Inform 20th January 2023

Impact Specialist Finance

Adverse fixed rates up to 85% LTV

With its newly launched Residential range, Precise Mortgages is offering fixed rates up to 85% LTV. The range provides options for customers with less than perfect credit including those with CCJs and defaults as well as active and satisfied DMPs.

Residential highlights include:

• Maximum loan-to-value (LTV) of 85%
• DMPs that are active and satisfied will be accepted
• Maximum of five defaults and three CCJs over the last 24 months considered
• Defaults and CCJs do not have to be satisfied
• Suitable for purchase and remortgage with no limit on debt consolidation
• Refund of valuation up to £630 (excluding Right to Buy)
• Year-end or trading year accepted for self-employed

Get the latest product guide from Precise Mortgages

To find the right residential product for your clients, view the Residential Product Guide from Precise Mortgages.

Have a case you would like to discuss? Call the impact packaging team now on 01403 272625

Mansfield Building Society

Working with flexible lenders will be crucial in 2023

There’s no question that 2022 was an extraordinary year. At the start of the year few of us would have expected to see quite the turnaround at the top of the Government, with three Prime Ministers and four Chancellors of the Exchequer, for example.

As a result, gazing into the crystal ball for what 2023 may hold is a dangerous game. Yet it’s important to take a broad view of what may lay ahead for the mortgage market, and how advisers can best prepare.

Read Mansfield’s latest blog from Tom Denman-Molloy, Intermediary Sales Manager.

Pure Retirement

Expands Lifetime Mortgage Lending Criteria

We are pleased to announce changes to the lending criteria of our Classic range of lifetime mortgages, opening up our suitability to more people in response to the equity release market’s diversified customer profile.

The new criteria increases our ability to consider properties used for small business activity, as well as those located above commercial premises or on unmade roads, while we also offer widened acceptance of historic rent charges, now up to £100 from £25. Meanwhile, a property’s flood risk will now be determined by bespoke flood data checks rather than Government zoning information.

The expansion adds to our Classic range which gives applicants a 21-day rate guarantee post-KFI, allowing them to secure a rate while they fully consider their options, while all new customers can receive a free Energy Performance Certificate on completion.

Click here for more information on our Classic lifetime mortgage range.

Watts Commercial Finance

Marc Gilmour joins Watts as Commercial Manager

United Kingdom, 13^th January 2023 – Watts Commercial Finance has started the year with another new addition to the ever-growing team. Marc Gilmour joins this month as Commercial Manager.

Marc joins Watts from Bank of Scotland where he has spent the past 16 years committed to assisting clients with commercial lending.

Marc now joins Watts Commercial Finance to expand their coverage across Scotland, more specifically, Fife and East Scotland. He will oversee a brand new office there to assist with all aspects of commercial funding.

Commenting on the announcement, Phil Gray, Managing Director of Watts Commercial Finance said: “I am delighted to welcome Marc to the team. His appointment starts the year on a fantastic note and I am so excited to see Watts Commercial Finance expand across Scotland.”Marc Gilmour, Commercial Manager added: “I am delighted to be joining Watts Commercial Finance. I am looking forward to helping businesses grow and invest in the Kingdom of Fife and the East Coast of Scotland.  I have gathered 23 years of experience in finance and will look to provide bespoke funding solutions to the local business community working with the large network of lenders who are affiliated with Watts Commercial Finance.  Look out for me rampaging up and down the A92 over the coming weeks and months!”

Virgin Money

Flexible Underwriting

Virgin Money has boosted its support of flexible underwriting for complex cases by providing its BDMs with a hotline to contact a Senior Underwriter to discuss your complex cases for ‘pre-approval’ there and then.

Senior Underwriters will be on hand for their BDMs to discuss cases that cover, for example, complex incomes, self-employed & contactors, variable income & unusual property scenarios.  Basically, enquiries where there are grey areas of policy or where a policy exception is needed, or if we just aren’t sure.

If you have any customers who you think could benefit from this service, please contact your dedicated Business Development Manager, who will be happy to help.

Switch your customer’s Virgin Money Freedom to Fix deal

You can now help customers switch with Virgin Money’s Freedom to Fix trackers onto a fixed rate deal. And even better, they’ll pay you a Product Transfer procuration fee for the switch.

They know this is important to you and after listening to feedback they’re delighted to announce the updated approach.

Here’s what you need to do:

If you have a customer who is currently on a Freedom to Fix tracker rate who would like to switch to a fixed rate, follow these 3 simple steps:

• Select a fixed rate product from the current range.
• Give the mortgage processing team a call on 0345 601 0680 (option 1) and let them know which product your customer would like to switch to.
• Make sure you have your customer’s account number to hand.

Virgin Money will confirm your customer’s new deal, produce a new offer and provide an illustration. Your customer will need to return the completed acceptance form.

Want to know more about our Freedom to Fix range?

You can find their current rates in the Mortgage Update. If you’ve got any questions, you can get in touch with your Business Development Manager or dedicated Regional Service Team.

LendInvest

What will recent tax changes mean for property investors in Scotland?

After a series of changes pre-Christmas, property investors and Buy-to-Let landlords in Scotland may be concerned as to the outlook of the market.

Our BDM for the region, Tatyana Stefanova, looks in detail at the changes and what opportunities there are for investors.

Find out more here.

Santander for Intermediaries

Reductions to fixed and tracker rates

We’re pleased to tell you that on Tuesday 17 January, we’re reducing most new business residential and Buy to Let fixed rates by between 0.20% and 0.59% and residential trackers by between 0.15% and 0.50%. We’re also introducing a new 60% LTV residential remortgage fixed rate.  At the same time, our Buy to Let fixed rates with no fee will be withdrawn and replaced with lower rate products which have a £349 fee.

In the product transfer range, all fixed and tracker rates for residential and Buy to Let (including Consent to Let) will reduce by up to 0.50%.  The fee on the Buy to Let lifetime tracker will increase by £500 to £1,499.

Full details of the changes can be found on our website.

Important lending policy change for credit card commitments

From Tuesday 17 January, we’ve improved our lending decisions for your clients who pay off their credit card in full each month.

If a credit card balance has been paid in full each month for at least the last 6 months before application, this will not be included in our affordability assessment. If there has been a £0 credit card balance during the la

Where the balance has been paid in full each month for at least the last 6 months, please make sure you do not enter the credit card commitment in either Introducer Internet or the affordability calculator.

We’ve updated our lending criteria on our website.

The Mortgage Lender

The Year Ahead – An Expert View

Now the festive season’s over, thoughts inevitably turn to the year ahead. And while there’s still plenty of uncertainty to contend with, we see positive signs for the mortgage market – including an expected slowing of inflation leading to less strain on household incomes.

Whatever happens, 2023 will be anything but boring. And your role as a mortgage broker – helping people achieve their plans in challenging times – is likely to be more vital than ever.

The experts’ view:
To get some expert predictions for the coming months, we recorded a discussion between our Cheif Commercial Officer, Steve Griffiths, and Keith Church, the Head of Economic Modelling at 4Most. You’ll read their views in our article, including their thoughts on:

• Where inflation is going
• What could happen to interest rates
• Why the UK economy is in a stronger position than in 2008
• How a slowing housing market could actually help First Time Buyers

Read the full article here.

United Trust Bank

 Contact Details

UTB’s common-sense approach to lending and ability to take a view on cases, helps intermediaries achieve positive outcomes.

1. Unusual property types, construction, or acreage
Including: above a commercial, balcony access, farmhouses or listed buildings

2. Complex income
Self-employed, contractors, 0 hours or multiple income streams

3. Adverse credit
CCJs, defaults or missed mortgage payments

4. Competitive product set
Residential Mortgages, Second Charge Loans and Buy-To-Let

Register HERE today

For access to our portal and latest rates, document upload, online DIPs and case-tracking.

T: 020 7031 1551
mortgage.enquiries@utbank.co.uk

EVEN

Temporary stopping any new applications

As of Monday 16th January Even are temporarily stopping any new applications and are withdrawing from the Market. They are working through a number of items with their funders in the mean time.

AEGON

Changes to our approach to smoker status

We’re changing the way we treat ‘ex-smokers’ for all benefits with a life protection element (except Whole of Life) from 18 January 2023. As a result, we’ll categorise customers in the following three ways:

• Smoker – someone who’s smoked or used any type of tobacco or nicotine products in the last 12 months. This includes cigarettes, cigars, nicotine gum or patches, e-cigarettes and piped or rolled tobacco.
• Ex-smoker – someone who last used any type of tobacco or nicotine products more than 12 months ago, but less than five years ago.
• Non-smoker – someone who last used any type of tobacco or nicotine products more than five years ago, or has never smoked.

For life with critical illness protection (LICI) benefits, only the life element is affected by this change. The CI element of LICI, standalone CI and IP are not affected by this change.

What impact will this change have on our rates for ex-smokers?
As a temporary solution, from 18 January 2023, we’ll apply a +25% rating to our non-smoker rates for all applicants we identify as ‘ex-smokers’. All of these applications will automatically refer to underwriting, and we’ll display the indicative +25% rating on the results screen during the online application. Advisers can click on ‘Details of referred benefit’ to find help text showing that this has been added due to their smoker status. This gives advisers the opportunity to make an informed decision on whether they want to continue to submit the application or not.

Key Partnerships

Join Key Partnerships at the Later Life Lending Symposium

Do you have clients who may have equity release needs? Make sure to attend the Later Life Lending Symposium – 31^st January 2023.

In one of the day’s sessions, independent equity release adviser Marc Orme talks about working with introducers and creating referral opportunities with clients. Click here to read more and register.

The Exeter

New member case study

Marc is a self-employed builder and dad of two who has been unable to work due to recurring knee problems.

Despite the many challenges he has faced the support provided through his income protection policy with The Exeter has been invaluable.

Watch Marc’s story to find out how income protection has helped him and his family.

Further to our member case study, we caught up with Marc’s financial adviser, Adam Kaplan.

Adam tells us a little about his business, Pendragon Protect, and why he feels income protection insurance is a must for his clients.

Watch his short video here.

British Friendly

Widen their Income Protection offering with the launch of Fracture Cover

British Friendly have launched Fracture Cover, a brand-new optional benefit which offers your clients even more choice when it comes to their Income Protection Insurance.

Available to add to new Protect and Breathing Space policies, for an additional £4.00 per month, Fracture Cover offers a lump sum payment of up to £6000, per policy year, if your client fractures one of 18 different bones.

Suffering a fracture could lead to short to medium term financial hardship, especially for those in physically demanding jobs. Whether they need help paying the bills or something to cover additional costs to and from hospital, Fracture Cover can help with the financial pain their injury might cause.

Click here to download British Friendly’s Fracture Cover Flyer, for a quick and easy overview of their new optional benefit, and a handy graphic detailing the amount payable in the event of a fracture.

Fracture Cover Key Features

• Guaranteed monthly premium of £4.00 per month.
• Up to £6,000 lump sum per policy year.
• Covers 18 specific fractures.
• Available to add to new Protect and Breathing Space policies.
• Flexible cover that can be removed at any time.
• Can be claimed alone or alongside your client’s Income Protection policy.

Don’t forget, if your client should need to make a claim for a fracture, they can access free healthcare through the Clinic in a Pocket app, one of British Friendly’s discretionary Mutual Benefits. Clinic in a Pocket offers up to six physiotherapy sessions, and unlimited digital GP appointments to help aid their recovery. Click here to remind yourself of the great benefits available to offer your client alongside their British Friendly policy.

Looking for something to share with your clients?

Share British Friendly’s client facing Fracture Cover Brochure with your new clients. It’s their simple product overview, to help your clients understand how this additional cover could help them when they need it most. Click here.

Fracture Cover is designed for new customers aged 18-59, who meet the eligibility criteria, and would like to receive a lump sum payment if they suffer from one of the specific bone fractures covered. It is available to add to new British Friendly Protect or Breathing Space policies only, and is not available as a standalone policy.

For more information on Fracture Cover, please take a look at the Product Profile here, or alternatively you can view the full Terms and Conditions here.

For more information and additional sales tools visit British Friendly’s adviser website, or contact the Sales Team on 01234 348 007 or sales@britishfriendly.com. Should you wish to register an agency, you can do so here.

Virgin Money and Clydesdale Bank

Launch product switching on pipeline cases

Virgin Money and Clydesdale Bank have launched product switching on pipeline cases, which means that brokers can switch a client’s previously selected loan to a new product from the current new business range of the banks.

Product switching is available on cases that are at the pre-offer stage, or are within 60 days from the date on the offer if at the offer stage.

The lenders say brokers can help clients switch products once on pipeline cases, otherwise, they will ask for a new application to be submitted.

At Virgin Money, brokers should call its mortgage processing team and let them know which product the client would like to switch to.

Once the team has changed the product, they will send a new offer to the customer. If the case is not yet at the offer stage, the lender will instead send an updated illustration.

At Clydesdale Bank, brokers should complete its change of application form and upload it on the application portal.

Once it has changed the product, the bank will send a new offer to the customer. If the case is not yet at the offer stage, it will instead send an updated illustration.

The lenders say there is no change to their approach for existing customers taking a product transfer and the banks will continue to accept pipeline product switches as usual.

Virgin Money head of intermediary sales Richard Walker says: “As an intermediary-led lender we value the feedback we receive from brokers and are constantly looking at ways in which we can improve the service they receive from us.

“This latest change, where we are giving customers greater flexibility to switch products, is in addition to also giving brokers the functionality to help customers switch from a freedom to fix tracker on to a new fixed rate and earn a procuration fee.”

“Our business development managers also now have improved access to a dedicated underwriting team, who can agree an application upfront and provide more certainty for more complex cases.

“We also have a large loan helpline where brokers can call a Clydesdale Bank underwriter for loans above £750,000 to discuss the application directly.”

Source Insurance

Launched an exciting new home insurance referral system ’Source Go’.

Re-designed with customers in mind, this system will allow advisors to introduce their clients to an insurance policy journey with minimal contact information before handing the consumer complete autonomy over their policy. With the eradication of traditional phone-based quoting methods, Source Go allows the customer control over their home insurance quotation, completion at their own convenience and low prices.

Malcolm Guest, Managing Director of Source, tells us:
“The Source has a substantial delivery schedule to evolve our GI proposition, delivering significant improvements to our broker customers and their insurance clients during 2023. We are not only continuing to work hard to make it easier and faster for brokers to advise, but also to provide our brokers’ clients with best-of-breed insurance cover at the fairest possible price.

Source Go has been designed to enable brokers to refer their clients to a trusted GI provider should they not have the time or desire to advise themselves. Brokers and advisers can refer safe in the knowledge that the premiums will be competitive, the process transparent, and with the same level of insurance protection and service that has been the cornerstone of the Source raison d’etre.”

Driven by adviser feedback, an opportunity was identified for a referral service that keeps the evolving needs of brokers and their clients at its heart. This comes at a time when the integration of additional products and services is a necessary step for those within the wider mortgage and financial services industry.

Sales Director of Source Insurance, Carl Oakes had this to say about Source Go:
“The last few years have been hard for our sector in many ways, and brokers have risen to those challenges as they always have. General Insurance has always had an important part to play in meeting consumers’ financial needs but very often, and for a number of reasons, customers inevitably utilise direct providers and aggregators. There is a trade-off though between price and quality. Source Go captures the benefits of customer convenience and competitive pricing, whilst preventing the direct players from cross-selling other products and services that may threaten the adviser’s role. That’s what makes this such a compelling opportunity for advisers who don’t currently sell GI, and we look forward to speaking to them over the coming months.”

Source Go allows advisers to refer clients quickly and effortlessly without the regulatory responsibility, meeting both their own needs and the needs of their clients.