LATEST PARTNER BLOGS:
Fluent Money
Have you given second charge mortgages a second thought?
Lendinvest
How bridging offers a path to certainty in 2024
Guardian
Helping advisers explain the cost of childhood cancer to clients
The Loans Engine
Unlocking opportunities in a challenging market
Paymentshield
GI Specialist Launch
Paymentshield have created a dedicated support network for GI specialists, which aims to equip them with the expertise and confidence they need to operate successfully and generate the best possible outcomes for their clients.
It will be open to both existing GI specialists (non-mortgage advisers) and individuals looking to upskill to occupy or fill that role and will give them the opportunity to learn from and share best practice with their peers in what can typically be a lone-wolf role.
Events
Paymentshield will be hosting a series of live events in 2024, which will provide GI specialists with the opportunity to do some face-to-face networking and share best practices.
February dates are;
- Wednesday 27 – Lloyd Latchford, Hillbottom Road, High Wycombe, HP12 4HJ
- Thursday 28 – Prospect House, Trentham Lake, Stoke-on-Trent, ST4 4TW
- Friday 29 – Embankment West Tower, 101 Cathedral Approach, Manchester, M3 7FB
Each event runs 9:30am-1:00pm and is open to any GI specialist – tickets are limited so make sure you book one before they all go.
As well as live events, Paymentshield will also be hosting 2 virtual events throughout the year, which will cover things like objection handling and any recent wins. There will also be guest speakers and a chance to network with fellow like-minded people.
Anyone who would like to attend any of these future events can register their interest and be the first to know when the dates are announced to secure their spot!
Skipton Building Society For Intermediaries
Cladding Policy Update
Following recent changes to the EWS1 rules, we now accept flats with EWS1 ratings of A3 and B2, expanding beyond the previous limitations of A1, A2, and B1 ratings. This means flats requiring remedial works will now be considered by Skipton.
Skipton’s approach to Cladding
Jonathan Evans, National Accounts & New Build Lead shares Skipton’s approach to recent changes to EWS1 (External Wall Fire Review) ratings for mortgage lending in England and what it means for you.
MPowered Mortgages
New Foreign Nationals Criteria
Have you heard? We’ve launched brand new foreign nationals criteria, making mortgages accessible for more people than ever!
Here are the highlights:
🏡 Considered up to 90% LTV*
💷 No minimum income required
💂 We won’t request a minimum time in the UK**
Check out our criteria page and keep posted – there’s plenty more updates to come! 💫
Santander for Intermediaries
New business fixed rate increases and other product withdrawals
On Wednesday 24 January, we’re increasing selected standard residential fixed rates for purchase and remortgage clients. We’re withdrawing all residential First Time Buyer exclusive fixed rates with £500 cashback. A 90% LTV 3 year fixed rate for purchase clients is also being withdrawn.
There will be no change to new business large loan exclusives, tracker and Buy to Let rates or the product transfer range.
Full details of our new business range can be found in Rate Bulletin (Issue 3). You’ll find this on our Latest mortgage rates page from Wednesday 24 January.
You must submit your new business applications on our current range by 10pm on Tuesday 23 January.
Mansfield Building Society
Credit Repair Proposition Launch
Mansfield Building Society has launched its new Credit Repair proposition to help borrowers get their finances back on track.
The new product range provides welcome relief for borrowers who have experienced past credit problems resulting in missed payments, defaults, county court judgements and even bankruptcy, as well as those currently seeking relief through active debt management plans. *
With current economic conditions set to persist, the Society anticipates more borrowers will need lenders to adopt a more sympathetic approach to their circumstances as the cost of living continues to put pressure on household budgets.
The new Credit Repair proposition can be accessed from two new products up to 70% loan-to-value (LTV).
Tom Denman-Molloy, Intermediary Sales Manager, commented:
“The new products create a great opportunity for The Mansfield to expand its reach and help more borrowers to get access to products they need:
“Our Versatility range has been a terrific success. We’ve been monitoring feedback from brokers as well as how borrowers have responded through the product life cycle, and we can see just how well our flexible approach helps borrowers that don’t fit the high streets’ tick box mentality.
“The introduction of our new Credit Repair range allows us to extend our approach into a population of underserved borrowers that really need a helping hand currently.”
*Credit Repair criteria is available to download from The Society’s website https://www.mansfieldbs.co.uk/intermediaries/.
A common sense approach
If you’ve got a case on your desk that requires a common sense approach to lending then please pick up the phone to our Broker Support team on 01623 676360 or visit https://www.mansfieldbs.co.uk/intermediaries/.
Vitality
Justin Taurog’s outlook for 2024
In the year ahead, the protection industry can play a vital role in not just helping people become more financially resilient but healthier too. However, the industry must keep evolving to meet the changing needs of consumers and their adviser, writes VitalityLife Managing Director Justin Taurog.
2024 is set to be another unpredictable year, with the UK facing ongoing economic and health challenges.
With rapidly changing consumer needs, technological advancements and wider trends set to shape the future of protection and financial advice, the industry is at a crossroads.
In the aftermath of the pandemic, the last couple of years will be remembered for the significant economic challenges the UK has faced. And the next 12 months are expected to be no different.
Foundation Home Loans
Three new brands launched
Foundation Home Loans are pleased to announce the launch of Solutions by Foundation, an additional layer of broad and specialist criteria for extra specialist BTL such as multi occupancy properties, mixed use property (part commercial) and Ex-pats.
As part of this change, you may notice that our branding for Residential and also Buy-to-let have also evolved to make each experience more specifically tailored to the type of business you do with us. We still offer the same excellent service and flexible underwriting on which we have built Foundation Home Loans’ existing reputation and, with these specialist criteria ‘Solutions’, we hope to be able to support you to grow your business even more, supporting even more borrower and property types.
Halifax Intermediaries
Changes to non-UK nationals policy
Standard Life Home Finance
Access a broader range of LTVs with Horizon
Standard Life Home Finance are pleased to have launched two new lower 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 200 and Horizon 220, your clients can access LTVs from 2% right up to 51% across the full Horizon range.
Login to the connect portal to get started.
HSBC
We’re enhancing our residential lending policy
With effect from today, Tuesday 23rd January we will be making the following enhancement to our residential lending policy:
Part and Part mortgage loans
We are now able to provide your customer with the flexibility to submit a part Interest Only application with additional Capital Repayment, up to the maximum Part and Part LTV limit. For example, for a loan up to and including £750k, your customer can now have 75% on Interest Only and 10% on Capital Repayment, allowing them to have an 85% LTV on a Part and Part basis.
The table below shows the LTV limits and the different borrowing amounts for a Part and Part mortgage:
| Repayment type | LTV limits | |||
| Up to and including £750k | Over £750k up to and including £1m | Over £1m up to and including £2m | Over £2m | |
| Interest Only | 75% | 75% | 65% | 50% |
| Max Capital Repayment top up | 10% | 5% | 10% | 15% |
| Total Part and Part LTV | 85% | 80% | 75% | 65% |
For Remortgages with Additional borrowing on a Part and Part basis, please refer to the below table for LTV limits:
| Repayment type | Remortgage with Additional borrowing LTV limits | |||
| Up to and including £750k | Over £750k up to and including £1m | Over £1m up to and including £2m | >£2m | |
| Overall max LTV | 85% | 80% | 75% | 65% |
| Max Interest Only for Additional borrowing | 60% | 60% | 60% | 50% |
| Max Additional borrowing on Capital Repayment | 25% | 20% | 15% | 15% |
*Where any aspect of the mortgage application is on an Interest Only basis the case will be subject to our standard Interest Only lending criteria and suitable repayment strategies.
Our Broker website will be updated shortly to reflect the above changes.
Further information
Chat with us or call our Broker Support Team on 0345 600 5847 (Monday to Friday, 9am to 5pm).
Buckinghamshire Building Society
Deposit Lite
We are pleased to announce a significant evolution in our mortgage offering. Our popular Family Assist product has been transformed and rebranded as Deposit Lite – a name that better reflects the essence and benefits of this innovative mortgage solution.
Key Features of Deposit Lite:
- Ideal for first-time buyers with little or no deposit
- Borrow up to 100% of the purchase price utilising equity in a parent’s or grandparent’s property
- Loan terms of up to 40 years available
Claire Askham, Head of Mortgage Sales, said:
“Deposit Lite is specifically designed to ease the journey onto the property ladder for first-time buyers who need a helping hand. By securing a collateral charge on a family member’s property, we’re opening doors to homeownership that might otherwise remain closed.
“Deposit Lite stands as a testament to our commitment to innovation in response to the ever-evolving needs of the housing market. We recognise that the traditional routes to buying a home are not always viable for everyone. Therefore, we are continuously seeking to adapt and offer solutions that resonate with and support the aspirations of a diverse range of homebuyers.
“At the heart of Deposit Lite is our belief in the power of family support in achieving the dream of homeownership.
“This product reinforces our dedication to providing flexible and thoughtful mortgage solutions that keep pace with the changing dynamics of society and the economy.”
This rebrand is part of a wider update of our entire mortgage proposition which has seen rates slashed across a number of product areas and positive changes made to our credit criteria.
The Mortgage Lender
Vulnerable Customer Webinar
On Wednesday 31st January, we will be running an online event focusing on Customer Vulnerability, complying with your obligations, and achieving good outcomes for your clients. The session will start at 11am and run for 1 hour. The aim is to be interactive, questions are encouraged and we look forward to an informative and engaged discussion.
We are delighted to welcome Robert Sinclair, Chief Executive of AMI who will cover:
- An overview of Customer Vulnerability and how mortgage intermediary firms can comply with their regulatory obligations
- Industry expectations
- What you can do to support your customers
We will also provide key updates on our enhancements to support the delivery of good customer outcomes for customers who may have characteristics of vulnerability.
Registered places for this event are limited, and will be on a first come, first served basis. You can add the placeholder to your calendar here. If you are successful in securing a place, we will send zoom details by email on Monday 29th January.
The event will be recorded and available shortly after for those who can’t attend. This will be emailed to our registered brokers following the event, along with a downloadable certificate for CPD purposes.
For more information, contact your Business Development Manager, or call our Business Development Hub on 0344 257 0418 https://themortgagelender.com/work-with-tml/find-your-bdm?utm_source=VC+Event+Invitation&utm_medium=Weekly+Content&utm_id=National+Accounts
Register now: https://www.surveymonkey.com/r/859PQPY
our credit criteria.
