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Business Health Check

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LATEST PARTNER BLOGS:

FLEET
Looking Ahead At The BTL Market In 2023

KEYSTONE
Multi-Title Split For Portfolio Landlord

GUARDIAN
It’s Time To Get On The Front Foot

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Just

The Vulnerable Customer Awards are back!

We’re delighted to announce the return of the Just Group Vulnerable Customer Awards. If you’ve got a compelling story about how you’ve been supporting your clients in vulnerable circumstances then we want to hear from you.

Find out more – click to watch our awards showreel

The Mortgage Lender

main challenge for the property market in 2023

Half of homeowners view affordability as the main challenge for the property market in 2023

Half of homeowners (55%) think affordability is the biggest issue facing the property market in 2023 according to research from The Mortgage Lender (TML).

Within the research, homeowners expressed their concern about the impact the rising cost of living is having on the housing market. Buyers and sellers have halted plans leading to a cooling off period in the market. Indeed, sales in December 2022 dropped 3% on the previous month as high interest rates and the cost-of-living impacted buyers’ plans.

Instability within the UK economy has also prompted concerns among homeowners (43%), as well as rising interest rates (48%), resulting in higher mortgage payments for many borrowers.

Concerns over affordability within the market are impacting how homeowners feel about their current properties and living arrangements. Affording household bills (37%) and mortgage payments (21%) came out as top concerns for homeowners, while a further 15% were worried they would not be able to move to a better property or area in the future. 11% are also concerned that their children or other family members will live with them longer than they’d like as affordability issues within the market particularly hampers first time buyers.

Read the full article to learn more, including:

  • 43% consider economic instability one of the biggest challenges for the property market
  • Wider market concerns are prompting homeowners to worry about their existing living arrangements; 15% are worried they won’t be able to move to a better property or area in the future
  • 34% call for more cost-of-living support from the government to help support the property market

Read the article now

Mansfield Building Society

All about our holiday let mortgages

When it comes to holiday lets, you need a lender that can really get to grips with the details of a case and have the flexible criteria to help.

Well, we’ve made it easier for you access our criteria and understand our approach with Frequently Asked Questions now available below our product listings on our Holiday Lets webpage:

Holiday Let’s webpage

So whether it’s affordability, property types, Expat status or the use of background income, you can find out more online.

You can also view our holiday let case studies online too, including securing a period property for a portfolio landlord and helping a limited company with lending into retirement.
For more information about our products and services, including our affordability calculator and applying through our online portal, visit our website at mansfieldbs.co.uk/intermediaries.

Zephyr Homeloans

Let’s talk about New Builds

Zephyr Homeloans eighth video in their new series is out now and this week, Zephyr RSM, Andy Rowe, gives you a brief overview of Zephyr’s main New Build criteria and where to find out more about their dedicated New Build products, all in under 2 minutes!

You can view it here.

Zephyr will release a new video each week, so check their website often to watch them here, or sign-up to their email newsletter here to be kept up to date.

Zurich

Developments in mental health underwriting

This week as part of our underwriting focus here at Zurich we look at mental health and underwriting.

Undertaking a degree in psychology compelled Anne Evason to volunteer for the Samaritans – and makes her well placed to improve how Zurich underwrites mental health issues.

While working full-time as an underwriter, Anne Evason undertook a psychology degree with the Open University.

Having graduated in 2016, she sought to put her new-found knowledge to good use and volunteered for the Samaritans. She became increasingly involved with the charity, first as a listener, then a shift leader, trainer and latterly a deputy director.

“As a listener you work in pairs,” explains Anne. “You both do your listening but if you realise your shift partner is on a difficult call, you’d also be there to support them.

Continue reading

Zurich logo

Precise Mortgages

Find out why more than 300,000 landlords have incorporated their buy to let businesses

The past five years has seen a surge in the number of landlords choosing to run their buy to let business as a limited company.

The number of landlords holding properties in a company structure has recently passed the 300,000 mark for the first time – more than double the number there were in 20171.

And with nearly six out of 10 landlords saying they intend to purchase their next buy to let property within a limited company structure 2, it’s never been more important they understand how to set up a special purpose vehicle (SPV) to own, buy, sell or let their properties.

Our SPV factsheet explains how to set one up, what landlords need to consider before incorporating, as well as how Precise Mortgages could help them achieve their investment goals.

View it now to be in the know for your customers

Sources: 1 NUMBER OF BUY-TO-LET COMPANIES PASSES 300,000 (hamptons.co.uk)

2 BVA BDRC Landlords Panel Report Q3 2022 (slide 42)

Landbay

Get the best of both worlds with our 5-year fixed rate with no ERC after 3 years

Get the best of both worlds with a 5-year fixed rate with no ERC after 3 years – all stressed at pay rate!

Have your landlord clients requested short-term fixed products but had difficulty achieving the required borrowing levels?

Landbay have launched a new Special Edition range allows your client to have the flexibility of redeeming the loan after year three but benefiting from the stress test of a 5-year fixed-rate product.

The new range applies to standard properties, up to 75% LTV and a variable fee structure for increased affordability.

These products are now live on sourcing systems. However due to sourcing system capabilities, please ask your local Landbay BDM if you need help finding them.

What are the benefits to your landlord clients?

  • Increased affordability with stress test at pay rate
  • Peace of mind with a five-year fixed rate
  • Move to a new deal after three years with no ERC
  • Hedging against future rate increases

For full details of the rates and fee structure go to the Landbay website and view the product guide for  “Special Edition 5 yr Fixed” products

Pure Retirement

The Heritage range expands again with the launch of  Heritage Super!

Pure Retirement are pleased to be able to offer a new product on their Heritage range, Heritage Super, giving you even greater choice when it comes to finding the right retirement solution for your client!

The product’s key information includes:

  • Available to customers aged 55 to 85
  • Single and joint life applications accepted
  • Available on properties from £150,000
  • Loan amounts of between £10,000 – £800,000
  • Fixed or variable ERCs available
  • 10% ERC-free repayments per year

Heritage Super follows on from their recently launched Heritage Special range, available exclusively to over-80s applicants and offering LTVs of up to 50%.

Learn more about our Heritage range by using this link.

Coventry for intermediaries

Updating their Portfolio Landlord lending criteria

When assessing a client’s total portfolio (of up to 10 mortgaged properties) Coventry for intermediaries will be applying a single ICR of 145% regardless of tax status or income level.

Any individual property coming to mortgage with them will still be able to use the lower ICR of 125% if the applicants fit the criteria.

Changes will come into effect from Thursday 20 April.

To secure a client’s application using their current ICR policy on the total portfolio, a full mortgage application must be submitted by 8pm on Wednesday 19 April. Applications received after this time will be assessed with the updated ICR.

Coventry for Intermediaries logo

Impact Specialist Finance

If your clients have adverse credit, we could help!

Have you had a decline from a high street lender? Has the client sent you a credit report and you are not sure where to begin and what to do next?

The Impact Packaging team deals with adverse enquiries every day and knows how to handle them. We have access to a panel of lenders who can help with diverse types of adverse credit, even when combined with other specialist needs like self-employment, quirky properties, or complex income.

  • Impact Packaging could help your clients with:
  • Missed payments & Arrears (Secured and Unsecured)
  • Defaults & CCJs
  • Debt Management Plans
  • IVAs & Bankruptcies
  • Pay Day Loans

As a result of Impact Packaging’s strong lender relationships, we have access to exclusive products and on-site underwriters, which helps us ensure you get the right deal for your client as quickly and easily as possible.

Have a case you’d like to discuss? Get in touch with the team now on 01403 272625

Santander for Intermediaries

Residential and Buy to Let lending policy updates

Residential changes

Secondary income
A maximum of 70% secondary income (previously 65%) will be used for affordability. Secondary income, whilst not permanent or guaranteed, is still regular and sustainable.

Please use our affordability calculator as it will automatically work out how much income we can use and calculate the net monthly income figure.
Residential affordability rates
Following the Bank of England base rate increases in February and March, we’ll be increasing our residential affordability rates. We’ll also be updating our affordability calculator to take into account the 2023/2024 tax year changes and household expenditure figures.

Please use our affordability calculator on our website to get an accurate reflection of what we can lend your clients.

Buy to Let changes

Buy to Let affordability rates
Our Buy to Let affordability rates will be decreasing.

Pipeline rules
All full mortgage applications (FMAs) submitted by 10pm on Tuesday 18 April won’t be affected by these changes.

Any FMAs submitted from 6am on Wednesday 19 April will be assessed using our new lending policy.

If a material change is made to an existing application from Wednesday 19 April, the case will be reassessed using our new lending policy.

Help and support

Our affordability and Buy to Let calculators and our residential and Buy to Let lending criteria will be updated on our website on Wednesday 19 April.

Gatehouse Bank

Advance Notice of product withdrawal

We are writing to give you advance notice that we will be withdrawing our entire range of Buy-to-Let (BTL) and Home Purchase Plan (HPP) products and replacing them with a new range that will be launched simultaneously. These changes will take effect from midnight tonight, Tuesday, 18 April 2023.

A further communication will be sent to you tomorrow to confirm the changes.

We will honour all existing DIPs on current terms, however any you wish to progress must proceed to a fully packaged application, including the customer’s signature, prior to the DIP expiry date.

Please note, to provide advice on HPP products you are required to hold specific HPP permissions with the FCA.

If you have any queries or require further information our team remains available via phone and email, details of which can be found here.

Paymentshield

NOW LIVE! Paymentshield launch new quote option

Paymentshield introduces a new, optimised home insurance quote journey that brings greater efficiencies for advisers while ensuring they can still deliver the best outcomes for customers.

The enhanced quote journey, now live in the Adviser Hub platform, asks fewer questions than before, meaning advisers can now generate a quote for their client in less than one minute. The total question set has been reduced by over half, with advisers finding they can now complete the quote journey in as little as 40 seconds.

Watch the latest New Home Insurance Quite Journey video or click here to find out more.

Watts Commercial Finance

Matt Grehan joins Watts as newest Commercial Manager

United Kingdom, 17th April 2023 – Watts Commercial Finance has further expanded their team, appointing Matt Grehan as Commercial Manager.

Matt joins Watts Commercial Finance with over 33 years of experience in the banking industry. During his time, Matt has worked in both the major banks and more recently as a commercial finance broker working with hundreds of SME’s across the country to realise their business ambitions.

Matt joins the team to support our ever-growing client base across Cheshire, Shropshire and Staffordshire to support clients across all aspects of commercial funding.

Commenting on the announcement, Phil Gray, Managing Director of Watts Commercial Finance said:

“I am delighted to welcome Matt to the team. His appointment is another huge step in our business growth plans, supporting the increasing demands from our client’s across Cheshire, Shropshire and Staffordshire. I personally recruited Matt some 20 years ago for NatWest, so it’s amazing to be working again with such a talented individual. We will continue to recruit experienced individuals like Matt, to provide our ever growing client base with a balance of industry leading commercial funding solutions coupled with outstanding customer service.”

Matt Grehan, Commercial Manager added: “I am delighted to be joining the Watt’s Commercial team who I have worked closely with for many years. I am looking forward to developing further connections in the Cheshire, Shropshire and Staffordshire areas under the Watts brand and strengthening their presence in the area.”

Foundation Home Loans

‘Do you do…?’ Here’s how we treat these common difficult case enquiries

There are many common questions that IBDMs and RAMs are often asked by brokers. Gemma Lang, Regional Area Manager highlights a few here to help anyone with these 15 common queries…

Click here to read more

Key Partnerships

Do you have clients looking to clear their mortgage in later life?

Do you have clients looking to clear their mortgage in later life? Equity release could be an option they haven’t considered.

Working with an equity release referral partner like Key Partnerships can help facilitate this lending option and give you the ability to help more clients.

Find out more about equity release referrals here.

more2life

Maxi Choice is back!

more2life is committed to widening the range of product options available in the later life lending market. Therefore, we are pleased to announce that we have reintroduced our Maxi Choice range!

Now you can access LTVs up to 46.6% on loans from £10,000 – £950,000 for clients aged 55-84.

Look at our Maxi range here.