Inform 9th February 2024

Mansfield for Intermediaries

Discharged Bankrupt from Day 1 with Credit Repair

When it comes to adverse credit criteria, we can offer versatile solutions for discharged bankrupt:

• From day 1 on Credit Repair up to 70% LTV
• From 3 years on Versatility Plus up to 80% LTV
• From 4 years on Versatility up to 85% LTV
• From 6 years for prime residential lending

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.

The Loughborough Building Society

Supporting Self-employed Clients

The Loughborough BS is continuing to support self-employed clients.

If the client is a sole trader and has been trading for a minimum of 2 years. Where there has been an increase in the latest years net profit, then we can use this figure for affordability.

For Limited companies that have been trading for a minimum of 2 years we can assess the latest year salary and dividend or salary and net profit. If the latest figures have increased, then we can use these figures for affordability. The applicant must have a suitably qualified account.

Client that are a subcontractor (CIS) worker and have worked for the same company for 6 months. Then we can treat them as employed and would use an average of their last 3 months income.

If the applicants solely earn £50,000 or joints earn £75,000 and the LTV is 85% (minimum loans amount £250,00) then we can offer an income multiplier of 5.5.

Marsden Building Society

Later Life Mortgages: Our rebranded solution for your clients in retirement

Previously called ‘Older Borrower’, our Later Life products work like a conventional mortgage, however they’re available to clients aged 55+ looking to borrow in retirement.

Later Life

Our Later Life mortgages work just like a conventional mortgage product with a maximum term based on the oldest client’s age at application.

Available to applicants aged 55 to 85, we currently offer products on a repayment or interest only basis. As we offer interest only, we do accept a variety of repayment vehicles such as investments, sale of property and endowments. Downsizing is also an acceptable repayment vehicle.

As a guide, your client could be eligible for a Later Life mortgage if:

• They’re looking to borrow £30,000 or more
• Their property is worth at least £150,000
• They want to borrow up to 60% of their property value

Income Criteria

• For Later Life products, your clients must have an income of £17,500 per application (joint or single). There is no dual stress on joint incomes for this product range
• We accept a variety of incomes including pension, investment and rental income. We’ll also accept 5% of pension pots or SIPPs, even if your clients are not yet drawing from them
• We’ll also consider employed/self-employed income to the age of 75

Got a case in mind?

We’re here to answer any questions you may have, or if you’ve got a case in mind, we’re happy to discuss it with you, just get in touch.

3mc

Your Specialist Helpdesk

We’d like to introduce 3mc, a mortgage desk and packager, who have been supporting brokers for over 28-years. In January alone, brokers registered with 3mc had access to over 475 products not available directly via the lender, alongside lender core products. 3mc have nurtured relationships with lenders over many years, onboarding new ones, such as Birmingham Bank in 2023. Brokers registered with 3mc have access to an experienced team who are skilled in working on specialist cases and are an extra pair of eyes to ensure cases are dealt with swiftly and efficiently.

Watch the short video, to learn more from Michelle Tidman, a Director of 3mc, on who they are, how they can support you and how to register.

Legal & General

Find your pathway to protection success

Our report, The Secrets of Protection Success shares the winning formula used by some of the industry’s top protection advisers. It’s designed to help you achieve better customer outcomes, no matter what level of protection you’re at, helping you on your pathway to success.

Did you know top advisers introduce protection over several conversations, and the product only has a small part in the whole process?

Every insight is practical, actionable, all designed to elevate your practices. Explore how..

• Repositioning protection can be a key foundation of financial planning.
• Passion for protection can be a fundamental element of the process.
• To get confident and unlock your ability to help your client.

Ready to find out more secrets of protection success? Access our dedicated hub, download our report and unlock your pathway to success.

Buckinghamshire Building Society

A Revolutionary Mortgage Product for First-Time Buyers

Buckinghamshire Building Society are thrilled to announce the introduction of an industry-first mortgage solution that’s set to change the game for first-time homebuyers.

JBSP Deposit Lite ingeniously combines the benefits of our popular JBSP and Deposit Lite mortgage products, offering unparalleled support for those looking to step onto the property ladder.

Key Benefits:

Low to No Deposit Options! Your clients can now purchase their first home with a low deposit or even no deposit, by leveraging the equity from a parent’s property.

Enhanced Affordability! Up to two parents can also join them on their mortgage journey, significantly improving borrowing potential without the need for them to be co-owners of the property.

Claire Askham, Head of Mortgage Sales, commented: “We’re always looking to innovate, particularly in the first-time buyer space where it’s so tricky for potential purchasers to get a foothold on that first rung of the property ladder.

“This innovative product addresses two of the most significant hurdles in home buying: deposit and affordability.

“Through our discussions with brokers, we regularly hear how parents are eager to support their children’s ambitions of property ownership, but don’t always have the funds to gift.

“Bringing two of our most popular products together to create JBSP Deposit Lite makes purchasing a first property accessible for more potential homeowners and opens up new opportunities for brokers across the market.”

British Friendly

Simple, flexible cover from the Income Protection experts.

A little reminder about who we are.

We specialise in covering the harder to insure, and the under insured.

• Our Protect product covers up to £100,000 of income before tax, with a maximum benefit of £57,000 a year. It offers age-costed and level guaranteed premiums.
• Our Breathing Space product has no financial underwriting at application or claim stage, making it ideal for gig workers or the self-employed. We’ll just need to see evidence that your client has been working and earning before they claim.
• We offer Fracture Cover, for a guaranteed £4 extra per month. This pays out up to £6,000 in the event of a specific fracture.
• We cover clients who take part in a range of hobbies and hazardous pursuits.
• We have a fair and inclusive approach to underwriting.
• Our handy Adviser Toolkit is full of informative Sales Tools.

TSB

NEW dedicated underwriting team for loans from £750K up to £2million

TSB has introduced a new dedicated underwriting team to support larger loan applications of more than £750k up to £2million. They’ll talk brokers through the case from the first client conversation to offer and confirm if the case is suitable before keying a DiP.

To contact our expert underwriting team call: 0330 123 3959 (9.30am to 4.30pm Mon-Fri) or visit intermediary.tsb.co.uk for more information.

A new maximum loan amount of £2 million applies to all Residential FTB, Home Mover and Remortgage products (excluding Shared Ownership/Shared Equity) up to 75% LTV.

New Residential Interest Only criteria

We’ve also updated our Residential interest only criteria to support borrowers looking for larger loans. We now accept the sale of the security property as repayment for interest only lending up to 60% LTV.

Subject to criteria. See our website for more information. Interest-only mortgages | TSB Intermediaries

Contact your national account manager for more information.

Aldermore

First Time Buyer Index

We have recently published some educational insights including our First Time Buyer Index. For this publications, we surveyed 500 new first time home buyers and 2,000 prospective first-time buyers, to discover how they feel about the process & the challenges involved with their experience.

Access it here.

HSBC Life

Mental Illness Underwriting Change

HSBC Life (UK) Limited (“HSBC Life (UK)”) continues to focus on its expansion of underwriting and inclusivity with the introduction of new digital rules for mental illness disclosures made during a life and critical illness cover application.

This builds on the drive to trust the customer and remove the stigma of mental illness and barriers to protection.

Taking time off work and seeking treatment are seen as a positive for tackling the illness and not a barrier to a customer’s protection needs. HSBC Life (UK) also recognises that customers who have had historic thoughts of suicide or self-harm should have the opportunity to receive standard terms at application stage.

With this approach HSBC Life (UK) has increased the opportunities for cover with standard terms at application stage with no back-office underwriting and no need for a GP report.

Initial tests* of the new approach have seen an increase of 10% of applicants disclosing a mental illness receiving terms at application stage and 70% of applicants disclosing mental health issues receiving standard terms at application stage.

Launching on February 1st, this coincides with Time to Talk Day which focuses on creating supportive communities by having conversations with family, friends, or colleagues about mental health.

Figures from the Time to Talk Day campaign**, run by various mental health charities across the United Kingdom, show one in four adults in the UK will experience mental health issues in any given year.

Mitchell Barker, Head of Product and Chief Distribution Officer at HSBC Life (UK) Ltd, said: “We continue to build trust with our customers, and we are working hard to increase our focus on improving inclusivity and moving away from historic industry practices on underwriting mental illness.

“Preliminary results from the launch of the new rules have been very positive, demonstrating how the evolution of our underwriting approach is further enhancing inclusivity and enabling more people to receive important protection cover.”