Matt Wilson Mortgage Adviser

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Matt Wilson Mortgage Adviser

At Bobby Dhanjal Mortgage Brokers we have an experienced team of independent mortgage advisers that have worked in all areas of the industry.

We pride ourselves on going the extra mile, not just securing your mortgage, but the entire buying process.

04/11/2019

Law firm brought in to help mortgage prisoners

The UK Mortgage Prisoners group have enlisted the services of law Harcus Parker in the wake of Northern Rock Asset Managements and UK Assets Resolutions sale of a collection of mortgages to Heliodor.

Harcus Parker has since written to members of the group and to Heliodor, outlining their concerns over the deal. The letter states there are concerns over who actually owns the loans and what discretion they have over increasing interest rates.

UKAR released a statement claiming that Heliodor had agreed to a full set of customer protections but did not explain why customers were not informed of the sale until after it had been completed.

31/10/2019

Huge increase in longer term mortgages

Data from the Building Society Association (BSA) showed that in 2017, 43% of mortgages were longer then a typical 25 year term.
The age people were borrowing too rose significantly between 2015-2017 as there was a 162% increase in mortgages that matured when the customer was between ages 79 to 84.

An already competitive mortgage market has responded to the demand for longer borrowing as Accord have become the latest lender to start offering 40 year mortgages.

The longer terms are helping first time buyers with affordability, as seen by record numbers of first time buyer purchases aided by this, and the help to buy scheme.

28/10/2019

FCA makes changes to help Mortgage Prisoners!

The FCA has implemented changes to the affordability criteria lenders must use in an effort to help mortgage prisoners trapped on expensive deals.

Lenders are now able to use alternative affordability criteria for customers looking to remortgage or switch products. There are certain conditions though, customers must not be in arrears, be looking to increase their borrowing and they must be intending to stay in the same property.

The FCA has also called on the government to extend its powers to regulate all mortgage contracts as there are people stuck with expensive deals with unregulated or inactive lenders.

23/10/2019

Later life divorce could be behind rise in equity release plans

Equity Release plans allow homeowners over 55 to raise money against the equity they have built up in their homes.

Since 1999 the average age of divorce has risen by over 5 years to 46 for men and 44 for women, the amount of over 65's living alone has also risen by 15%.

This could be a factor in the rise in single equity release plans being taken out as the Equity Release Councils 2019 report showed that single drawdown and lump sum plans accounted for 41% and 45% of new plans agreed respectively.

Chris Knight, chief executive, Legal & General Retail Retirement, said: “Unlocking housing equity could benefit these retirees just as much as those who are planning a home renovation, or who want to help their loved ones buy a property. A lifetime mortgage could help them to cover day-to-day costs in retirement, support their pension income and ultimately improve their financial security.”

21/10/2019

Solicitor "struck off" for property fraud

A solicitor has been struck off for defrauding a Saudi Arabian client by inflating the price of a property they purchased in the UK in 2016.

Mr Patel, Director of ALD Legal Solicitors was also ordered to pay £27,412 to the Solicitors Disciplinary Tribunal after he purchased a house from his business partner for £438,000 and then sold it to his client on the same day for £500,000.

He then blamed the delay on registering the house in his clients name on Brexit.

The Tribunal ruled that he had deceived his client and acted dishonestly.

17/10/2019

First time buyers at highest level since 2007

UK Finance has revealed that the number of mortgages approved for first time buyers is now at it's highest level for over a decade.

While house prices are still growing, the pace is the slowest it has been since 2013. Combined with growing wages in the last couple of years and increased competition among lenders in the mortgage market, first time buyers have their best chance in years to get on the property ladder.

The biggest obstacle is still raising the capital for a deposit, 95% mortgages are still fairly rare leading many to rely on the bank of mum and dad. Various schemes have popped up to accommodate this such as Barclays Springboard, which requires 5% of the deposit from the applicants parents but is repaid in full, plus interest, after 3 years as long as all payments up to that point have been made.

15/10/2019

Using the Help to Buy scheme could cost 20% more!

A study by Reallymoving found that on average first time buyers using the scheme paid 10% more on their properties then buyers that funded the purchase without help from the government.

For buyers in Yorkshire, West Midlands and the North West this rose to 20%, Londoners are paying 12%. The scheme has been criticized for effectively allowing house builders to raise their prices and capitalize on buyers having a larger deposit then they normally would have available, leading Reallymove Chief Executive Rob Houghton to claim the scheme would be better described as "Help to Sell" for housebuilders reaping the rewards.

In some cases this has led to buyers falling into negative equity handicapping their ability to sell the property should they wish too. The Help to Buy scheme will be revamped in April 2021 before closing for good in March 2023.

14/10/2019

Monday Mortgage Tip: Stay away from payday loans!

Payday loans are one thing lenders absolutely hate to see on bank statements when reviewing mortgage applications.

The high rate of interest charged and the fact that you deemed it necessary to take out a loan with such companies is a major red flag for lenders right up there with missed payments and CCJ's.

Even if you aren't applying for a mortgage these companies should be avoided at all costs.

Photo by The New York Public Library on Unsplash

10/10/2019

Increasing your credit limit can actually improve your credit score.

The general belief around credit scores is that the more debt you have the worse your score will be, but this isn't the most important factor involved.

A credit score represents how you cope with the credit you have, more then the amount of the credit you have, so things like missing payments and exceeding your credit limit will drag your score down much more then having the amount of credit you have.

Generally it's best to stay under 50% of your credit limits to stop it effecting your score, but if you have exceeded this and can't afford to reduce it right now there is still a way!

Asking your lender to increase your credit limit will bring the % of credit you are using down, therefore improving your score. If you have a £1000 limit on a credit card and are currently using 80% of that (£800), then asking your lender to increase your limit to £2000 will bring your ratio down to 40% and give your score a nice boost!

P.S Please don't spend this extra credit! it will make the whole exercise pointless.

09/10/2019

How will your debt affect your credit score? Maybe not how you thought.

Many people tend to think having debt will automatically drag their credit score down, but this is not necessarily the case. Having no debt or credit can make you even harder to score as there is no evidence of how you have dealt with previous debts.

Keeping within your credit limits and making your monthly payments actually have a far bigger effect on your score than the amount you owe.

If you only owe a small amount of money but regularly hit your credit limit and miss the occasional payment this will drag your score down much more then owing more money but staying well within your limits and making sure the payments are met.

TIP: Always try and stay within 50% of your credit limit, if your are outside of this now, try asking the lender to increase your limit. e.g owing £800 on a limit of £1000 is 80% ask your limit to be increased to £2000 and are now only using 40%

P.S This only helps if you DO NOT spend the extra credit!!!

08/10/2019

How much would you pay to take care of your family should the worst happen? It might be a lot less then you think!

Life insurance has simply never been cheaper then it is right now, and how much you pay is directly related to how quickly you act!

Life insurance gets a lot more expensive as you get older and your likelihood for illness and death increases. Lock in your life insurance while you are still young and your premiums could less then £15 a month! (if you are a non-smoker).

This would pay off your mortgage in full should the worst happen to you and leave your family secure in the family home.

08/10/2019

Are you struggling to raise the deposit needed to get on the housing ladder?

For many people the monthly payments required for a mortgage are not the issue when it comes to home ownership, finding the deposit is!

If you are in this situation have you considered Shared Ownership? You will purchase 25%-75% of the property from a housing association and pay them rent each month on top of the reduced mortgage payments.

The most attractive feature of this is that you only need a 5% deposit so for a £120k property you would only need £6,000 rather then £12,000!

As you make mortgage and rent payments each month your equity stake in the property will increase giving you a bigger share of the profits should decide to move on in the future.

Address

Leicester
LE23HB

Telephone

+447909521669

Website

http://www.bobbydhanjal.co.uk/

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