NEW: Access Equity Release video
If your Client is over 55 years old and a homeowner then Equity Release can open doors to greater financial flexibility and enjoyment in retirement.
View the Equity Release video here.
It is important that your clients understand the features, costs and risks of Equity Release. As a member of the Equity Release Council, you can be sure that your Access Equity Release adviser will fully explain all the options and implications. Your clients will receive all the relevant financial expert advice to help them make a decision. Where permissible we would always prefer to conduct a face to face meeting as it clearly helps achieve the best and clearest outcome. This ftadviser article really shows the importance of using our expertise in the Equity Release field.
Our fully qualified advisers are dedicated to Equity Release and will ‘own’ and see your case through personally from initial contact through to smooth completion; no ‘case handlers’ in the back office to deal with at Access Equity Release – if you want the swiftest route to your equity release completions and prompt commission payments, speak directly with;
Des O’Hara, Adviser Development Manager firstname.lastname@example.org, 0333 443 9829
Martin Wade, Director – email@example.com, 0333 443 9825
Coventry for intermediaries clarifies income policy for furloughed and self-employed clients
Coronavirus continues to have an impact on many people’s income, and with the furlough scheme now extended until March 2021, Coventry for intermediaries has recently clarified their income policy.
They have also stressed how important it is that no one proceeds with a mortgage that’s unaffordable. Therefore brokers are reminded that they are obliged to inform the lender of any material changes to any applicant’s employment and/or income at any stage of an application process.
New business applications – They continue to no longer accept furloughed income for employed applicants.
Existing customers – If your client is an existing customer who is looking to move, complete a transfer of equity or take additional funds, they will consider each case individually.
Pipeline cases – Where notified the client is now furloughed and can’t confirm a return to work date, their affordability will be reviewed based on their furloughed income. If their employer is topping up their salary, this top up amount can be considered where it can be evidenced.
Where furlough income is not sufficient to support the requested loan amount, the applicant can choose to continue with a lower loan amount (which meets the affordability criteria) or cancel their application.
New business applications – Coventry only accept self-employed cases where the applicant has been trading for at least 3 consecutive months. If the applicant is not currently trading then the case should not be submitted.
Existing customers – If your client is an existing customer who is doing a further advance, transfer of equity or porting, and doesn’t meet the criteria for new business, these cases will be individually reviewed.
Pipeline applications – Where the lender is notified that a self-employed applicant is no longer currently trading, their case will be individually reviewed.
Visit Coventry for intermediaries Coronavirus support page
It’s business as usual at Precise Mortgages
With the country locked down for the second time this year, Group Sales Director Adrian Moloney reveals the ways we’ll be supporting you to ensure you can continue to access the products your customers need. Read the latest ‘Thinking Outside the Blog” here.
Skipton Winter Webinar Series
‘Computer says no’ and other subjects
Rachael Hunnisett and Natalie Brown continue their popular Winter Webinar series, this time with Skipton’s Director of Business Development Paul Fenn. He’ll explain why he thinks intermediaries will become the ‘go to’ sector in the future, and talk about the tough decisions customers are being forced to make in a pandemic-world.
Why Intermediaries will become the ‘go to’ sector in the future
When? 19 November 2020 at 9.30am.
On the agenda
“2020 hasn’t turned out how any of us planned and no one knows what the future has in store. So, it’s reassuring to see such strong resilience and performance from the intermediary sector.” Paul Fenn.
- It’s a difficult time for customers, they need advice from brokers now more than ever before.
- Which lender? Who’s lending? How long for an appointment?
- ‘Computer says no’. How do brokers respond to quick changes in employment, income and products?
- My client is self-employed. Can they still get a mortgage?
Interbay Commercial: New semi-commercial products up to 70% LTV
Pre-header: Commercial rental income considered
InterBay Commercial has launched an enhanced semi-commercial product range.
The specialist lender can now consider commercial rental income as well as residential, and your client can choose a term to suit them, with identical rates on three and five-year options, with up to 70% LTV.
View the semi-commercial product flyer for more information about InterBay Commercial’s brand new products, including latest criteria and any restrictions.
- Commercial and residential rental income considered
- Up to 70% LTV
- Rates from 4.79%
- For property values over £2m, refer to your BDM
- Two, three and five year terms (with identical rates on three and five year options)
InterBay Commercial’s skilled underwriters and BDM team are determined to use their technical expertise and understanding of the market to help you get your complex cases over the line.
If you have any questions, please contact your local senior business development manager, who’ll be happy to help.
Legal & General Introduce ‘The Link’ Magazine
Welcome to The Link, Legal & General’s newsletter which has been designed to reinforce their shared purpose through education, support, knowledge and tools.
In this inaugural edition, you’ll hear about:
- Improvements to Legal & General’s support during Covid-19
- A topical article on how advisers can lead inclusive capitalism by Legal & General CEO Nigel Wilson
- Latest insights, stats and helpful tips
- A look back at a year at Legal & General
We hope you enjoy the magazine. If there are any topics you’d like Legal & General to cover, or if you’d like to be interviewed for a future issue, please contact your usual account manager.
In other news from Legal & General…
Legal & General are pleased to announce that they’ve added virtual nurse screenings via Medical Screening Solutions (MSS) to increase their appointment availability where face to face screening is not possible. Find out more here.
Arm yourself with knowledge for your professional landlord clients, with Kent Reliance for intermediaries
Download the latest changes to UK tax relief
Due to the impact COVID-19 has had on the market, many professional landlords have had to re-evaluate the way they choose to run their rental portfolios.
The latest edition of Kent Reliance for Intermediaries “Changes to UK Tax Relief on Finance Costs” for buy to let owners, highlights the key considerations facing buy to let owners regarding the tax changes, including:
- Capital gains tax
- Stamp duty land tax (SDLT)
- Inheritance tax
- Income tax and corporation tax
- Annual tax on enveloped dwellings (ATED)
- Examples of corporate ownership tax position
Download the guide today to ensure you can use these insights in conversation with your professional landlord clients.
Remember: individuals should seek professional tax advice.
Download the latest edition of Kent Reliance for Intermediaries’ guide – “Changes to UK tax relief on finance costs” for buy to let property owners, to be aware of the key considerations your clients are facing: https://bit.ly/2YtjlPC
Has a life event stopped your client from getting a mortgage?
Are any of your clients struggling to find a mortgage deal after financially recovering from an unfortunate life event? We wanted to share how we helped Jon secure his mortgage after facing the same challenges.
Jon and his wife divorced 3 years ago. She left their joint home and left him to pay the mortgage alone – something he wasn’t capable of doing alone along with his other credit commitments on a single income.
Despite his best efforts, three defaults were registered against him for £60 – £280 last month due to a dispute with his mobile phone provider, along with a £10,000 CCJ six months ago. To avoid going to court, Jon sold his home, paid off his debts and started renting. When he was back on his feet, he started looking for somewhere to live.
Luckily, at Bluestone Mortgages, we don’t make decisions based on credit score. Instead, our manual underwriting approach means we can assess Jon’s personal and financial situation – so we can be as flexible as possible. Because Jon had paid off all his debts and was looking for a property in his affordability range, we could offer him a mortgage! Jon is now moved into his dream home, and back on his feet again.
Our flexible criteria;
- All CCJ’s/Defaults under £300 ignored
- All CCJ’s/Defaults over 3 years ignored
- All Telecommunication CCJ’s/Defaults ignored
- Up to 4 Defaults and 3 CCJ’s within the last 3 years, none in the last 6 months
- No monetary caps on Defaults & CCJ’s
Watch the latest ‘Impact Insights’, featuring Rob Sinclair, Chief Executive of AMI
Last week’s impact insights was with Robert Sinclair, Chief Executive of the Association of Mortgage Intermediaries (AMI) and impact’sManaging Director, Dale Jannels.
During the interview, Robert discusses many of the topics affecting intermediaries today. Watch the interview in full here.
Royal London Introduce Beneficiary Nomination to Menu
Our new beneficiary nomination feature launches today on individual Personal Menu Life Cover and Life or Critical Illness Cover plans. This feature allows plan owners to nominate who’ll receive their payout.
Why are we introducing this?
We want to give clients peace of mind their payout will go to the correct person at their moment of truth. Currently the only way they can choose beneficiaries is to complete a trust form and this can be complex.
Beneficiary nomination provides a simpler alternative. If your client’s situation is straightforward and they know who they currently want to benefit, then use beneficiary nomination.
The payout automatically goes to the nominated beneficiary if your client dies. And beneficiaries can be changed at any time, with no need for probate or the completion of a trust form. Find out more here.
Real life cover from The Exeter
It’s what makes us different
We’d all love to have perfect health, but in the real world, not everyone is that lucky.
Real Life is designed to help your clients living with serious or multiple medical conditions get the valuable cover they need to protect themselves and their families. In short, it’s what makes us different from other life insurance providers.
Making the complex more simple
Just because someone has a complex medical history doesn’t mean that getting life cover needs to be difficult. Following adviser feedback, we’ve enhanced our application process making it easier for your clients to access the life insurance we offer.
Our online service includes two options to produce a quote for your clients before you apply:
- A partially underwritten online quote for clients with a history of diabetes, heart attack, angina, obesity or stroke, or;
- A quick quote optionwhere our underwriters provide you with an indicative loading for cover over the phone. This option requires no medical information but enables you to get an indicative price for your client.
What’s more, we also offer:
- A simple, signature-free process for placing policies into trust
- A delegated underwriting feature, enabling you to delegate application questions to your clients to complete – particularly beneficial for sensitive cases
- Efficient application tracking and self-serve functionality.
Bank statements no longer automatically required for Owner Occupied mortgage applications with Foundation
We have listened to your feedback and simplified the supporting documentation required for residential mortgage applications. Bank statements will no longer be automatically required for owner occupied mortgage applications, with immediate effect.
Now, bank statements will only be requested for specific reasons by the underwriters; the automated requirement for them has been removed from our systems.
Bank statements may be required if:
- The credit file is ‘thin’ so additional data is required
- To verify any insurances, child care or school fees that have not already been declared
- To quantify regular payments which take a case beyond the affordability threshold to ascertain if they have already been included elsewhere.
Intermediaries are permitted to submit bank statements if absolutely necessary, for example to validate income or for proof of residence, however other alternative verifications are preferred in the first instance. You can view our list of preferred verification types here. Where a bank statement is necessary as proof of residence, we will only ask for the relevant page. Find out more here.
Online Equity Release Academy, with Just
Join our free online Equity Release Academy where Malcolm Tyrrell will help you revise for your exams using the 2020/21 syllabus. Packed full of content, we’ll help you discover the benefits equity release can bring you and your clients in this growing area of advice.
Find out more.