Elaine Fielding

04/05/2021

For my darling dad who sadly left us on Sunday 2nd May at 6.08pm

Stop all the clocks, cut off the telephone,
Prevent the dog from barking with a juicy bone,
Silence the pianos and with muffled drum
Bring out the coffin, let the mourners come.

Let aeroplanes circle moaning overhead
Scribbling on the sky the message He Is Dead,
Put crepe bows round the white necks of the public doves,
Let the traffic policemen wear black cotton gloves.

He was my North, my South, my East and West,
My working week and my Sunday rest,
My noon, my midnight, my talk, my song;
I thought that love would last for ever: I was wrong.

The stars are not wanted now: put out every one;
Pack up the moon and dismantle the sun;
Pour away the ocean and sweep up the wood.
For nothing now can ever come to any good.

06/07/2020

Stamp Duty Holiday!
Chancellor Rishi Sunak is expected to announce a stamp duty holiday for the majority of homeowners in his mini budget on Wednesday, according to reports.
Mr Sunak has drawn up plans to raise the threshold where buyers begin to pay stamp duty from £125,500 to £500,000, The Times reported.
It is expected to be a temporary change to the property tax, intended to kick start the country's economic recovery.😀

01/07/2020

NATIONWIDE NOTES FIRST ANNUAL HOUSE PRICE FALL IN 8 YEARS
The average house price in the UK dropped 0.1 per cent on an annual basis in June, Nationwide says, the first negative reading since December 2012.
On a monthly basis, house prices fell 1.4 per cent. This leaves the average house price at £216,403.
In May, Nationwide reported a monthly change of negative 1.7 per cent and an annual growth rate of 1.8 per cent.
The lender levels two obvious reasons at June’s tick downwards: “Economic output fell by an unprecedented 25 per cent over the course of March and April – almost four times more than during the entire financial crisis,” says Nationwide chief economist Robert Gardner.
Second is the lockdown affecting housing market activity. Although with these “due to be eased in the weeks ahead, housing market activity is likely to edge higher in the near term, albeit remaining below pre-pandemic levels,” Gardner adds.
Nationwide believes that in the medium term, the outlook is “highly uncertain”, dependent as it is on the performance of the wider economy.
James Pendleton property expert Lucy Pendleton says that, “the public is repeatedly hearing that GDP has collapsed and we face a worse recession than the global financial crisis but that soundtrack isn’t translating into a house price correction at the moment.
“That kind of resilience would normally be seen as a sign of strength and confidence but we’re going to have to wait for the furlough scheme to end to find out what this market is really made of.”
And Glenhawk chief executive Guy Harrington has a downbeat view, too. He says: “The Covid-19 pandemic has well and truly brought the UK housing market to its knees. We are in the midst of an unprecedented economic crisis, with consumer confidence at rock bottom.
“The raft of government measures designed to keep us afloat, coupled with undoubted pent up demand and longer-term sectoral tailwinds, may support a V-shaped recovery, but the near-term outlook is highly uncertain.”
PayProp chief sales officer Neil Cobbold takes a more specialist-focused view: “Many buy-to-let investors and landlords will be monitoring the market closely at the moment, looking for opportunities to expand their portfolios – especially if market conditions scupper continued house price recovery and growth.”
“The economic impact of Covid-19 could mean that more people have to rent for longer as they find it more difficult to save for a deposit to buy a home. This will be frustrating for prospective first-time buyers and housebuilders, but will provide landlords with confidence that rental demand will remain stable for the foreseeable future,” he explains.
“Meanwhile, the gradual scaling back of the furlough scheme could present further financial issues for prospective buyers, mortgage holders, private tenants and their landlords.”
By Gary Adams, Mortgage Strategy 1st July 2020

23/08/2019

Almost the end of the Summer and only 13 weeks to Christmas!

13/01/2019

FCA PLANS TO RELAX AFFORDABILITY TESTS FOR MORTGAGE PRISONERS
Andrew Bailey, chief executive of the FCA, has outlined the regulator's solutions to improving switching options for mortgage prisoners.
In a letter to Treasury Committee chair Nicky Morgan, Bailey said the vast majority of mortgage prisoners were with inactive lenders and unregulated firms, making up a total of 140,000 borrowers.
Although regulators, trade bodies and lenders have committed to helping borrowers with active, authorised lenders switch to a cheaper deal, Bailey admitted that the key issues remained those borrowers with a firm that cannot offer an internal switch.
In his letter, Bailey promised that the regulator "will take immediate action to help customers of inactive lenders and unregulated firms".
Since the implementation of the Mortgage Credit Directive in 2016, mortgage lenders have been required to undertake an affordability assessment of new customers even when they are not borrowing a larger amount. These customers can therefore only switch to a better rate if they meet the lending criteria of an active lender.
Bailey said the FCA wants to "remove potential barriers in our rules to these customers switching to a cheaper mortgage" and will consult on changes to our responsible lending rules, with the aim to deliver "a more proportionate affordability assessment".
The FCA plans to move the affordability assessment from an absolute test to a relative test, which assesses whether the new mortgage costs are more affordable than the current mortgage costs.
Bailey added:"There also needs to be a willingness from the industry to offer remortgaging opportunities to these customers once the regulatory barriers are removed.

"It may be that we see a two-tier approach, with the larger lenders offering a choice to those with the simplest needs, for example those with a repayment mortgage not in arrears, and a range of more specialist lenders able to manually underwrite more complex cases."
Jackie Bennett, director of mortgages at UK Finance, said: “It is a positive step that the FCA has set out the action it will take to help those customers stuck on reversion rates who are with inactive or unregulated lenders.
“The FCA has noted the progress made through the industry’s voluntary agreement to help borrowers with active lenders switch to a better deal.
“But it has also recognised that regulatory changes are needed to remove the barriers to helping the thousands more customers who are currently with inactive and unregulated lenders.
“We will continue to work constructively with our broad range of members and the FCA to help ensure those customers who want a like-for-like mortgage can switch lenders more easily.”
Mark Harris, chief executive of mortgage broker SPF Private Clients, commented: "It has never made sense that borrowers are prevented from switching to cheaper mortgage deals because they do not meet their lender’s affordability criteria. Clearly they will be better able to make mortgage payments on a cheaper rate, avoiding missing repayments and getting into debt, which will only exacerbate their situation.
"This issue has caused extreme hardship in some cases and prevented mortgage prisoners from taking advantage of some of the cheapest mortgage rates we have ever seen.
"However, while we welcome news that the FCA is working to change the current system, how lenders interpret and apply any changes will be of equal importance. After various regulatory changes we have seen many ‘unintended consequences’, one of which led to mortgage prisoners in the first place."

20/12/2018

To all my Clients, Colleagues, Friends & Family - Wishing Season's Greetings, Good Health & Prosperity in 2019

20/11/2018

SVR Interest equal to payday loans: Private Finance

£15.4 billion of annual interest is being paid by mortgage borrowers sitting on their lenders’ SVR - equivalent to over £7,500 per borrower - according to research from Private Finance

"With rates falling fast in recent years, the gulf between SVRs and typical mortgage rates is becoming increasingly apparent. "

£15.4 billion of annual interest is being paid by mortgage borrowers sitting on their lenders’ SVR - equivalent to over £7,500 per borrower - according to research from Private Finance.
FCA data indicates that a quarter of UK mortgage borrowers with authorised lenders have been on an SVR for six months or more, equating to 2.04 million people.
With a typical loan of £173,677 and an average interest rate of 4.39%, SVR borrowers pay £7,546 in annual interest.
In comparison, a borrower with the same size loan but on an average 75% LTV two-year fixed rate of 1.76% would pay just £3,012 in annual interest, or 60% less.
Borrowers who remain on an SVR for the full term risk paying 65% of their original loan in interest.

Private Finance says the scale of this interest relative to the original loan would be similar to short-term, high-cost loans such as those provided by Wonga.
Shaun Church, director at Private Finance, commented: “Standard variable rates have always been uncompetitive, but with rates falling fast in recent years, the gulf between SVRs and typical mortgage rates is becoming increasingly apparent. Lenders are cashing in on borrowers’ inertia, charging rates that are more than two times the rate they would charge to new customers.
“Given so many borrowers end up sitting on an SVR rather than switching, we believe there is a strong market for 10-year fixed products, which require little effort from the borrower but guarantee a long-term competitive rate. A lack of flexibility can put some borrowers off these deals, so we would encourage lenders to consider products that allow borrowers to port or end their deal before the fixed period has ended without hefty charges. However, there is little motivation for lenders to do so given the considerable amount of funding they receive from SVR interest.
“Though it is ultimately the borrower’s choice, lenders are making significant profit by punishing customers for being loyal. The message to borrowers is clear: don’t fall into the SVR trap and always switch to a more competitive deal once your existing mortgage term comes to an end.
An independent mortgage broker will be able to advise on the most suitable deal, noting other factors such as product fees and flexibility can be just as important as the headline rate.”

06/08/2018

It WORKS!! I have a whole new news feed. I’m seeing posts from people I haven’t seen in years.
Here’s how to bypass the system FB now has in place that limits posts on your news feed.
Their new algorithm chooses the same few people - about 25 - who will read your posts. Therefore, I ask you all a favor so I can see your news feed and you can see mine.
Hold your finger down anywhere in this post and "copy" will pop up. Click "copy". Then go your page, start a new post and put your finger anywhere in the blank field. "Paste" will pop up and click paste.
This will bypass the system.
Thank you.

20/12/2017

As I sit at my desk to write this message, I am reminded that life is full of ups and downs - hopefully more ups though!!!
With the Festive Season almost upon us, I would like to take this opportunity of wishing all of our friends and clients best wishes for a safe and peaceful Festive Season and may 2018 be kind to you all. I look forward to speaking or working with you in the New Year and thank you for your continued support. Season's Greetings everyone xx

14/11/2017

So - is your mortgage on a variable rate? Have you received a letter from your mortgage lender advising of the new, higher payment you will be making?
Don't panic - call or PM me and we can discuss your potential options in confidentiality.

09/11/2017

So the Bank of England has finally increased its base rate by 0.25%. It was generally expected so shouldn't really come as a shock to most of us.
However, the concern is for those people who have kept their mortgage on their lenders' standard variable rate and that mortgage will, in most cases, now increase. Look out for a letter from your lender to let you know.
So, what to do.
Its important not to panic. If your lender does increase your mortgage rate, it may not be catastrophic but it might be wise to start thinking about remortgaging to a fixed rate. That will give you peace of mind as the rate will remain fixed for a specified period of time.
Some lenders will allow you to do a Product Transfer. This is staying with the same lender but putting your mortgage onto a fixed rate with them. You do need to be aware though, that, sometimes, the Product Transfer rates are not as good as a general remortgage rate with a different lender.
Many lenders are offering free valuation and legal fees, so there are minimal costs involved in remortgaging to a different lender.
Whatever you decide, please feel free to contact me to discuss further.

06/10/2017

Many homeowners are unaware of the benefits of remortgaging.
Research conducted by YouGov on behalf of Habito found that UK borrowers could be missing out because of confusion around the subject. As a result, many borrowers could be surprised by rising interest rates.
The survey also revealed that a significant proportion of mortgage borrowers had not changed their mortgage product for some time. 39% said that they had not changed their mortgage product in the last 5 years, with 13% having never done so!
In total, 4,370 adults were quizzed as part of the study, 1,084 had a mortgage.
Should the Bank of England raise rates, monthly repayments will rise for millions of borrowers on tracker or variable rate mortgages.
This will be the first time in a decade that borrowing costs have gone up.
Many lenders have already started to increase the costs of their cheapest products - a trend which can only continue.

08/09/2017

Support for proposed return of retirement interest-only deals
Reproduced from Mortgage Strategy 08/09/17

Last week Mortgage Strategy revealed the Financial Conduct Authority is consulting on whether to allow older borrowers to take out interest-only mortgages. The watchdog has proposed separating out lifetime mortgages and retirement income-only mortgages after calls for change from the industry. The regulator would be ‘stupid’ not to bring back retirement interest-only mortgages, according to advisers.
Coreco director Andrew Montlake says: “Age should never be the defining factor on lending, it is about plausibility and affordability. Retirement has changed; many pensioners continue to work and have income from various sources. As long as they can provide affordability then their age shouldn’t matter.”
DC Financial Solutions director David Clark adds: “It seems stupid not to allow interest-only mortgages to older borrowers. The regulator needs to treat people like grown-ups. As long as people are aware they are not repaying the capital and understand the product then they should be allowed to do what they want.”
While experts say there should still be limitations – such as a maximum loan-to-value of 75 per cent, for example – they say the current criteria are a barrier to lending.

“If the client has have been advised professionally and correctly, and the loan is sensibly underwritten, there is no reason that older borrowers should not be able to take out an interest-only mortgage.
If the FCA’s proposals go through it would see retirement interest-only mortgages and lifetime mortgages separated out. But some experts are concerned that this could hit the equity release market.
Retirement Advantage Equity Release head of marketing Alice Watson says: “Retirees should ensure they are considering the full range of solutions available to them. Lifetime mortgages are a viable and flexible option, and provide a number of safeguards that the proposed retirement interest-only mortgages may not offer.”

23/05/2017

23/05/2017

Our thoughts are with our friends and colleagues in Manchester. Stay strong

19/04/2017

Lots of news currently about interest only mortgages as the FCA are asking lenders with interest only mortgages on their books to discuss options with their clients.

24/12/2016

Merry Christmas everyone - hope its a great one for you all x

01/10/2016

Today's interview with Martin Roberts on Talk Radio is being repeated tomorrow Sunday !

01/10/2016

Interview with Martin Roberts on Talk Radio live at 11.20am this morning! Don't forget to tune in!

30/09/2016

Quick update - i'll be talking about Landlords facing tougher tests from Lenders with Martin Roberts on Talk Radio on Saturday 1st October - sometime around 11.20am. Don't forget to listen!

03/05/2016

Had a quick chat with Nick Ferrari on LBC this morning about the Bank of Mum & Dad. Great Lender but is this really the way to go? Property prices are now getting so high it is proving more an more difficult to get that elusive deposit together. And due to affordability calculations, that deposit has to be higher as well. What do you think??

23/04/2016

Talking about porting mortgages with Martin Roberts on Talk Radio talkRADIO today. It is important to remember that it is not a "given" that the lender will allow you to port your mortgage to another property. Your lender may ask you to reapply for the mortgage you already have, particularly if you are increasing the amount. This is because the Lender's criteria may have changed since you got your mortgage, or your own circumstances may have changed for example, you may now have a family, more credit cards or loans or worse still a default or county court judgement. Remember - it is all about affordability! If you're not sure, always speak to a professional, preferably before you start the ball rolling so that expensive mistakes are not made! You can always call, message or email me for more information.

23/04/2016

Almost time for my interview with Martin Roberts on Talk Radio. 12.15pm today!

23/04/2016

Talking about porting mortgages with Martin Roberts live on Talk Radio today (Saturday) at 12.15pm!!

20/04/2016

So excited to have been invited back on to Martin Robert's show on Talk Radio on Saturday 23 April. Speaking about Porting a Mortgage. Will be on air LIVE at 12.15pm!! www.talkradio.co.uk.

27/03/2016

My interview with Martin Roberts on Talk Radio yesterday will be repeated today Sunday 27 March between 5pm and 7pm. The interview is at the end of the first half hour.

26/03/2016

Had a great interview with Martin Roberts on his new weekend show for Talk Radio this morning.. All about "Applying for a mortgage ". Very interesting even if I say so myself !!! Being repeated tomorrow Sunday 27 March between 5pm and 7pm. Interview at the end of the first half hour of the show. If you manage to listen , feedback would be great! Thank you.