Inform 13th January 2023

WEBINARS ON DEMAND:

ROYAL LONDON
Business Health Check

LEEDS BUILDING SOCIETY
Shared Ownership

ROYAL LONDON
Business Protection

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Santander for Intermediaries

Updated cancellation policy for pre-booked product transfer deals

As you know, mortgage rates have been changing a lot recently. So, we’re now giving your client the option to cancel their pre-booked product transfer deal if they want to take a different deal with us.
You can submit a cancellation request if your client has accepted a product transfer offer and:

the deal is pre-booked i.e. it’s due to start on a future date; and
you cancel the deal at least 14 days before it’s due to start; and
you want to secure a new Santander deal (lower rate or different deal e.g. tracker to fixed or 2 year fixed to 5 year fixed). We’re not able to cancel a deal if you want to remortgage your client to another lender.

No cancellations are allowed once the deal has started, as an ERC will apply.

How to cancel a pre-booked deal
Full details of how to submit a cancellation request are detailed in step 7 on our product transfers page.

The product transfer offer and the online journey will continue to say that a customer is unable to change their mind or cancel their deal once they’ve accepted the offer. This is still correct unless they wish to take a different deal with us. We’re working hard to update the offer and online journey to reflect this new policy in the coming months.

Further information

If your client is happy with their pre-booked deal, you don’t need to do anything.

They can’t make any other changes until their new deal has started. This includes borrowing more, overpaying or starting the process to move home.

Barclays

Important Cladding Update

We are pleased to announce that from today, Monday 9th January 2023, our policy has been updated to reflect the Building Safety Act of 2022. The act provides protection in relation to the costs of replacing external combustible material, for existing leaseholders and prospective buyers of properties with external combustible cladding or attachments, where there is a qualifying lease or planned remediation in place by a recognised body.

To support applications for impacted properties that need remediation we will require one of the following to be provided to us with your client’s mortgage application.

Written confirmation of intention to complete the works from a developer who has signed a contract with the government

A Building Safety Act 2022 Government Leaseholder Deed of Certificate Form accompanied by a Building Safety Act 2022 Landlords Certificate

Written confirmation from a housing association confirming they are completing the remediation.

Written confirmation from DLUHC confirming the property is approved for funding to remediate.

Where your client will have a financial liability to contribute towards remediation, you will be required to calculate the maximum annual or monthly liability and input this as a service charge within the financial commitments section of the mortgage application, to ensure affordability is met.

It’s important to note that a financial liability won’t be passed to the leaseholder for developer remediated properties. This will also be the case for some properties where written confirmation is provided by a housing association or DLUHC. Please refer to the documentation provided by your client as this should clearly stipulate whether a financial liability applies.

Should you require further guidance and information, please visit www.gov.uk and search ‘cladding remediation’.

Metro Bank

METRO BANK TALKS… PRODUCT TRANSFERS webinar

The Re‑mortgage and Rate Switch market is expected to be especially strong this year and will play to the strengths of the mortgage intermediary.

Join our Rate Switching webinar to understand just how big the opportunity is and how we can help you grow your business with Metro Bank in 2023.

‘Metro Bank talks… Product Transfers’ webinar

Tuesday 17 January 9.30am – 9.45am: Register now

Wednesday 18 January 12pm – 12.15pm: Register now

Thursday 19 January 9.30am – 9.45am: Register now

Our BDM Team are here and available to help with new case queries. Please get in touch with your BDM or call our Broker helpdesk on 020 3427 1019.

Find your nearest BDM here.

LiveMore

Two huge Interest Only product changes that could help your clients

We’re excited to share two fantastic changes to our interest only ranges:

Retirement Interest Only (RIO): The minimum age is now 50 (falling from 55) opening the product up to more of your clients.
Term Interest Only (TIO): our minimum equity requirements have reduced in many regions across the country. In some cases, it can be reduced further (max 50% LTV) if your client has other assets in the background that could be used to repay.

Visit our website now to find the minimum equity requirement in your client’s region.

Think these changes could help one of your 50-90+ clients? Give us a call today – we’ll be happy to help.

Find your regional LiveMore BDM.

Legal & General

Introducing your new Dedicated Sales Team

We are excited to announce that we have launched a new protection sales team dedicated to support you and your business, effective from the 9th January. This means that our team of Business Development Managers, will now be even better placed, to help you grow your protection business in this ever-changing economic environment.

Use our new tool to find your dedicated team details and save for future use.

How we can help

Ideas to help develop into new markets
Training on our Protection Product range and our Proposition
Large case, Business Protection and Trust technical guidance
Business quality & retention

We look forward to working more closely with you.

Foundation Home Loans

How more first-time buyers can secure a mortgage

For borrowers purchasing a house for the first time, the market fluctuations of the last month may have been concerning. However, if they are working with you, they already have the advantage.

Through you, they can access specialist lenders who offer a range of flexible criteria to potential first-time buyers, because as we know, getting more people onto the ladder is the bedrock of our market.

Click here to read the full story.

Pure Retirement

Scott Burman Appointment as Pure Retirement’s Head of Distribution

Pure Retirement are pleased to announce the appointment of Scott Burman as Head of Distribution. The lifetime mortgage lender is adding further value to the equity release sector’s largest Intermediary Sales team, offering unprecedented levels of adviser assistance and supporting them through the incoming changes brought in by the FCA’s Consumer Duty.

Scott will lead a comprehensive and expanded Intermediary Sales function as part of Pure’s focus on being the best in the market when it comes to aiding and supporting its network. This includes a team of four regional BDMs and four corresponding regional Telephone BDMs, in addition at a dedicated team of office-based staff focusing on relationship management.

Click here for more information and to contact your regional sales representative.

Halifax

Private shared equity schemes

From 16 January we will no longer accept applications on private shared equity schemes.

We will continue to support applications where the customer is buying a home with an equity loan provided by a Local Authority, Housing Association or Government scheme, which is the majority of current shared equity schemes.

We will no longer accept applications where the equity loan is provided by a private company, developer or builder.

This change applies to full applications submitted from 16 January. If a Decision in Principle (DIP) was keyed before this date but the full application was not submitted until this date then the new rules would apply and a private shared equity application could not be submitted.