MDFS Mortgages Podcasts: Recent Episodes
Bill
Your credit report holds lots of information about your personal credit history and transactions, usually covering the last six years. In addition, your credit history includes details of any current mortgage payments, credit card balances, overdraft limits, loan payments, mobile phone contracts and even utilities. In a nut shell, if you've ever taken out credit, a credit reference agency will hold a report about you
Do you know how much you can afford to borrow for a mortgage?
If you are considering a mortgage, you should consider more than just your ability to make the monthly payments. If interest rates rise or your circumstances change, mortgage providers will look at your income and outgoings to see if you can keep up with your payments.
In this podcast we’ll be talking about proposed government changes to EPC rules. Changes that would revamp the Minimum Energy Efficient Standards between 2025 and 2028.
A low EPC rating can result in lower energy bills, as well as reduce a carbon footprint, which can make your property more attractive to potential tenants and buyers.
All these challenges are going to put pressure on the already stretched private sector. Recent survey findings show that 35% of landlords would rather sell their sub-C-rated properties than upgrade them. This brings me to my next point, what effect the changes to EPC laws will have on tenants.
Tenants might have to temporarily vacate the property if work is required to improve the EPC rating, which would cause disruption.
Rent increases may be imposed by landlords to cover the costs of the work, adding further pressure to the finances of tenants living in the private rented sector, and who may be saving to buy a house.