Introducing Limited Company – Free Legal options
With immediate effect The Mortgage Works will be introducing new Limited Company Remortgage products which include both a Free Valuation and Free Legals.
For further details click here or download their latest product guide.
LV= Fuel for Life-Helping protect your clients’ income
We know it can be a challenge to keep up to date on the very latest news. That’s why we’re introducing Fuel for Life, a digi-zine to regularly round up what you need to know about protection from LV=.
Your new digi-zine will be packed with insights, ideas and experiences to fuel your protection conversations.
A review of a year like no other
How we’ve responded to a challenging year with internal views from Debbie Kennedy-Protection Director, Mike Farrell-Protection Sales Director and Justin Harper-Head of Marketing and Industry Relations.
The moment of truth
Our latest income claims insights and a recap on our underwriting initiatives introduced in response to Covid-19.
Guest appearances
Justin Harper (LV=) and Jeff Woods (Sesame Bankhall Group) reflect on industry challenges and the landscape for 2021.
Tools to make your life easier
Support for your client conversations, helping you make your recommendations more impactful.
Read the first issue of Fuel for Life here
You can find further details and issues on our Digi-zine Fuel for life here, alternatively you can contact your usual Protection account manager on 0800 032 4219 or visit lvadviser.com.
New BTL and BTL “top slice” calculator
Following feedback from mortgage advisers, they have built a fantastic new Buy to Let and Buy to Let “top slice” calculator, designed with the help of their broker partners, for both purchase and re-mortgage applications.
To find out how much a Buy to Let customer could borrow, the calculator can be found here Find out how much your Buy to Let customer could borrow
United Trust Bank (UTB) has launched a ‘Fast-Track’ service for bridging applications
This new service was soft launched in Q4 2020 and the feedback has been positive according to UTB.
Supported by a Fast-Track team, the aim of this new service for loans meeting qualifying criteria is to simplify the process for straightforward transactions, making it quicker and easier for brokers to get loans approved and paid out.
Brokers are able to create their own terms, DIPs and ESIS using UTB’s self-service broker portal, or liaising with the in-house UTB Fast-Track team if they prefer.
Fast-Track utilises some of UTB’s existing fintech solutions and unique services such as biometric ID verification, AVMs and dual-legal presentation, to progress the application to offer and drawdown quickly and easily.
The launch is the latest in a series of service and product enhancements introduced by the bank in the past 12 months.
UTB’s Fast-Track qualifying criteria are a maximum loan size of £500,000, maximum 55% LTV and a maximum of two security properties.
In addition, the primary exit should be through sale or refinance of the security properties and the service will not accept heavy refurbishments or property improvement loans.
Dale Jannels, managing director at Impact Specialist Finance, said: “We were very pleased to take part in the soft launch of UTB’s new ‘Fast-Track’ service and our experience through the testing phase has been excellent.
“The key to sourcing and delivering bridging finance is speed and efficiency and this service provides a really quick turnround if cases are submitted correctly.
“UTB are once again employing fintech and experienced, dedicated people to provide a welcome and innovative service to the bridging market.”
Gavin Diamond (pictured), commercial director – bridging, United Trust Bank, added: “This is an exciting evolution of our bridging service and we firmly believe this will enable brokers to do more business, quicker and more easily with UTB.
“We understand that a quick turnaround is vital to most customers, and often why they’ve chosen bridging in the first place, so having developed and implemented a number of time and effort saving systems and processes, we’ve brought them all together to provide this market leading bridging service.”
This new service will further complement UTBs position in the market as the home for all bridging applications, regardless of their complexity.
“Through the introduction of a dedicated internal Fast-Track team to process these applications, we can offer the best possible service and maintain our USP of being an approachable lender that wants to support and work with our brokers.
“Feedback from the brokers who participated in our soft launch has been overwhelmingly positive and we’re now ready to make it available to all UTB registered brokers.”
Have an enquiry or a case you would like to discuss?
Call the impact packaging team today on 01403 272625 to find out more.
Watch our Head of National Accounts, Grant Hendry, and Julian Sampson, Partner and Head of Lending at TWM Solicitors discuss the upcoming Stamp Duty Land Tax deadline and how best to help your customers get over the line before the 31st March 2021 deadline.
Julian also shares the legal differences between client types that allows intermediaries to keep a legacy of cases for after the March deadline.
As well as giving valuable insight on the specialist conveyancing process from the lawyer’s point of view, Julian gives his commentary on the current state of the market as we move into 2021.
Re-financing to beat SDLT deadline? Why not consider Gatehouse Bank?
Where recent focus has been on purchase activity they can be forgiven for forgetting refinancing. At Gatehouse Bank, they do not have a minimum period of ownership which means that the Bank will consider re-financing within 6 months of purchase, subject to enhanced underwriting checks.
This March also highlights the 5 year anniversary of the last SDLT increase giving the opportunity for existing landlords to re-finance their 5 year fixes. The Bank can consider like for like refinances but can also assist where landlords are looking to raise additional funds for an onward purchase.
With bridging activity reaching record highs, there may be customers in the market space searching for exit strategies or perhaps a client has purchased using cash resources to ensure they beat the SDLT deadline? The Bank has a number of product highlights which may assist your BTL landlords, but here are just six:
- Available to a wide range of client types including limited companies, LLPs, UK Expats and foreign nationals.
- Finance provided up to 80% of the property value, across England and Wales.
- Finance available for flats over 6 storeys, Houses of Multiple Occupation (HMOs), Multi Unit Freehold Blocks (MUFBs) and new build properties.
- Rental top-ups with surplus income available.
- Portfolio landlords accepted with no limit on the number of background properties and up to £5m exposure with the Bank.
- All current products are fixed rate with no early payment charges on any product.
Please visit their website for up-to-date products and criteria. If you are not already registered, use this link to submit a case and receive important product updates from them. Gatehouse BDMs are also available and would be delighted to arrange a virtual visit to discuss how Gatehouse can help you and your clients.
Ipswich Building Society Criteria Changes
I can confirm that Ipswich Building Society will now accept the following;
- Maximum loan size has increased from £750k to £1m.
- Shared access is now permitted on cases (relevant rights of access must be in place prior to application and subject to valuers comments).
Throughout January having have made key changes to their General, Affordability, Expat and now Self Build criteria they hope can improve business with you.
To get in touch with a member of the Ipswich team about any new criteria or to discuss a case. They are available via telephone on 0330 123 1073 or email isu@ibs.co.uk.
Introducing Green Further Advance Products
Paragon are pleased to announce the launch of their brand-new green further advance products!
These products are designed to support Buy to Let landlords who are looking to improve the energy performance of their properties by taking advantage of the Government’s Green Homes Grant Scheme.
Their green further advance products are available for properties in England, no product fees and a free mortgage valuation. For full details, download their portfolio further advance product guide.
Landlords in England can now apply for a Green Homes Grant voucher to put towards the cost of installing energy efficient improvements to their properties. The scheme will see the Government contribute up to £5,000 to cover two-thirds of the cost of eligible improvements, with the property owner contributing the remaining third.
Their further advance can be used to top up the cost of these works, but is not limited to that amount.
Take a look at new green products by downloading their portfolio further advance product guide.
Early Warning System has moved to Existing Business Agent Hub- Easy access all in one place.
Over the past 2 years, we’ve been improving our Existing Business Agent Hub (EBAH) in OLPC to give you better visibility of policies at risk of cancellations and arrears. It also gives you easy access to one place where you can view your existing business alongside managing your new business pipeline.
Therefore, from Monday 1st February we will be decommissioning our old retention system known as Early Warning System.
To make sure you’re getting the most of out the system you may want to check and update your contact preferences in Agent Hub (OLPC) and ensure the Lapse Notification box is ticked.
A powerful tool to help to manage and retain your customers
- You receive real-time email notifications of any policy that may be at risk from Direct Debit bouncers to Lapses
- The system provides a history of the events that have happened along with any reinstatement information needed ie: a new DD mandate, arrears payments, or declaration of health
- It shows you when a policy will lapse and any clawback of commission amount and the due date
- It also offers a list view for each category so you can see all your events in one place, or it gives you the ability to download your events into a single excel spreadsheet
- Also, EBAH is a great tool to view any existing customer record to understand what cover they have in place with Legal & General and all their policy documents
If you’d like to know more about how EBAH works, please visit their Adviser Centre page to watch the new videos or contact your usual account manager.
Equity Release in Inheritance Tax planning
If you are a homeowner with significant wealth built up in your property, you may be thinking about how you can reduce the potential Inheritance Tax (IHT) liability for your beneficiaries. Careful estate planning can reduce or even eliminate this tax liability and equity release is an increasingly popular part of such planning. This short guide explains the options available and the next steps, if you are thinking about unlocking your property wealth as part of IHT planning.
What is equity release?
How can equity release help?
What is a lifetime mortgage?
Is it safe?
What is Inheritance Tax planning?
How does it work?
Example 1: Using a Lifetime Mortgage
Example 2: Using a Lifetime Mortgage
Supporting you in your client conversations.
This update brings you up to speed with our latest news and adviser tools!
When it comes to everyday health concerns, why wait?
With the ongoing challenges facing the NHS showing no sign of easing, now is the time for your clients to make use of the additional support services included with their protection policies.
Their HealthWise 2020 report gives you valuable insights to highlight the support we provide your clients as members of The Exeter.
When it comes to income protection, it’s time to join the revolution.
Their new income protection toolkit gives you all the tools and resources you need to put your clients’ income first.
14 million people live with health conditions in England.
That’s a lot of people and a situation likely to be similar across the United Kingdom.
And how many of these would find it difficult to access valuable life cover?
Find out how we can help your clients get the cover they need, and book a personal product briefing with one of our Adviser Account Managers
Q&A
With Steve, our Medical Underwriter
This Q&A covers some of the common questions that come up throughout the underwriting process, our approach at British Friendly and how we can help to put your clients on risk quickly and easily.
Tell us about the Underwriting Team at British Friendly, what support can you offer intermediaries? Our team of underwriters are always available for pre-sales queries and to provide references to aid consistency, I’d always suggest e-mailing for presales enquires where the medical history of the client is more complex. Our e-mail address is underwriting@britishfriendly.com or give us a call on 01234 358344.
GP Reports
Specific Medical Conditions
BMI
Mental Health
Quick Fire Round
Pure’s Weekly PT Sessions: #PureWellness
Join us this Thursday for our next PT session with Hamerton Fitness doing a “HIIT Class”
See our schedule of PT sessions below which are running every Thursday from 5:15pm-6pm, so no need to worry about fitting the class in during your working day.
Thursday 11th February
Daniel Edmondson – Fitness for all abilities using CrossFit exercises
Thursday 18th February
Instagram @malafit__ Mala FIT PT Bodyweight Workout
Thursday 25th February
Instagram @jamesthompson_tennis James Thompson Workout using tennis exercises and techniques.
Thursday 4th March
Instagram @hamerton_fitness Hamerton Fitness.HIIT Class
The sessions are completely free and hosted virtually.
If you are interested in any of the sessions then sign up now!
LV= is inviting you to join their live webinar ‘Lending criteria for Lifetime Mortgages’ on 24 February at 2pm.
You will hear from their equity release experts and learn more about the way they can support you both on and off portal. LV= will also take a step back to review some of the recent criteria changes they’ve introduced as part of their responsible lending principles to ensure they can safeguard your clients.
Click here to register for the LV= ‘Lending criteria for Lifetime Mortgages’ webinar.
During the session you’ll hear:
- An overview of our LV= lending criteria from a property and client suitability perspective
- Learn more about where we can add value at the early stages by reviewing a property or customer scenario
- Learn how our lending criteria are applied on the LV= smarter portal and how our teams can support you during the application process
- An overview of the improvements that we have made to our lending criteria and future plans
CPD will also be made available to attendees shortly after the webinar.
If you have an equity release requirement that you would like to discuss with the LV=, please contact your dedicated support team, using the options below:
Chris Smyth, Business Development Manager –
tel: 07889 493 825
email: chris.smyth2@lv.com
Sales Desk –
tel: 0800 028 8974 (Option 1)
email: equityrelease.sales@lv.com
