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Equity Release in a Post-Consumer Duty World
Landbay
UK Mortgage Market Affordability Challenges
Fluent Partners
Helping Landlords with Specialist Finance
more2life
more2life launch Vulnerability Report 2o23
More than ever before, vulnerability sits high on the agenda for advisers in the later life lending market.
more2life have launched their Vulnerability Report for 2023, which takes a closer look at how the later life advice community is supporting their customers as they navigate those financial decisions whilst ensuring a duty of care for vulnerable customers.
Amongst the key findings of the report, more2life looked at several key areas of research, including:
- The impact of the cost-of-living crisis.
- The role of the family in the equity release process.
- Ways in which advisers can widen their knowledge to better spot and support a vulnerable client.
As a provider of later life lending products, more2life continues to support advisers and helping them ensure that they can help their clients make sustainable long and short-term decisions, but also in educating them on how to spot the signs of vulnerability.
Access the Vulnerability report and learn more about this ground-breaking research.
HALIFAX
Important update from Amanda Bryden – Head of Halifax Intermediaries & Scottish Widows Bank
HM Treasury has announced support measures for mortgage holders, it’s expected that these measures will be finalised and made available in the coming weeks.
I understand that your clients may be looking to you to understand what this means for them. We are currently reviewing the measures and are working with UK Finance to ensure that we can provide you with all the information you need to support your clients.
We already allow customers to secure fixed rates six months before the end of their deal and have a range of options available including term extensions.
If your client has a fixed rate product due to expire in the next six months, you can continue to follow the product transfer process, which is open to you six months before the client’s product comes to an end.
For clients who are worried, we encourage them to make contact, the earlier we know the more ways we can help. Contacting us won’t impact on their credit score.
For customers already struggling with monthly payments or in arrears, we have a range of support options available, including repayment plans. We also have information and a number of tools to provide guidance and assistance for mortgage holders on our existing customer website.
Amanda Bryden
Head of Halifax Intermediaries and Scottish Widows Bank
The Family Building Society
JMSO – A flexible family solution to affordability
Our Joint Mortgage Sole Owner arrangements offer a family solution to affordability. You may have always thought of it as a way for parents to help their children onto the property ladder or financially assist them with renovations.
But did you know a JMSO can also be used by adult children to help their parents with affordability in later life? It can be great way to enable parents to stay in their family home for longer without the need to downsize.
Benefits of our JMSO arrangement
- Up to four incomes can be used for affordability – one or two borrowers (who will own and occupy the property) can be supported by up to two other family members
- Supporting family members will not be liable for stamp duty on a second home – they will be listed on the mortgage but will not own the property.
Who is it suitable for?
- Adult children helping their parents borrow in later life
- Parents helping their children buy their first home, step up the property ladder or help with renovations
- Couples with a Buy to Let property where the owning partner does not have sufficient income of their own.
- Restricted to parents and adult children and cannot be used for grandparents or other family members
Generous age limits apply
For JMSO mortgages our standard generous age limits apply for the main (occupying) borrowers.
- Owner Occupier JMSO mortgages:
– Repayment mortgages, up to a maximum age of 95 at the end of term
– Interest-Only up to a maximum age of 89 when the loan commences
– Up to 80% LTV - If your client needs a Buy to Let mortgage, they can apply for a JMSO arrangement on our standard product range:
– Maximum age of 89 when the loan commences
– Up to 70% LTV.
If any of the loan is on an Interest-Only basis, the mortgage must finish before either the expected retirement age of the eldest supporting (non-occupying) borrower or by age 70, whichever is sooner.
The Nottingham for Intermediaries
All the latest news from The Nottingham
Sue Hayes talks to Mortgage Solutions
Earlier this month, our CEO Sue Hayes sat down with Mortgage Solutions to discuss everything from the current mortgage landscape to the future role of building societies.
In the interview, Sue also reflects on her first year at The Nottingham and discusses her priorities in both the near and the long term.
Growing our sales team
Our sales team continues to grow with the appointment of four new BDMs over the last two months.
With our new team, we’ll be able to provide a personalised, tailored service and we’re committed to meeting as many brokers as possible face-to-face.
Read more
Helping the self employed
While being self employed can allow you more freedom and a higher earning potential, it can also be notoriously tricky to secure a mortgage, especially when you’re starting out.
Consumer Duty reminder
Just a reminder that the fair value assessments for our range of mortgage products are available on our website, click the link below to find out more.
Meeting the changing needs of modern borrowers
The world of work is evolving at pace and as a mutual building society we’re committed to ensuring our mortgage proposition helps meet the changing needs of modern borrowers.
That’s why we’ve announced the first of a series of changes to our mortgage criteria.
Justadviser
Final call for entries. Vulnerable Customer Awards close this week.
Seize the final chance to enter these unique awards, recognising excellence among the financial services industry for the support given to customers in vulnerable circumstances. Check out our ‘Hints and Tips’ guide to make your entry stand out.
Barclays
Exciting Barclays service changes
At Barclays, we are dedicated to enhancing your broker experience. We are thrilled to announce the expansion of our live chat mortgage experts’ team and to introduce the option of referring brokers to Underwriters for new and intricate cases that cannot be resolved through live chat alone.
You are important to us and your feedback matters. We understand that at times, your experience communicating with us has been inconsistent and frustrating, which is why we are embarking on a journey with you to improve our case communications and the consistency of the support you receive from us.
We’re expanding our team of mortgage experts!
We have expanded our team of mortgage experts into Glasgow. This team will complement our existing live chat teams in Liverpool and Sunderland, using their extensive knowledge to provide you with swifter case communication and consistency in the quality of responses. Delivering an outstanding Live Chat experience.
And it’s working already! Over the last month you have rated the service 4.7 out of 5 stars.
You can access Live Chat from the intermediary hub.
Have you got a new case that you can’t place?
We are now able to refer you directly to an underwriter if you have queries about a new or complex case, that our live chat or telephone support teams cannot fully resolve. They will be on hand to either resolve in the moment or call you and discuss complex or borderline cases, giving you additional confidence when submitting a new application.
These two changes will give you the extra support and expertise you need to access information and progress with your applications more easily.
Looking Ahead
We hope you have already felt a positive impact, but this is just the beginning. We are determined to bring you on this journey of improvement with us and are committed to keeping you informed every step of the way. Your feedback is always welcome and will be pivotal for this to be a successful partnership.
Watch this space for further details and updates on enhancements to our services, ensuring they consistently meet and exceed your expectations.
Thank you for your continued support
LendInvest
Are larger HMOs and MUFBs the solution to get landlords back in the market?
After the challenging year we’re not talking about, thinking big might be the last thing safety-conscious landlords and investors might want to consider, but actually it is one they are in a good position to do.
Skipton building society for intermediaries
Great News! We’ve enhanced our approach to Visa Policy
Visa Policy
As of 26th June we will be improving our policy and process for applicants on a Visa.
Key changes
- The maximum LTV where all applicants (or on a sole application) are on a Visa will be 90% (increased from 75%).
- 90% LTV restriction can be disregarded where one or more applicants are UK nationals or have Indefinite Leave to Remain.
Additional Requirements:
- Minimum 1 year of residency in the UK at time of application.
- Minimum of 2 years remaining on the Visa.
For further information please contact your dedicated Skipton BDM.
PaymentShield
Join PaymentShield’s Latest Webinar
Paymentshield recently launched our new optimised quote journey
Their latest webinar, delivered by one of their Telephone Business Development Managers, Emma Purdy, explores the value of your advice and how it can help your clients avoid one of those moments when buying their home insurance.
This webinar will showcase;
- The reality of using comparison sites and some of the risks your clients may face if they use them
- How the new quote system differs and why these changes will make it easier for you to offer a quote
The webinar will be live on Thursday 29 June at 10am
To register you’ll need to have an account on the webinar hosting site, BrightTalk. The webinar will be recorded and available to watch back if you can’t make the session.
They look forward to seeing you there.
Legal & General
Removal of automated verification process
From the 26th June, it’s going to be easier for you to talk to us about your new business. We’re removing our automated verification process to give you direct access to your service teams. From now on, all you’ll need to tell them is your name and your daily passcode.
Where to find your passcode
Before you call us, we suggest you log in to OLP Connect to view your daily passcode. You’ll find it by clicking on the ‘Passcode’ button in the navigation bar. The passcode will change every day.
Why we’ve made these changes
We’ve listened to your feedback asking us to make it quicker and easier to talk to us.
- Currently, 60% of calls fail the auto verification process. Removing it will help us resolve your queries more quickly.
- A simple one-word daily passcode keeps our verification process more secure.
Whether you need help with progress reports, more risk information or to speak to one of our underwriters, we’re looking forward to resolving your call quicker.
Thanks for your continued support.
The Nottingham
Making it easier for contractors to secure a mortgage
Key Features:
The Nottingham offers flexible criteria, competitive rates, generous affordability and a varied product range
- Soft footprint at DIP stage
- One free basic valuation and a subsidised homebuyers report
- Free legal fees for remortgages (standard legal fees only) excluding limited company buy-to-let
- Full procuration fee paid on porting applications
- All mortgage offers valid for six months
- Latest trading figures considered for self-employed applicants
- Earned income and rental income (as declared on SA302s) considered
The world of work is changing at pace and as a mutual building society, we at The Nottingham, are committed to ensuring our mortgage proposition helps meet the changing needs of modern borrowers.
Research carried out last year showed some interesting trends in employment dynamics and as people make their way through this shifting and demanding landscape, many are now finding themselves defined as non-standard by our industry.
The gig economy workforce in England and Wales, for example, has almost tripled in the last five years and the number of freelancers is also increasing, rising from 46% of the wider population in 2019 to 49% in 2020, with freelancers contributing £162bn to the UK economy.
These types of roles, however, often result in non-standard or complex income streams, which can impact a potential borrower’s ability to secure a mortgage.
That’s why we’ve announced the first of a series of changes to our mortgage criteria, designed to help more individuals in their pursuit of home ownership. The changes will streamline the mortgage application process and expand eligibility for a broader range of borrowers.
The first changes, which went live on 21st June, saw us reduce the minimum length of time a contractor must have worked on fixed-term contracts in the same profession to just 12 months. In addition, there is now no minimum time required on their current contracts and contractors working via an umbrella company are acceptable, using 46 weeks income.
From construction to health and social care, more and more people work on contracts, so we felt it was imperative to amend our criteria to make it easier for contractors to secure a mortgage with The Nottingham.
We’re excited to be able to launch the first of our upcoming criteria changes, which really reflect our unwavering commitment to empowering more individuals to access mortgage financing more easily, whatever their circumstances.
And we hope to have further exciting news to announce shortly, so keep an eye on our website for future developments.
Alison Pallet
Sales Director
