Inform 5th April 2024

Suffolk Building Society

New tiered approach to ICR for BTL and holiday let

We’re bringing in a new 125% on the stress rate, for basic and nil-rate UK taxpayers. This is because the tax payable is significantly less than the liability payable for higher or additional-rate UK taxpayers.

The new lower ICR tier will effectively increase the amount that basic or nil-rate UK taxpayer landlords can borrow, subject to remaining within the Society’s 80% loan to value (LTV) criteria.

The current 145% ICR on the stress rate will remain in place for higher-rate or additional-rate UK taxpayers.

For details of our latest products and rates on our website click here.

We’re here to help.
Whilst we can’t list everything we accept, we’re on hand to help! If you want to find out more, or have a case in mind, either contact your BDM directly or the team on 0330 123 1073.

Nationwide Building Society

Our rate switch window is changing

From Monday 1 April, if your client already has a mortgage with Nationwide, you can request a rate switch within 5 months of their product expiring.

And from 1 May, your rate switch request will need to be within 4 months of their product expiring.

We’ll continue to offer a maximum of 4 start dates. And don’t forget, existing mortgage members can still switch to a new deal with rates as good as, or better than, those available to new customers remortgaging to us.

Our website will be updated shortly to reflect these changes.

Melton Building Society

We are now live!

Following our recent communications, we are delighted to inform you that our new mortgage application system is now live.

We are thrilled to be able to invite you to register and access our new mortgage origination system.

If you have already registered for our credit repair portal you will not need to re-register as this is the system we are now using for all mortgage applications to the Melton.

Our credit repair range of products remains available and we will be launching additional products on Thursday 4^th April, details on the changes to our product range will be shared shortly.

We want to take this opportunity to thank you for your patience during this period and we hope you enjoy using our new system.

Initially, all Decisions in Principle (DIPs) will be referred to us for checking to ensure we are happy that all integrations and technical processes are working as they should be. We will review and provide an update within 48 hours of submission and as always our Broker Sales team remains on hand to support you either via our online chat or by calling 01664 414144.

Accord Mortgages

New £5k Deposit Mortgage

We’re excited to announce the launch of our new and innovative £5K Deposit Mortgage. This unique product is designed to help your first time buyer (FTB) clients purchase their first home faster with just a £5K deposit and is available for LTVs over 95%, up to a maximum of 99%.

We understand that raising a deposit is a key challenge for many wanting to step onto the property ladder for the first time, and we’re committed to supporting you to help more FTBs open the door to their first home.

Who’s it for?

• At least one applicant must be a first time buyer (defined as never having owned a property in the past) and no background properties on the application
• Applicants with a minimum £5k deposit
• Applications that achieve the higher credit score required for lending above 95% LTV

What else do you need to know?

• 5 Year Fixed Rate product
• Maximum age of 70 at the end of the mortgage term
• Available for LTVs between 95.01% LTV and 99% LTV
• Available for house purchases above £100K up to £500K
• Minimum loan above £95k
• Maximum loan £495K
• Maximum LTI 4.49
• Only available for Capital & Interest
• Available for new house purchase business only
• Subject to affordability, criteria and credit score

Excludes:

• Purchases of flats, new builds and properties in Northern Ireland
• Not available for applications where any applicant does not have permanent right to reside in the UK
• Not available for Joint Borrower Sole Proprietor, Cascade Score or Boost LTI

Visit our dedicated £5K Deposit Mortgage webpage for more details.

Skipton Building Society for intermediaries

Tune in to our latest Skipton Talks with Mortgage Strategy

In our latest episode of Skipton Talks with Mortgage Strategy, Jonathan Evans, National Accounts and New Build Lead was joined by John Doughty, from Just Mortgages as they discussed insights into New Build innovation and what is happening within the New Build market.

Listen to the conversation.

Vitality

We can no longer ignore later life care needs

With an inexorable rise in conditions requiring later-life care and the public sector already under pressure, it’s time for the protection sector to step up and do more to support clients prepare for the future, writes VitalityLife Managing Director Justin Taurog.

Anyone with a relative suffering from a later-life illness – such as dementia, Parkinson’s or frailty – knows only too well the current situation of adult social care in the UK.

Often stretched resources are competing against ever-growing demands, leading to many older people having prolonged stays in hospital, causing issues for their family and public healthcare services.

Meanwhile, the high cost of care – typically around £100,000 for a condition like dementia¹  and in many cases much more – places a significant financial burden on individuals and their loved ones.

Pepper Money

Broker search insights…

At Pepper, we believe insights can help you to truly understand the trials and tribulations, of your customers. We hope our insights can support our broker partners in identifying the right financial solution for their customers.

So, whether the insights may come from lender peers such as Rob Barnard sitting down with Jon Hall, Managing Director of Mortgages & Savings at OSB Group to look at the year ahead after a challenging 12 months in the mortgage industry. Collaborative insights to help our broker partners are our priority.

That’s why we’ve partnered with key technology providers Twenty7tec, Knowledge Bank & Mortgage Broker Tools to share broker search trends to complement our consumer-focused Specialist Lending Study.

Please find attached and below our co-branded Specialist Lending Studies, which we would like for you to share with your brokers:

• Twenty7Tec: Growth in Adverse searches
• Knowledge Bank: The emergence of Second Charge Mortgage
• Mortgage Broker Tools: Explores the impact on First Time Buyers

Whether your customer is a First time Buyers, Self-employed, Adverse, or seeking a Second Charge. Pepper Money is here to help.

United Trust Bank

Looking for something special this Spring?

With flexible options not found on the High Street, you can plan new growth with UTB.

We understand that people are complex but borrowing money doesn’t need to be.

Our residential, buy-to-let and second charge mortgage ranges are designed specifically for people who don’t fit the High Street model; those who want a property that is a little different, non-standard construction or near a commercial, those with complex income, multiple jobs, self-employed or maybe have had a few credit blips in the past.

• We offer residential, buy-to-let and 2nd charge mortgages, all in one place
• You can come direct or go via packager
• Calls are answered in 11 seconds, on average
• Unusual property and construction types
• System pre-populates background BTL portfolio
• You can speak directly to our underwriters!

Specialist products you can trust, all in one place with United Trust Bank. For more information please contact our friendly expert mortgage enquiries team:

Call 0207 031 1551 or email mortgage.enquiries@utbank.co.uk

Leeds Building Society

Making things even easier!

Once again showing our commitment to innovation, you can now move your clients onto a new product using Mortgage Hub. All you need to do is look for the “rate switch” feature and away you go. This means rate switches can now be done in the same place as new residential lending cases.

This change also brings:

• A smoother experience: A user-friendly interface with intuitive automation.
• Valuable time savings: With instant illustrations, and, in some cases, receive offers straight away.
• Comprehensive case tracking: Get real-time updates using Mortgage Hub’s case tracking functionality.
• A paperless journey: Upload documents directly through Mortgage Hub. And we no longer need a signed offer acceptance form from your client.
• Simplified identification: Experience a more efficient process to find existing customer records.
• More accurate valuations: We now use Automated Valuation Model (AVM) data for increased accuracy. But if you need to raise a valuation challenge, you can do this via Mortgage Hub – no need to call us.
• A longer rate switch window: Requests can be submitted up to 180 days before the end of your client’s existing deal.

Start a rate switch.

The Exeter

A member benefit special

Did you know that when you recommend your clients to The Exeter, they can access our member benefits app HealthWise? Some of the benefits include:

• Unlimited remote GP appointments for your clients and their immediate family
• Health MOTs for policyholders
• Registered dietitian consultations
• Lifestyle and nutrition consultations.

With benefits worth up to £2,080 for health and income protection clients and £1,570 for life clients, that’s a whole lot of extra on top of their cover.

Find out more.