.

Soft power diplomacy

Government insiders describe William as a key diplomatic asset.

One source said the monarchy acts as a “secret weapon”, able to open doors politicians sometimes cannot.

This form of so-called soft power has long been part of the Royal Family’s overseas role — building relationships first, leaving governments to handle the harder negotiations.

Dr Neil Quilliam of Chatham House says Saudi leaders value high-level recognition from Britain.

“Deploying Prince William sends a signal that the UK takes the relationship seriously,” he said.

Energy cooperation and investment are expected to dominate talks, particularly as Britain seeks new partners during the global shift away from fossil fuels.

Echoes of the past

The visit also reflects longstanding links between the two royal families.

King Charles III has travelled to Saudi Arabia numerous times over the decades and is said to maintain warm relations with senior figures there.

William is now expected to assume a more prominent global role as he prepares for future kingship.

A delicate balancing act

For many observers, images of handshakes between William and MBS will be uncomfortable.

Yet world leaders continue to engage with Riyadh, citing its strategic and economic importance.

The prince’s task is unlikely to involve grand statements. Instead, it will be quiet diplomacy — maintaining dialogue while representing British values.

It is a careful, sometimes uneasy role.

But it is one the monarchy has long performed: building bridges in places where politics alone struggles to tread.

 

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Community

Ice rink campaign launched for Pembrokeshire

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Survey underway as resident explores sites and funding for year-round skating facility

PLANS to bring a permanent ice skating rink to Pembrokeshire are gathering momentum after a local resident began talks with council officers and launched a public survey to test demand.

Big plans: Jemma Davies

Jemma Davies, from Newgale, says the county is missing out on a major leisure attraction that could benefit families, schools and visitors while creating new jobs.

At present, the nearest full-time rink for Pembrokeshire residents is in Cardiff — a round trip of several hours — making regular skating sessions difficult for many families.

She believes a local facility could change that.

“I think it would give people something completely different to do here,” she said. “It’s exercise, it’s social, and it’s something children could take up after school instead of having to travel out of the county.”

Early talks with council

Jemma has already met officers from Pembrokeshire County Council’s sport and recreation department to discuss whether the idea could be viable.

She is also hoping to approach Sport Wales to explore possible funding streams and support.

To measure interest, she has set up an online questionnaire asking residents whether they would use an ice rink and how far they would be willing to travel.

She said early responses have been positive, with families, young people and skating enthusiasts backing the idea.

Reusing empty buildings

Rather than constructing a new arena, Jemma is investigating whether vacant premises could be converted, reducing costs.

Potential options include a former retail unit in Haverfordwest or a large hangar-style building near existing leisure attractions.

She said: “If we can reuse a building that’s already there, it keeps the costs down and brings life back into empty spaces at the same time.”

As part of her research, she plans to visit Vindico Arena to better understand the practicalities of running a rink.

More than just skating

Beyond public sessions, she believes a rink could host school trips, birthday parties, events and competitions, while encouraging young people to take up winter sports.

“Pembrokeshire has produced plenty of sporting talent over the years,” she said. “There’s no reason we couldn’t develop figure skaters or ice hockey players here too.”

Residents who want to share their views can complete the online survey.

Cover image:

Jemma Davies: Hopes to bring a permanent ice rink to Pembrokeshire (Pic: Supplied).

 

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Cymraeg

Moonpig’s Welsh fail still on sale as mistranslated St David’s Day card sparks laughs

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A GREETING card meant to celebrate St David’s Day has become an accidental comedy hit after shoppers spotted its Welsh message makes absolutely no sense – and, even better, it is still on sale.

The card, sold by online retailer Moonpig, reads: “Hapus Dewi Sant Dydd.”

Unfortunately for the designers, that translates back into something closer to “Happy David Saint Day” or “Day Saint David Happy” rather than the correct Welsh phrase, “Dydd Dewi Sant Hapus.”

In other words, the words are right – just in completely the wrong order.

The mistake was first highlighted by Nation.Cymru, prompting plenty of amusement online, with some joking it looked like the result of a lazy copy-and-paste from an automatic translator.

The Herald decided to check for itself.

And yes – as of today – the card is still live and available to buy on Moonpig’s website.

Customers can personalise it and add it to their basket just like any other design, with no sign the message has been corrected.

One reader joked: “It’s like they put the words in a hat and picked them out at random.”

Another described it as “peak AI Welsh”.

For Welsh speakers, the error is immediately obvious. Welsh sentence structure differs from English, so simply translating each word individually rarely works. It’s the linguistic equivalent of writing “Birthday happy you” on a cake.

There was also online chatter that the dragon artwork may be facing the wrong direction – though by that point, the language had already stolen the show.

With St David’s Day cards meant to celebrate Welsh culture, the gaffe feels particularly ironic.

Still, if you fancy a collector’s item or a bit of office wall décor, you might want to be quick. Once someone at Moonpig finally runs it past an actual Welsh person, this one could quietly disappear.

Photo caption: The mistranslated St David’s Day card still available for sale on the Moonpig website (Pic: Moonpig).

 

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