LATEST PARTNER BLOGS:
The Mortgage Lender
Support BTL Clients Better
More2life
Unlock New Possibilities For Your Later Life Clients
Standard Life Home Finance
Walking In The Shoes Of Today’s RIO Customer
Lendinvest
Does More Homes On The Rental Market, Mean Opportunities For Landlords?
Hodge Building Society
Professional Mortgage Criteria Enhancements
Following on from enhancing our later life criteria, we’ve made more enhancements but this time to our Professional Mortgage criteria. This will mean greater financial flexibility for professionals with diverse income streams.
In our latest improvement to the Professional Mortgage, we’ve removed the need to meet capital repayment affordability when assessing interest only applications.
What else has changed?
We’ve…
- Reduced the minimum income for those applying for a Professional Mortgage from £35k to £30k
- Increased the maximum age for applicants from 40 to 50
- Updated our income types to allow projected income from chambers for trainee barristers
If you have a case or any further questions, please find a BDM and give them a call. The team are happy to support wherever they can.
Find out more about our Professional Mortgage products here.
The Mortgage Lender
Improved Residential Range
From Friday 17th November, our new residential products are live. We’ve made improvements to products and criteria to help you help more of your clients. This includes a rebrand of the Lumi range, which now forms part of our redesigned Real Life product range.
If you have clients that have been impacted by the cost of living crisis, our product range may help them obtain a mortgage where they are currently underserved within the mortgage market.
The changes include:
- Improvements to adverse credit recency for CCJs/Defaults and missed payments on both unsecured and secured credit
- Removal of minimum credit score requirement on RL0
- Enhanced affordability with reduction of reversion rate
Speak to your local Business Development Manager or call our Business Development Hub on 0344 257 0418 to find out more about how we could help your clients.
Barclays
Mortgage Insider Podcast
The multi-award winning Mortgage Inside podcast hosted by Phil Spencer is back.
Make sure you join Phil and industry-leading guests fortnightly to guide you through the ever-changing landscape of the housing market.
In episode 1 you’ll hear Phil and Will Hobbs, Chief Investment Officer, Barclays Private Bank & Wealth Management discuss the current position of the UK economy and what it means for the intermediary mortgage industry.
Click here to listen or listen wherever you get your podcasts, just search for ‘Mortgage Insider’.
Make sure you follow or subscribe to never miss a future episode.
Zurich
Latest underwriting updates to our Life Protection Platform
We want to make it as smooth and seamless as possible for you to do business with us.
Based on your feedback and a full review of our application form base questions, we’ve made some changes to the questions we ask your clients about their health.
We’ve re-ordered the wording of some underwriting question, merged some questions and reduced the length of some questions to make it a quicker and easier process for you and your clients. These include:
- For Life cover only applications, we will no longer ask questions about most eye, ear or musculoskeletal conditions.
- For Life cover only applications, we will no longer ask about any family history of multiple sclerosis and Parkinson’s disease.
- We will no longer ask about positive Covid tests or short-term symptoms of Covid, but we will continue to ask about, Long Covid or Post-Covid syndrome for Critical Illness and disability benefits.
- We will no longer ask customers about “any other hereditary disorder” but will we ask about any other conditions in the family that they have been advised to have, or are having, ongoing screening or follow ups.
- We’ve updated our questions around past and future travel to reflect new wordings and some of the travel timeframes have been reduced.
- Updated some of our underwriting rules to allow more decisions to be made without the need to refer the application back in to underwriting.
These updates complement our recent changes to our non-medical limits for people under the age of 50, increasing the value of cover available without requiring medical evidence.
Vitality
Critical Illness Cover needs more than just a name change
Given the rapidly changing needs of clients, critical illness cover needs more than just a rebrand, writes Greg Levine, Chief Operations and Growth Officer at Vitality.
2023 marks the 40th anniversary of the launch of the first critical illness policy. However, the basic design of critical illness cover remains fundamentally unchanged, even though the world has changed beyond recognition during that time.
And whilst it’s positive to see the industry recently debating the future of critical illness insurance, it’s clear that to meet the evolving needs of consumers, traditional critical illness has needed a rethink.
Precise Mortgages
Is a DMP barring your customers from owning a home? We’re here for you
The cost of living crisis continues to hit UK households hard, with roughly 2.4 million households missing or defaulting on an essential payment in the month to July*.
It means we could soon see an increase in the number of people entering into a debt management plan (DMP) as they look for ways of managing their finances.
Although these arrangements can be a more affordable way for people to pay off their non-priority debts, it can affect their ability to secure a residential mortgage as many lenders won’t consider customers with a DMP.
Here at Precise Mortgages, we believe that a customer with a blip on their credit history shouldn’t be barred from owning a home. We’ve put together a DMP factsheet for you to find out just how we can support you and your customers find a mortgage solution, even with satisfied or active DMPs. To find out more, view our DMP page.
For intermediaries only. Information correct 23/11/2023
