What New Technology Means For Mortgages

There’s been a lot of talk recently about technology, especially AI and how it’s emerging quickly and may replace some administrative/clerical duties. In the mortgage world, we’ve seen the emergence of ‘open banking’ opportunities and how your private transactions will come under scrutiny by lenders decision making computers, after you’ve given permission of course!

The idea is that the lender can review your incomes, outgoings and all other financial items just from delving into your account, via open banking. ‘Big Brother’ indeed. The aim is to speed up the financial transaction and allow institutions to access your data at the touch of a button, as well as providing more competition and innovation to financial services.

The downside is that whatever is in your bank statements, lenders must take it into account when deciding whether to lend to you, or not. There’s no hiding and now no apparent limit on time to be reviewed. Currently lenders tend to look at just the last 3 months’ bank statements, but with open banking data at their fingertips, this could be unlimited moving forward. Not all lenders have signed up to this as yet, but it’s only a matter of time. Therefore, be mortgage ready. If your accounts are all over the place, tidy them up!

With this in mind and so many recent rate and criteria changes, lenders will look closely at an individual’s recent payment profile, how many recent credit searches have been incurred by financial institutions and more. Don’t give them any excuses not to lend to you! The more recent credit searches you have on your profile, the more likely your credit score will be lower as a result. Try and ensure there’s no missed or late payments as these will also decrease your credit score. In short, your credit search/score are the basis on which most lenders will initially decide whether to lend to you or not. The best rates will almost definitely go to those with the best credit scores.

So, plan ahead. Work out your budgets, what your monthly payments are and everything that you need to disclose, before you go and see your local and independent mortgage adviser. It’s time well spent and will stop any unnecessary delays, or possible declines, later on.

arose over the desire of King Edward VIII to marry Mrs Simpson and the announcement of his abdication. The accession of the Duke of York and his being proclaimed King George VI last Saturday, with the official decision that the Coronation should take place on May 12 1937 as originally arranged, enables the committees to be ready to proceed as soon as Christmas is over.’

The Electrical Works were built in 1902 to provide lighting to Horsham, and on 22 Feb 1937, it was agreed that floodlighting equipment could be hired to light the council offices and Town Hall for the Coronation celebrations. Out of its event budget of £273, nearly £150 was spent on electrical lighting!

Queen Elizabeth Ii

Some fascinating film footage has survived from the local celebrations of Queen Elizabeth II’s Coronation in 1953. Screen Archive South East has footage of the Carfax bandstand decorated as a huge crown and a street party at Upper Bennetts Road. It includes fancy dress competitions, running races and children being handed commemoration mugs.

A Horsham Souvenir Programme was produced, detailing events in the town. There was a Coronation Tea at the Drill Hall on Thursday 4 June, arranged by the Townswomen’s Guild and the W.V.S. The Grand Procession started in Bennetts Road and went through town before ending at North Parade. There were 37 entrants from schools, clubs and organisations, with Blue Star Harriers having a theme of ‘The Boyhood of Raleigh’ and Horsham Young Farmers’ Club presenting ‘Tortures Through the Ages’. Other highlights included a display by Dagenham Girl Pipers, The Guard Corps of Drums and a Grand Firework Display in Horsham Park.

A Coronation Ball at The Drill Hall on Friday 5 June included the first appearance in Horsham by Stanley Black and his Orchestra, featuring musical, radio and television stars of the day including Diana Coupland (who went on to start in ‘Bless This House’) and Monty Norman, the composer of the James Bond Theme.

Words: Jeremy Knight

(edited by Ben Morris)

Photos: Toby Phillips Photography/ Posters courtesy of The Friends of Horsham Museum

Thanks: Richard Park, who provided a copy of the 1953 Horsham Souvenir Programme for this feature. To the Friends of Horsham Museum for providing posters from the Albury Collection, which can be viewed online athorshamposters.com

You can watch the 1953 footage at: https://screenarchive.brighton. ac.uk/detail/2275/)