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Pepper Money
Supporting those who work extra hours
As the cost-of-living crisis rumbles on, households across the country have been striving for ways to bolster their finances to stay ahead of rising prices. There has been much commentary about people making different choices to cut down on their regular supermarket shop or turning down the heating to reduce energy bills to control their outgoings, but what about the other side of the coin?
Cutting your expenditure is one approach to tackling the rising cost of living. Another approach is to increase your income. A report by Royal London last autumn revealed that 16% of workers, equating to 5.2 million people, have taken an additional job to help pay for rising costs. The study adds that a further 30% of people said they would need to take an additional job if costs continue to rise.
This trend for workers taking on additional employment to increase their income reflects what we’ve been hearing at Pepper Money from brokers, who report an increasing number of their customers who require income from secondary employment to be included alongside their primary income.
Nationwide
New Lender Connect, in Xplan Mortgage
I’m very pleased to announce that from today, the 5th of July, Nationwide will be available via Iress’s mortgage connectivity service, Lender Connect, in Xplan Mortgage.
Nationwide joins TSB, Accord Mortgages, Leeds Building Society and Aldermore in offering brokers faster mortgage applications through this service.
This unique offering from Iress and Nationwide enables brokers to capture all the data required to submit a Decision in Principle to Nationwide and receive an immediate decision back, all from within Xplan Mortgage. Brokers will then be able to proceed to NFI Online from XPM to continue the application journey there.
The ability to submit Decision in Principles to Nationwide from Xplan Mortgage is an example of our commitment to optimising the mortgage application process through increased speed and efficiency, whilst reducing risk such as re-keying errors. And we’re not stopping there!.. we’ve more lenders lined up to join in the near future, so watch this space!
Don’t just take our word for it..
“Very slick, looks nice.”
“The prepopulation saves a lot of time and now that I’ve used it once I will definitely be using it again”
Simon Statham, Glass Lake Finance Limited
More Information
For more detail on the integration with Nationwide, please check out our user guide which is available here.
Next Steps
If you would like further information or support about Lender Connect please contact contact me directly – alternatively we also offer support via sourcingadoption@iress.com
Molo
launches new large HMO and large MUFB
Tuesday, 4th July 2023: Molo Finance, the UK’s first fully digital mortgage lender, expands its buy-to-let product suite with a new product range for large Houses of Multiple Occupation (HMO) and large Multi-unit Freehold Blocks (MUFB), designed to cater for properties with up to 12 lettable rooms/units.
This move follows the recent launch of the lender’s existing MUFB range (up to 6 units) and is in addition to its existing buy-to-let product range that includes: HMO (for 6 lettable rooms), Holiday Let, New Builds, Portfolio Landlords and Rapid Remortgage 24-hour proposition.
Molo’s large HMO and MUFB buy-to-let mortgages are available for independent landlords, with competitive rates across all sizes of HMO/MUFB. All landlords are required to have a minimum of 12 months of landlord experience. Physical valuations apply for 6 lettable rooms/units, and a red-book valuation is required for properties with 7-12 lettable rooms/units.
Molo is committed to providing customers with first-class standards of customer service. Therefore, all Large HMO and large MUFB cases will have a dedicated underwriter to ensure a smooth and systematic process.
Francesca Carlesi, CEO and Co-Founder at Molo says
“From the successful launch of Molo’s existing HMO and MUFB range, we received feedback from landlords who have an appetite for properties with 12 lettable bedrooms or units as they seek additional property investment options to diversify their portfolio. Our new large HMO and MUFB product range provides investors with competitive alternatives to help maximise their rental income across several properties, allowing Molo to remain competitive within the buy-to-let market.”
For more information on Molo’s HMO mortgages, please visit our website here.
For more information on Molo’s MUFB mortgages, please visit our website here.
Metro Bank
Mortgage System Maintenance
To help you plan, we want to let you know that our mortgage platform is being enhanced from 5.30pm on Thursday 13th July to 9am on Tuesday 18th July.
So what does this mean?
While we work on delivering these significant improvements, there will be no access to the platform to either view case updates, upload documents or submit either a new or progress an existing mortgage application.
Got a case to discuss?
Get in touch with your local Business Development Manager; they would love to hear from you. Find your nearest BDM here.
Or call our Broker helpdesk on 020 3427 1019.
Accord Mortgages
Now offering Joint Borrower Sole Proprietor mortgages
More common-sense lending from Accord has arrived – it’s just what they do!
To help you help more clients, Accord are pleased to now be able to offer you Joint Borrower Sole Proprietor (JBSP) mortgages.
Who’s it for?
With their new JBSP mortgages, if you have a client who needs extra income for affordability, they can now apply with an immediate family member as a non-owner borrower on their mortgage to help them achieve their home ownership aspirations.
How does it work?
- Complete the mortgage application as usual, selecting the JBSP option under ‘Property Ownership Type’, and MSO will do the rest
- What’s more, you can choose a product from their existing product range, including offset options
What else do you need to know?
- Maximum of 2 applicants – 1 owner and 1 non-owner borrower who are both responsible for the mortgage
- Immediate family <add link to website> only for non-owner borrower
- Minimum £20k income for the owner borrower
- Non-owner borrower’s household expenditure and debts will also need to be entered
- Independent Legal advice is required for the non-owner borrower as a condition of the mortgage offer
- Excludes
- Cascade Score
- Boost LTI
- Interest Only
- Deposit Unlock
- All other standard criteria and affordability applies
Find out more about Joint Borrower Sole Proprietor here. To access Accord’s Consumer Duty Fair Value assessment for Joint Borrower Sole Proprietor mortgages please click here.
The Exeter
New income protection features
The Exeter has announced the addition of two new features to its Income First product, providing greater support for members who are likely to find themselves in two different vulnerable circumstances.
These include customers who have recently started their first job and are unable to provide the required financial evidence to support their claim and customers who have suffered involuntary redundancy or business failure.
Steve Bryan, director of distribution and marketing, said: “For those without access to employer sick pay benefits, or those just starting their careers, a reduction in income due to illness, injury or involuntary redundancy can have an immediate impact on their financial wellbeing and potentially lead to them being in a position of vulnerability.
“The enhancements introduced on our Income First product are designed to provide greater certainty to members who find themselves in these situations and highlight the importance of income protection in providing peace of mind to workers of all ages and occupations.
“The changes also support our alignment to the new Consumer Duty which requires firms to provide an appropriate standard of support to retail customers to meet their needs, including those with characteristics of vulnerability.”
Saffron Building Society
Changes to our lending criteria
At Saffron For Intermediaries, we’re always listening to our brokers. That’s why we have decided to make some significant changes to our lending criteria to help applicants with more complex cases. We are proud that we are able to offer flexible solutions, making mortgages more accessible during challenging times.
Our criteria highlights include:
- Changes to documentation requirements
- Self Employed
- Contractors
- Zero-Hours Contractors
- Construction Industry Scheme (CIS) Contractors
- Self-Build / Custom Build Mortgages
- Construction type
- Part & Part/Interest Only
- Acreage
Foundation Home Loans
Customers with high commission income
Because we specialise in mortgages for people with complex incomes from multiple sources, and particularly for self-employed people with high commission income, we may be able to help your clients
The borrowers
Richard and Julie are 50 & 51 and married with three children living at home. They have fluctuating and multiple sources of income from their established plumbing business. Unfortunately, a small issue with HMRC four years ago due to a rogue accountant means their credit rating has taken a hit.
They want to raise an additional £50k on their existing £200k to improve their 4-bed house in Essex worth £650k.
Richard earns £50-75k but is projected £30k for this year, plus another £15k retained profits for last 3 years
Julie takes a £5k dividend plus £15k and £2.5k from two part time PAYE roles.
How we can help
We offer a cascade of rates to suit clients credit levels, from those who just miss out on high street lending to those with credit blips, and we allow capital raising.
We love to talk a case through, why not call your Foundation Regional Area Manager today?
Legal & General Protection
Refresh your knowledge
We are pleased to host 3 live webinars to help support you and your business, numerous dates available for the rest of 2023. Register below to help refresh your knowledge and learn more about L&G from our products to our online systems.
Product & proposition overview
We aim to provide you with an clear overview of our Protection Products, useful aspects of our online proposition and key details of the ongoing dedicated support you will benefit from.
Covering useful aspects of our philosophy such as common conditions, residency and hazardous activities as well as highlighting documents and tools you have available.
Our online systems (OLPC & EBAH)
Improve your knowledge of the online journey from quote, to pipeline to existing business demonstrating key functions of our online systems.
Coventry for intermediaries
relaxes ex-local authority policy
Coventry for intermediaries has removed their restriction on ex-local authority flats and maisonettes. Clients looking to purchase their ex-council flat, or maisonette will now be able to lend up to 95% LTV on a residential mortgage and up to 75% LTV on a Buy to Let – subject to eligibility.
Those purchasing their property as a first time residential buyer could also benefit from our FTB only range, including £500 cashback upon completion.
See Coventry for intermediaries lending policy.
Santander for Intermediaries
Introducer Internet downtime
Introducer Internet won’t be available from 9pm on Saturday 8th July until 6am on Monday 10th July.
Your brokers won’t be able to submit cases during this time. We’re sorry for any inconvenience caused.
Impact Specialist Finance
Are you stuck with your commercial case?
Impact Packaging Commercial has access to the whole of market for Commercial Mortgages and Business borrowing.
Over the last 30+ years we have built up strong relationships with mainstream lenders, private lenders and lenders that will take a view on all aspects of an individual case, including limited distribution lenders.
Product offerings include:
- Funding for Business owners, Commercial and Personal Investors
- Wide range of property types acceptable
- Bespoke rates dependent on individual circumstances
- Purchases, Remortgages, and Capital Raising
- Applicants with adverse may be considered in certain circumstances
- British Expat applicants can be considered
Impact can provide access to both exclusive products and on-site underwriters, helping ensure you are getting the best deal for your client as quickly and easily as possible.
Have a case you would like to discuss? Call the impact packaging team now on 01403 272625
