QUERY OF THE WEEK
Thursday 30th September at 10:00am
Kent Reliance for Intermediaries
Masthaven Building Society
‘Finding Solutions for your Self-Employed Clients’
By Liza Campion, Head of Corporate Accounts, Precise Mortgages
Which lender will help with a Ltd Company BTL purchase, which is also an Air BNB, when the client has adverse (a missed mortgage payment 4 years ago)?
Santander for Intermediaries
Buy to Let Application Tips
- At least one applicant must own the residential property which they live in to be eligible for a Buy to Let mortgage with Santander.
- The income tax band selected must take into account profit on rental income for all properties that the applicant will own on completion.
- Please note we don’t accept a property if an applicant or their close family member currently lives in it; or intends to reside in it in the future.
To find out more, visit our website here.
Mansfield Building Society
Common sense lending for the self-employed
Mansfield Building Society are proud to offer common sense lending for the self-employed and can take a pragmatic view on the affects of the Coronavirus on submitted accounts and income. Historic credit blips and the use of the Self-Employed Income Support Scheme (SEISS) can be considered. All applications are subject to individual assessment and underwriting. Adverse credit must be linked to a single life event with a full explanation that’s acceptable to the underwriter.
For income, they’ll consider all of a director’s dividends or a sole trader’s net profit from as little as 1 year’s accounts in their Versatility range on tiers 3 and 4. Product availability is subject to status and LTV restrictions apply. For more details, see the Versatility guide here.
All of Manfield’s residential mortgage products are available to self-employed applicants on properties located across England, Wales and Scotland (subject to postcode restrictions in Scotland). Lending for the self-employed is available through their standard product range up to 95% LTV and via their Versatility range up to 80% LTV (subject to status).
For more information about Mansfield’s products and services, including their affordability calculator and applying through their online portal, visit their website at mansfieldbs.co.uk/intermediaries.
Landbay addresses demand for large BTL loans and reduced Special Edition BTL range
To meet the growing demand for larger loan sizes Landbay has launched a new range for loans up to £1.5m. This was designed to help landlords seeking to invest in larger properties, such as HMOs and MUFBs. They’ve also refreshed their Special Edition range, meaning their products are even more competitive.
To find out more get in touch using their BDM finder.
A fresh look at affordability: New webinar from LiveMore
Do you often wonder how much your customers can borrow? Or, how different types of income can affect affordability?
If you answered yes to either of the above, then don’t miss LiveMore’s 45minute webinar focused on affordability and learn how affordability works when your customers take out an interest only mortgage with them.
You will be provided with a brief overview of LiveMore and how their fresh, common-sense approach to affordability can help potential borrowers over 55.
They will also cover;
• Real life customer scenarios of cases they have been able to help
• A demonstration of how their affordability calculator works
The webinar will be hosted by:
Matt Kingston – Regional Sales Manager
LiveMore encourage brokers to ask questions during the event, but if you would like to provide them with any questions you have in advance, please supply when registering below and they will do our best to get through as many as possible during the live session. Register to attend here.
TMA – Trigold to Xplan Mortgage – Supercharge your Business Webinar
Does your business want a faster, better way of doing mortgage business for less cost and hassle? Of course you do! The team behind Trigold, are giving TMA members the opportunity to upgrade to the latest mortgage & protection platform, Xplan Mortgage, at a special rate for TMA members.
Why upgrade to Xplan Mortgage?
Xplan Mortgage offers the same reliable product and sourcing data as Trigold plus so much more in one single, online platform which you can use anywhere, on any device.
Some of the benefits include:
• Saves time – say goodbye to retyping, screen hopping and long criteria researching
• Gives better advice – with built-in features including protection quotes and client portal
• Get connected – it’s ideal for team and remote working
• The price – only an extra £4/month!
1. Register for one of our free Xplan Mortgage demos, running exclusively for TMA members this month.
2. If you are happy to proceed, we will then forward you the order form after the demonstration and TMA will bill you directly once you are up and running with the upgraded software.
3. Xplan Mortgage is intuitive to use (as it’s based on similar navigation to Trigold) but our training consultants are on hand to help you move software. We also have a dedicated support team and online community to provide help, as well as a fantastic resource of tips and guides. Register now
Legal & General
Introducing NEW: Key Person Income Protection
Introducing our new Key Person Income Protection – Keeping a business healthy
If a key person needs time off work due to illness or injury, we’ve launched a product that’s here to help. By providing protection to the business and support to the employee, our new Key Person Income Protection could provide a regular monthly benefit to a business in the event of the illness or injury of a key employee at what would otherwise be a time of financial uncertainty.
- Helps protect lost profits attributed to the contribution of the key employee
- Meets the cost of a temporary replacement employee
- Supports ongoing loan repayment related to the contribution of the key employee
- Helps a key employee get back to good health and work
Find out more here.
We’re on the case
Precise Mortgages launched back in 2010, with the bold aim of helping borrowers underserved by high street lenders get the mortgage they need.
Over the years, Precise Mortgages has continued to offer diverse solutions for buy to let and residential mortgages, bridging finance and second charge loans, but with one mission – to provide a variety of lending solutions to meet the ever-changing needs of customers, supported by clear criteria and decisive processes.
It’s this bold, clear and decisive approach which has helped Precise Mortgages become one of the leading specialist lenders. Whatever the challenge, Precise Mortgages is on the case.
– Diverse solutions – a variety of products to support a wide range of specialist lending cases.
– Straightforward criteria – that’s to the point so you know what to expect.
– Dedicated support – a committed award-winning sales team, and online tools available 24/7.
– Upfront decisions – get a decision in principle in minutes which only leaves a soft footprint.
But don’t just take their word for it. In research conducted with brokers earlier this year1, you told them:
• 90.5% would rate Precise Mortgages 8 or above for ease of finding and selecting a relevant product.
• 90.3% would rate Precise Mortgages 8 or above for ease of obtaining a decision in principle.
• 83% would rate Precise Mortgages 8 or above for ease of establishing whether they could assist with a case.
Want to find out more about how Precise Mortgages could help you and your customers? Let’s go! Visit our website, speak with a member of their sales team or call their dedicated support service on 0800 116 4385.
1 Research conducted directly with intermediaries using Precise Mortgages in Q2 2021.
Landlord confidence continues to rise
The buy to let sector has experienced many ups and downs over the years but it has always come out the other end stronger.
This is also evident as, hopefully, we have, endured the worst of the pandemic. Landlords have faced their fair share of challenges over this period and whilst there was the inevitable early dip, confidence levels have remained strong throughout this time and continue to steadily rise. Click here to read the full article.
Flexibility to protect what matters
In the UK there are more than 5 million self-employed people and it’s estimated that by next year over 7 million people will work in the gig economy.
But this growing demographic doesn’t fit the traditional Income Protection mould, with fluctuating incomes and lack of historic accounts making it difficult for them to prove a regular level of income.
That’s why we pledge to help advisers to bring Income Protection alive for this underserved demographic and help you start conversations with these clients.
Our pledge to you
As part of this we pledge to create 3 new sales tools to help you showcase the value of Income Protection to your clients with fluctuating incomes. Key to this is letting you know about our ready-made solution to fit these clients: Breathing Space..
What makes Breathing Space flexible?
- No financial underwriting required at claims stage only proof of income
- Not tied to a mortgage or rent payment so benefit can be used for anything
- Benefit guarantee up to £1250 per month
- 1-2-5 year claim benefit periods
- 1, 4, 8 or 13 week deferred periods
- Covers your client for the job they do
- All occupations priced the same
What makes it different?
5 year claim benefit period
Free access to discretionary Mutual Benefits
Free automatic access to discretionary BF Care
You can get a quote for our Breathing Space policy directly through our website here or through all major quote portals.
Breathing Space policies are subject to a maximum policy end age of 65, so make sure the retirement age you enter reflects this.
How can I find out more?
Take a look at the Breathing Space product page for a more detailed product summary on our Adviser website here or view our new and improved Breathing Space flyer here.
Or feel free to get in touch with our Partnership Support Team by e-mailing email@example.com or calling us on 01234 358344 (option 1) and we’ll be happy to help with any queries.