Inform 3rd May 2024

Vitality

Forward Thinking with Vitality

Because the world is moving fast, health and protection also needs to. To equip you with the knowledge you need to meet the needs of your clients in an ever-changing market, our webinar series “Forward Thinking with Vitality” will get under the skin of the most pressing issues impacting protection and health advisers today.

Join Vitality’s monthly panel of industry thinkers and market commentators to debate the hottest topics, tackle the most current conversations and unpack the latest industry insights.

Find out more.

LendInvest

Simple, fast Product Transfers

Hassle-free Product Transfers that remove the complexity for your Buy-to-Let customers and can save them money.

All that’s needed

Accord Mortgages

Supporting your clients’ first purchase

At Accord, we understand the challenges your First Time Buyer clients face when trying to get onto the property ladder. That’s why we go above and beyond to offer you a choice of incentives and options to make the journey to homeownership smoother and more achievable.

• Our innovative £5K Deposit Mortgage option allows your First Time Buyer clients to take that first step towards owning their own home with just a £5K deposit for LTVs from 95.01% to 99%.
• Up to 95% LTV, including  new build lending via the Deposit Unlock scheme
• Joint Borrower Sole Proprietor lending
• Cascade score products
• Up to a 40 year mortgage term
• Cashback options to give your clients more lending solutions.

And we believe that celebrating this milestone is important for your clients. That’s why we provide a Welcome Box gift to those who choose to purchase their dream home with a mortgage from Accord, sent by us on your behalf.

Metro Bank

Getting it right first time

At Metro Bank, we understand the importance of “getting it right first time” to ensure the applications you submit are turned around quickly.

We have highlighted below some “top tips” to support you and your customer –

1. ID&V and Certification

Depending on your customers personal circumstances, you will be asked to provide different types of information to verify their name and address at different stages of the application.

Please ensure these are correctly certified and all documents requested are uploaded as missing documents or certification errors could lead to delays.

Identification and certification requirements for a Mortgage Application

2. Lending Criteria

All lenders are different so it’s important to understand our Mortgage Lending Criteria before you submit an application – don’t forget to also call your friendly BDM to talk through the details.

3. Packaging Checklist & Uploading Documents

Before you submit your application, please ensure you complete the pre-submission checklist items. Please see our helpful Packaging Checklist.

Please label documents correctly and upload all checklist items at the same time as you submit the application so our underwriters can see clearly what documents have been provided and fully assess the application.

4. Contacting Underwriting

If you have further information you would like to provide to support the application, you can use the ‘Add a note’ facility. This can be found in the bottom right hand corner of the portal homepage.

Want to find out more?

Get in touch with your local BDM; they would love to hear from you. Find your BDM here. Or call our Broker helpdesk on 020 3427 1019.

The Mortgage Lender

Avoiding broker burnout

Take some time to reflect after Stress Awareness Month

Did you know April was Stress Awareness Month? It was created in 1992 to raise awareness of stress, its symptoms, and its impact on your mental health.

It also encourages you to reflect on your working life. What’s making you stressed? Are you feeling the weight of burnout? What are you doing to relax?

For 2024, the theme of Stress Awareness Month was #LittleByLittle. As in, small steps can lead to big changes. Rome wasn’t built in a day, so starting small by identifying your triggers and coping mechanisms will help you try build a stress-free future.

Read our full article.

The Mansfield Building Society

Debt consolidation remortgage with complex income

Our lending can offer you flexibility for your clients in complex circumstances. Here’s a recent example of a debt consolidation remortgage into retirement:

• Part capital repayment and part interest only with the repayment strategy a combination of downsizing and the sale of two plots of land
• Self-employed history and pension income considered
• Property included a cattery with right of way required over land

In another Versatility case study, we were able to support capital raising for home improvements through interest only with property downsizing.

The property was attached to a windmill which had to be in commercial use for 2 days a year. Take a look at our criteria guide to see what we can do for your clients.

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.

West One

Introducing NEW £99 Fast track Remortgage service!

Our popular fast track remortgage service will now be available for a fixed fee of £99 for all qualifying loan sizes up to £750,000. Here are just some of the benefits of our fast-track legal service:

• Borrowers don’t need to pay for separate legal representation
• Legal work provided by on-site solicitors providing a dedicated service to West One borrowers
• Legal work starts on receipt of the application
• Legal work generally completed by the time the offer is issued
• Borrowers have control over when they want to complete with the option of next day completions
• Average time from offer to completion in 2024 in just 12 days
• Available in England, Wales & Scotland
• For mortgage up to £750,000 including capital raising remortgages up to 90% LTV (includes debt consolidation)
• Now available for Unencumbered Remortgages

The first in series of major product and process enhancements to provide greater choice for borrowers who maybe underserved by mainstream mortgage lenders.

Aldermore

Changes to our residential lending criteria

We’ve made changes to our residential owner occupied lending criteria to help more of your clients buy the home of their dreams. We’re excited to let you know about the changes we’ve made to our residential owner occupied mortgage criteria.

We’ve listened to your valuable feedback and introduced new level 2 and 3 lending criteria to help you find the right mortgage for your clients.

Our level 1 and 2 products are available up to 95% LTV and level 3 products are available up to 80% LTV.

Improvements to our level 1 criteria – up to 95% LTV:

• CCJs are no longer required to be satisfied if none recorded within the last 36 months
• IVA, Trust deed – discharged for 3 years (was 6 years)

New level 2 criteria:

• Up to 95% LTV
• Mortgage or secured loan arrears – 0 in last 18 months
• Defaults & CCJ – 0 recorded in last 18 months
• Unsecured loan arrears maximum status 2 in last 12 months – latest month up to date
• IVA, Trust deed – discharged for 2 years
• Bankruptcy, Sequestration, Debt relief order – discharged for 6 years

New level 3 criteria:

• Up to 80% LTV
• Mortgage or secured loan arrears – 0 in last 6 months
• Defaults & CCJ – 0 recorded in last 6 months
• Unsecured loan arrears maximum status 3 in last 12 months – latest month up to date
• IVA, Trust deed – discharged for 1 years
• Bankruptcy, Sequestration, Debt relief order – discharged for 3 years

Criteria across our level 1, 2 and 3 range.

• Combined defaults & CCJs up to £300 ignored
• All communication defaults ignored
• Debt management plans considered when satisfactorily maintained for the last 12 months

Reliance Bank

Shared Ownership Mortgage Case Study

Reliance Bank is proud to support those wishing to use the UK Government’s Shared Ownership Scheme. Reliance Bank are proud to be a manual underwriting lender. We do not credit score, but a manual credit search will be undertaken which can help those with limited credit history.

The following case study is a Shared Ownership Mortgage application.

Our Client’s Scenario
A couple took a Shared Ownership Mortgage with Reliance Bank to buy a flat near Wembley Stadium. This case was unusual as one applicant was in full time education, so we considered their unique circumstances to provide them with a mortgage.

Applicant One was on a Research Studentship to study full-time at Oxford University. Applicant Two was a Senior Associate for a large Consultancy and Accountancy firm.

Solution
Reliance Bank happily agreed to this Shared Ownership Mortgage on a 2-year fixed rate. A Cashback of £850 was payable after completion.

Impact
Reliance Bank’s Shared Ownership Mortgage allowed the couple to purchase their first home together whilst ensuring it remained affordable for them, especially whilst one applicant was studying.

Contact information
To find out more visit: https://www.reliancebankltd.com/mortgages

To discuss anything Mortgage related or to talk through a case with our Underwriters, email us at: mortgages@reliancebankltd.com Or call us on 0207 398 5422 and select option 1.

Landbay

Is there a place for Day 1 remortgage?

In a volatile market, landlords could be forgiven for struggling to keep pace with the variety of mortgage products available. Amongst the heat and noise, the Day 1 Remortgage can be overlooked, but these types of remortgages are, in fact, growing in popularity. Used wisely, they can help landlords maximise their assets.

As a buy-to-let lender, we are one of the few lenders to offer these remortgages.

Click here to read the full article.