Inform 19th January 2024

Chorley Building Society

95% on New Build Houses

Chorley Building Society now allow 95% on New Build Houses in England and Wales

(excluding London, Outer Metropolitan and the extended South East).

For more details check the website https://www.chorleybs.co.uk/intermediary

For enquiries call 01257 235 001 or email intermediaries@chorleybs.co.uk

Don’t forget we do:

• Take a common-sense approach to lending
• Have real life underwriters that brokers can actually speak to, even at enquiry level
• Credit Search – we don’t credit Score.
• 4 Applicants – 4 income
• Joint Borrower Sole Proprietor

If anyone wants to learn more about our great USPs, let me know and we’ll set up a call or visit.

Pepper Money

One in two people who miss payments on unsecured credit go on to default

Pepper Money recently launched the seventh edition of our Specialist Lending Study in partnership with YouGov. They surveyed more than 6,000 UK adults, indicative of a demographically representative sample of the British adult population.

In case you missed it, it was uncovered that 15.16 million people have a history of adverse credit – missed credit payments, Defaults, CCJs, unsecured arrears, secured arrears or entered a DMP.

Key findings highlighting levels of unsecured debt

• 49% of people who’ve missed one credit payment say have then gone on to miss further credit payments.
• 45% of people with adverse credit say their use of Buy Now Pay Later credit has increased in the last year. 17% say it has increased a lot.
• 30% of people with adverse credit have unsecured debt of more than £5,000. 17% have unsecured debt of more than £10,000. 9% have outstanding debts of more than £15,000.
• 43% say their level of debt has increased in the last year.
• 36% of people with adverse credit are concerned that their level of debt will impact their ability to get a mortgage in the future.

One way customers can get on top of their debts is by raising capital with a remortgage to pay off the separate balances, consolidating them into additional borrowing secured against their property.

Restructuring finances requires careful consideration of the risks involved, as it may increase the overall amount that is repaid, however, it can also prove to be a vital lifeline for households struggling in the current environment to reduce their monthly costs.

To find out more about how you can support your customers in the challenging economic environment, discover the full insights of the Specialist Lending Study. 

Standard Life Home Finance

Access higher LTVs with Horizon

Standard Life Home Finance are pleased to have launched two higher LTV plans on their award-winning 5 star Defaqto rated Horizon lifetime mortgage range.

The Horizon range was designed with positive customer outcomes in mind and now with Horizon 600 and Horizon 620, your clients can access LTVs up to 51% while still benefiting from the same flexible market-leading features.

Login to the connect portal to get started.

Bank of Ireland for Intermediaries

Bank of Ireland for Intermediaries is now on LinkedIn

Great news. BOI are now on LinkedIn. This will be a place for you to keep up to date with all things #BOI4I. We’ll be making posts exclusively for our mortgage intermediary community as we focus on helping you to help more clients.

We have an exciting year ahead in terms of content and aim to use LinkedIn to facilitate these communications. You will see I have shared a post today, I would really appreciate it if you could share onwards and encourage your brokers to follow us.

We will also be re-sharing the great news we published last week regarding our product transfers and further advances increased proc fee. As of Tuesday 9th January 2024, brokers receive an increased proc fee of 0.30% (previously 0.25%)

Take a look at our new page and follow us today

Guardian

Changes to the protection menu

2023 was a year of change and reflection for our industry. Consumer Duty put a strengthened focus on the customer and encouraged us all to review our products and services to make sure we offer fair value to a wide range of customers and act to deliver good outcomes. On top of that, the cost of living continued to impact us all. Whether it was the increase in the monthly food shop, higher energy bills or mortgage interest rate rises, it continues to affect everyone’s financial resilience and protection needs.

At Guardian, we’re committed to providing our customers with the best possible products and services. So, given the developments we’ve seen in our market, later this month we’re making a few changes to our policy terms and conditions:

1. Introducing Life Essentials
2. Change to Decreasing Cover
3. Updated 2 of our critical illness definitions
4. We’ve updated the layout and design throughout

These changes will take effect from 22 January 2024. They apply to all new quotes made on Life Protection, Life Essentials, Critical Illness Protection, Combined Life and Critical Illness Protection, and Income Protection. All quotes are valid for 30 days. Any applications submitted before the introduction of our new policy terms and conditions won’t be affected.

If you have any questions, please speak to your Guardian Business Development Manager, or contact us on the details below.

These changes will take effect from 22 January 2024. They apply to all new quotes made on Life Protection, Life Essentials, Critical Illness Protection, Combined Life and Critical Illness Protection, and Income Protection. All quotes are valid for 30 days. Any applications submitted before the introduction of our new policy terms and conditions won’t be affected.

Click here for more details.

t: 0808 133 1821
e: advisers@guardian1821.co.uk
w: adviser.guardian1821.co.uk

Barclays

Economic Outlook on Housing Market Webinar

Market Harborough Building Society

How can short-term finance can help your clients?

Bridging expert William Edwards discusses how short-term finance can help your clients. Intermediaries, do you have a client who is eager to make a move this New Year? Bridging finance offers a short-term solution for a variety of scenarios, including situations where timing is critical.

Throughout last year’s turbulent market we saw many bridging applications to help fix chain breaks because bridging finance allows clients to buy their next home before selling their current property. But did you know it can be used for more than just that?

Short-term finance for a range of circumstances

Bridging expert, William Edwards, comments: “In addition to chain breaks, bridging loans can provide a short-term solution for downsizing, raising funds for business purposes, refinancing an existing bridging loan and buying before selling.”

“Unlike traditional mortgages where affordability is key, with bridging finance the emphasis is on your client having a viable exit strategy in place, which could include another property as security, investments or shares and refinancing.”

Take a look at our infographic to see the ways short-term finance can help you and your clients – www.mhbs.co.uk/document/bridging-finance

To hear more from William, visit www.mhbs.co.uk/latest-news/bridging-spotlight/

Flexible bridging finance from an award-winning lender

We provide a variety of bridging finance solutions for simple and more complex cases, including those with unusual properties and exit strategies. We understand how important flexibility and more than a one-size-fits-all approach is, that’s why we assess each case on its individual merits and provide bespoke solutions.

If you’d like to discuss more, our dedicated bridging finance team have a wealth of knowledge and experience and are only a phone call away on 01858 412345 (option 2).

Suffolk Building Society

Buy to Let Light Refurb launch

We’re helping landlords who want to carry out light refurbishments.

Our new products use estimated rental income after work’s been carried out – potentially letting landlords borrow more.

Light refurb means new bathrooms, kitchens, and non-structural redecorations.

Landlords will have six months to complete the renovations before the property is advertised to let. Applicants will need to evidence:

• sufficient savings to cover the first six months of mortgage repayments (while no tenant is in place)
• plans/costings for the intended work
• the capital to complete the refurbishments (if this is not being financed by the mortgage)

Criteria and reasons to choose us:

1. Max three let properties
2. Can consider non-owner occupiers
3. We lend on regulated BTLs where family members are residing
4. No maximum age
5. First time buyer BTL accepted

BLUESTONE

Deposit Unlock is now live!

We are thrilled to share that after months of meticulous planning and dedicated development, our 95% LTV mortgage launches today!

Designed with first-time buyers in mind, our 95% LTV Mortgage is a game-changer for those aspiring to own a new build property. This innovative product empowers our clients to make their homeownership dreams a reality with just a 5% deposit. What’s more, we’ve removed the hurdles of traditional credit scoring, offering a flexible solution that can be tailored to individual needs.

As the first specialist lender to partner with a deposit unlock scheme, we are looking forward to bringing this innovative solution to the market…

• 5% deposit with no credit scoring – Requiring just a 5% deposit, your clients can feel secure knowing we don’t credit score
• 100% Home ownership with no 2nd charge equity loans required – No strings attached! No extra loans are required for a 95% mortgage, your client will own 100% of their home
• Fees free products available – With fees free products available, we’re opening up this scheme to as many eligible people as possible!
• 180 day offer validity – No last minute panic necessary, 180 offer validity means your clients can take their time to make their decisions

Downloaded the Deposit Unlock guide.

Complete FS

Second Charge Case Study

Client Required
A Second Charge loan of £80,000
Purpose – to assist family
Security – 2 Buy to Let Properties

Challenges
• The securities offered were BTL properties
• The 1st charge lender for the first security declined to grant consent due to the loan purpose
• The 1st charge lender on the second security was happy to grant consent
• The applicant required interest only

Solution
We found a lender that was willing to lend the full amount of £80,000 against one security, what’s more they were happy to use an AVM, saving the client money and uncertainty.

Happy customer! Happy Adviser!

Here is what the Adviser has to say, “This was a complicated enquiry that needed expert guidance. Becky at Complete did an excellent job of hand-holding my client through the process and giving clear explanations and guidance. I was kept fully updated throughout which was very reassuring. I will be very happy to continue using Complete’s service knowing my referred clients are well looked after”