News

Mortgage applicants in a market review muddle

Published

10 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.

Crime

Unanimous verdict in Ceredigion sexual assault case

Published

2 days ago

May 3, 2024

Tom Sinclair

A CEREDIGION man has been convicted to three years and six months in prison for sexually assaulting a woman in her own bed after the jury returned a unanimous guilty verdict.

27-year-old Suroj Bk, from Llangrannog, was sentenced this week following a week-long trial at Swansea Crown Court (May 1).

On 7 October 2023, Dyfed-Powys Police received a report that Bk entered the victim’s home and sexually assaulted her while she lay in her bed.

When the victim realised what was happening, she kicked Bk out of her bed and called the police.

Upon receiving the report, officers quickly attended the victim’s home and conducted a thorough search of the surrounding area using police dogs and scenes of crime officers.

Evidence gathered from scene, together with extensive local enquiries, led officers to arrest Suroj Bk the next day (8 October).

While Bk was in custody, detectives, crime scene investigators, and digital forensic officers worked tirelessly to uncover the evidence that ultimately placed Suroj Bk at the scene.

After hearing the evidence, the jury took less than two hours to agree a unanimous guilty verdict.

The detective in charge of the case has praised the victim for her ‘tremendous courage’ in reporting the assault to police.

“Incidents of this nature are thankfully very rare within Ceredigion, and I’d like to reassure the community that this was an isolated incident, and that the identification and arrest of suspect was done quickly and efficiently,” said Detective Inspector Sam Gregory.

“The victim in this case demonstrated tremendous courage in reporting to police, and while this investigation was not straightforward in its nature, it was through the expertise and tenacity of forensic officers, working together with the investigation team, and the victim, that led to this successful prosecution.

“I hope the sentence given to Suroj Bk sends a clear and strong message that Dyfed-Powys Police takes reports of sexual offences seriously.

“We will listen to you, and we will work tirelessly to get justice.”

On Wednesday, 1 May 2024, Saroj Bk was sentenced to three years and six months in prison and a five-year restraining order, and he will be on the sex offenders register for life.

If you have been a victim of a crime such as this, report it to Dyfed-Powys Police either through a direct message on social media, online at: https://www.dyfed-powys.police.uk/ro/report/rsa/alpha-v1/v1/rape-sexual-assault-other-sexual-offences/, by emailing [email protected], or by calling 101.

In an emergency, always call 999.

If you are deaf, hard of hearing, or speech impaired text the non-emergency number on 07811 311 908. Alternatively, contact the independent charity Crimestoppers anonymously by calling 0800 555111, or visiting crimestoppers-uk.org.

News

Body recovered confirmed to be Luke Stephenson, say police

Published

2 days ago

May 3, 2024

Tom Sinclair

DYFED-POWYS police have said today that the body found on Wednesday, May 1, has been confirmed to be Luke Stephenson, who was reported missing from the Pembroke Dock area on April 14.

A spokesperson for the force said: “We will continue to support the family and will assist with issuing a tribute publicly if the family wish to do so.”

In a statement, his family said: “Luke was a joyful and funny young man and always wanted to help others. He was a loving son, brother, grandson and uncle, and will be forever missed.
“We have lost a huge part of our family, and our loss is shared by his many friends who also loved him dearly.
“We would like to thank the local community for the overwhelming support we have received.”

Business

Port of Milford Haven now official ‘a great place to work’

Published

2 days ago

May 3, 2024

Tom Sinclair

THE PORT of Milford Haven has been officially accredited as a Great Place to Work-Certified™ organisation. As the first Port Authority in Britain to secure this Certification™, it is a significant achievement.

“We are very proud to be Great Place to Work-Certified™,” said Vidette Swales, HR Director at the Port of Milford Haven. “It means so much that our employees have reported a consistently positive experience with their colleagues, their leaders and their jobs. Offering a positive employee experience is not only beneficial for the people who work with us but is also key for our continued business success.”

Tom Sawyer, CEO at the Port of Milford Haven added: “Our team is operating the UK’s leading energy port, and it is of the utmost importance that we do that safely, responsibly and effectively. We’re striving for excellence and aim to provide a world class service to our customers as well as supporting sustainable coastal communities for the prosperity of future generations. Our employees are clearly at the centre of this which is why I’m delighted that they feel supported in their role. I’m especially proud that this Certification™ demonstrates our core values of Safety, Excellence, Collaboration and Sustainability so perfectly.”

“We congratulate the Port of Milford Haven on achieving their Certification™,” said Benedict Gautrey, Managing Director of Great Place to Work® UK. “Organisations which put the employee experience at the heart of their business gain their employees’ trust and, in turn, are truly able to build a great workplace culture that delivers outstanding business results.”