Inform 6th January 2023

Voting for the Mortgage Strategy Awards 2023 is almost over, you have less than 1 week to vote!

To support us this year, if you could take a few moments to vote for TMA Club in the ‘Best Mortgage Club‘ category in this year’s Mortgage Strategy Awards 2023, this would be really appreciated.

Voting will close at midnight on Wednesday 11th January.

MANSFIELD BUILDING SOCIETY

Launches enhanced and simplified Versatility range

Mansfield Building Society has launched a simplified Versatility range, making it even easier for brokers to access the lender’s flexible approach for clients with complex circumstances.

The revamped Versatility range features simplified categories, with two tiers, Versatility and Versatility Plus, to cater for a wide range of customer scenarios.

Enhanced criteria up to 85% LTV is available for contracted employees, zero hours contracts with limited income history, and remortgages for business purposes, including repaying a business loan. In addition, non-standard construction and property designs are now accepted as well as Section 106 and Section 75 agreements.

In the Versatility Plus category, discounted purchases up to a maximum 80% LTV, from a landlord or family member can be accessed up to 100% of the discounted price, whilst Right to Buy is now available at 110% on Versatility Plus and 100% in the Versatility category.

For customers with historic credit blips, the range now accepts more occurrences of missed payments as long as the account is up to date and has not been more than 2 months in arrears.  Discharged IVA and bankruptcy requirements have been reduced and customers with CCJs can now access up to 85% LTV.

The range is available for both purchase and remortgage options, including lending into retirement, interest only, capital raising and debt consolidation. Mortgages are available across England, Wales and Scotland, subject to postcode restrictions in Scotland.

Tom Denman-Molloy, Intermediary Sales Manager, Mansfield Building Society, says:

“With demand for property continuing to exceed supply, combined with an increase in alternative construction methods, self-employment and missed credit payments following the recent economic turmoil, customer requirements are becoming ever more complicated.

Our Versatility range provides a flexible and versatile approach to lending that makes it easy for brokers to find a home for those complicated cases, and this new simplified range makes the whole process more straightforward, with just two criteria categories that cover a broad range of circumstances.

The new Versatility and Versatility Plus options are still supported by Mansfield’s famed flexible approach and common sense underwriting, and now provide even more options particularly for unusual property types and incomes, and those with historic credit blips.”

MPOWERED

The average sealed bid now goes for £99,000 over the asking price

22% of properties went to sealed bids in 2022, up from just 7% in 2018
34% Winning bids typically go a third (34%) over the asking price
41% Properties in London go for 41% above the asking price

The House Pace Index exposes the lengths people will go to secure a property and why transactions are failing.

Download the full report.

“Buyers need to prepare themselves for the impact this could have on their affordability.”
Stuart Cheetham, CEO & Founder at MPowered Mortgages

Royal London

Essential Maintenance being carried out on 22 January for Pensions and Protection

We need to carry out some maintenance to our Pensions and Protection On Line Service website on Sunday 22nd January.

Please note that online service will be unavailable all day from 5am to 10pm approx.

Advisers will be unable to produce quotes etc. during this period. You may wish to communicate this to your members.

Please see below our planned maintenance dates for the remainder of 2023. It is possible that we may require other dates to carry out essential maintenance but we aim to give you as much notice as possible of any disruptions to our online service.

2023 Maintenance Schedule:

• Sunday 22^nd January
• Sunday 19^th February
• Sunday 26^th March
• Sunday 23^rd April
• Sunday 21^st May
• Sunday  18^th June
• Sunday 23^rd July
• Sunday 20^th August
• Sunday 17^th September
• Sunday 22^nd October
• Sunday 19^th November
• Sunday 10^th December

TBMC

Frequently Asked Questions

In what has been a turbulent few months, we’re always available to answer your questions

Speak to the experts today across all specialist, business and commercial sectors:

1. Have 5 year fixed rates reduced in the last couple of weeks?

Yes, we have seen a number of lenders reduce their 5 year fixed rates, including some limited edition products.

2. Can I still access bridging finance on the same competitive rates for my clients?

Yes. Many bridging and short-term lenders didn’t increase their interest rates in line with other term mortgages available, meaning in many cases, clients can still access the same terms compared to earlier in the year.

3. Trading business accounts show heavy losses through the pandemic years, can my client still access commercial mortgages to expand their business or buy premises?

Yes. The key is for us to understand how the business operated through that period, including analysis of the annual accounts and management information, and also looking at a wide range of macro economic factors including any impact caused by Brexit, fuel bills etc.

Why refer your clients to TBMC Commercial?

We can help your clients with:

• Commercial Mortgages and Specialist Property Finance
• Commercial & Residential Property Investment
• Bridging and Short-term Finance
• Secured Loans
• Development Finance
• All types of Business & Corporate Finance (including Invoice Finance)

TBMC Commercial are experts in our field with over 30 years’ experience behind us. We will only work in your client’s best interest, and will outline the most suitable terms available from the whole market. We will then manage the application process from enquiry to completion, giving you peace of mind that your clients are in good hands.

Where applicable, you will receive enhanced commission on products sold, and we can guarantee that your clients will be looked after without the fear of cross-selling any competing products or services.

Vitality

Vitality’s 2023 Life Launch – Your invitation

It’s been more than 15 years since we turned the traditional life insurance model on its head, by introducing shared value insurance.

Events of the past two years have shown the need for the next generation of insurance is greater than ever – one that delivers comprehensive cover, as well as immediate value.

2023 Life Launch – Thursday 9th February @ 10am

Join us for our 45-minute digital event when we’ll unveil the latest enhancements to our life insurance proposition and how we’re further supporting your advice process.

Secure your place today.

Please make sure you use the same email address to register as the one you’ll use to log into the event on 9th February 2023.

Dependent on your role, the VitalityLife Launch may qualify as unstructured CPD.

Landbay

Reintroduces special edition range

To celebrate the New Year, we’ve relaunched a set of special edition products.

These are for standard properties, including new builds, offering a very competitive five year fixed rates a variable fee structure.

As a special edition range they’re available for a limited time only.

For further information on the range, reach out to your local BDM here.