Inform 8th July 2022

Congratulations to our Development Director Lisa Marin on winning ‘Business Leader: Mortgage Club’ at The British Mortgage Awards 2022.

First Homes Scheme (in association with Homes England and the Department for Levelling Up, Housing and Communities)

Monday 11 July @ 2pm

The First Homes scheme, which provides discounted homes for first time buyers, launched in June 2021 (pilot phase). But how does it work? Who is eligible? And how does it measure up against other schemes? Homes England and DLUHC will be providing you with the key information on the scheme along with future expansion plans.

Register here for Monday 11 July

Natwest has lengthened its product transfer roll off window from four to six months to give a longer timeline for customers to secure a new deal.

The lender said it believed this change would be beneficial for customers as it would “give them more time to complete their product transfer and the opportunity to secure their new mortgage rate sooner”.

Natwest said the change also applied to its Metro to Natwest customers.

For customers whose deals were due to expire in December, their product transfer roll off window will now be 1st July.

Deals that were due to expire in January next year product transfer roll off window will start from 2nd August, and for deals due to end in February next year the window will open from 1st September.

The product transfer window for deals ending in March, customers can start the product transfer process from 1st October.

The lender added that customers whose product ended in November would also be eligible to switch from 1st July.

Natwest said that if the date fell on a Monday, Sunday or bank holiday then the roll off window would start from Tuesday.

If you haven’t been making use of our MPowered platform, it’s the perfect time to get started.

From the feedback of our brokers, we’ve made tons of improvements to our platform since we first launched it back in March 2021.

Check out some of its key features: 

• ‘Drag and drop’ document upload feature – No more faffing figuring out what document to upload where. Our drag and drop upload feature recognises and automatically classifies your driving licenses, payslips, bank statements and more! The best part – you don’t need to wait for documents to upload, just carry on completing the rest of the application.
• Document data extraction technology – Our platform scans documents and pulls data straight into our underwriting system. The relevant data is then identified, read, and verified instantly.
• Complete your application, YOUR way – Our platform allows you to complete your application in any order you like. No longer a linear journey, you choose which section of the mortgage application you want to complete first…or last.And remember – you don’t need to complete the whole section before you move to the next. Come back to it later when you have the information you need.

Login to the MPowered platform to discover our latest features today, let’s go.

Have a question on anything MPowered? We’re here for you, superhero.

hello@mpowered.co.uk
0800 260 5949

• Upgraded Protection Builder 2.0 quote and apply system improves adviser experience by cutting data entry, giving more flexibility and making multi-benefit applications easier
• Improved Qi pre-sales underwriting tool links directly to Guardian’s question set, allowing quicker and more accurate indicative terms at the touch of a button
• To celebrate the new system and tool, Guardian is running a special offer for multi-benefit applicants between now and 30 September 2022

Protection challenger Guardian has today launched Protection Builder 2.0; an upgrade to its adviser quote and apply system. The improved system has been built in collaboration with a team of advisers to create an easy and flexible experience designed to meet their needs. Features include: intuitive tab-based navigation, enhanced multi-benefit functionality, easier dual life applications, improved portal integration, simplified non-linear underwriting questions, clearer decision display and underwriting tracking, greater post-decision flexibility, and built-in beneficiary nomination. The upgraded system requires less data entry and gives advisers more flexibility and control.

Alongside, Guardian has released an enhanced version of its Qi pre-sales underwriting tool. Linking directly to the challenger’s underwriting question set, the upgraded self-service tool is designed to give more accurate pre-sales decisions. The tool allows advisers to enter key disclosures upfront – including multiple conditions, smoker status, family history, medical history, job, overseas travel, sports and pastimes, as well as alcohol usage – to give them an immediate indication of any rating which will affect the client’s premium. In the case of critical illness or total permanent disability benefit, the tool will also show if there’ll be any exclusions.

Linda Holmes, Chief Technology Officer, Guardian, said: “Our ultimate aim is to provide an effortless protection experience. Protection Builder 2.0 has been designed by advisers, for advisers, and reflects how they tell us they’re working with their clients in this evolving digital age. The upgraded system makes it easier for advisers to recommend the right mix of covers for clients within a single policy, via an intuitive and flexible digital journey.

“Alongside Protection Builder 2.0, we’re delighted to announce an important upgrade to Qi, our self-service pre-sales underwriting tool. By now integrating directly with our question set, Qi gives accurate decisions at the touch of a button. This results in a better experience for clients, as their adviser can confidently set expectations at the outset.”

To celebrate the launch of Protection Builder 2.0 and the enhanced Qi tool, Guardian is running a special offer for multi-benefit applicants. Between 4th July and 30th September 2022, clients who apply to take out at least 2 or more of Guardian’s award-winning core covers within a single policy, will be eligible for one month’s cashback. This is equivalent to one month’s premium up to a maximum of £400 per policyholder.

To qualify, the policy will need to have gone on risk before 31st March 2023. Full details can be found on Guardian’s website.

Castle Trust’s Bridge to Let option combines the best of both products, providing short-term funding, plus a guaranteed exit option, should it be needed.

With both options being underwritten from application, your client has certainty from the beginning of the transaction.

Bridging Loan:

• 80% LTV gross day one
• 9 months
• No mortgage payments required during the bridge period up to month 9
• Rolled up interest
• Term loan: 75% LTV net at term exit, fixed rates for the initial 2 or 5 years

Bridge to Let is ideal for:

• Buy to Let purchase/re-finance
• Holiday Lets
• Refurbishments for all types of purchase
• HMOs up to 6 beds
• Experienced landlords, First-time landlords, Limited companies, SPVs and offshore companies, Expats, and foreign nationals (may be an extra charge)

Download Castle Trust’s latest product guide

Take a closer look at Castle Trust’s latest products, which are available through Impact Packaging.

A commercial mortgage is an ideal choice for clients looking to raise funds against existing property or fund a new purchase. At Vantage, we can help your clients unlock the value in their property, whether they are investing or financing something new.

When to look at a commercial mortgage?

• We accept applications in personal names
• Limited Companies (both UK and offshore), LLPs and SIPPs
• We consider a range of property types, including: offices, holiday lets, industrial or retail units, and many other complex commercial premises
• Investment properties let on short leases will be considered
• Rates can be linked to bank base rate, LIBOR, or fixed in some instances

Contact the team to find out more about commercial mortgages with Vantage Finance:

T: 01753 883195
E: enquiries@vantagefinance.co.uk
W: https://www.vantagefinance.co.uk/contact-us

A particularly hot topic among the landlord community is holiday lets and the boom in popularity over the last 2 years.

If you have a client that has decided to invest in a rental property but can’t decide between a holiday let or a traditional residential buy-to-let, then West One is here to help!

Visit the landlord hub where we look at the benefits of investing in a holiday let vs a traditional buy-to-let, focusing on:

• The key differences between a holiday let and a residential buy-to-let
• Financing a rental property
• Furnishing a rental property
• Financial returns
• Taxation
• How West One can support

Read the article in full here.

If you would like to discuss a case, register as an introducer or learn more about what West One has to offer, simply complete our short enquiry form and a member of our broker support team will get in touch: https://www.westoneloans.co.uk/buy-to-let-mortgages#introducer

We are updating our online systems starting with OLP Connect (OLPC), these changes will keep your information and your customers, safer with our stronger security processes, we have also refreshed our login screens, you will see these changes over the next few weeks.

If you are already registered next time, you login, we will request updated personal information and for you to reset your password. We will require your date of birth which will enable us to ensure we have no duplicate records and keep your information more secure.

We also ask you to register your work email with us rather than using a group address with multiple users, this will allow better security for you, your clients information and improve the use of our OLPC contact preferences for notifications.

These changes will include

• Multi Factor Authentication (MFA), two stage authentication using text or email verification codes to confirm your identity if required
• Self-service password reset to allow a change of password without having to call us
• Enhanced adviser registration processes to register any additional advisers or administrators easily and quicky

If you have saved OLPC as a bookmark for easy access, we require you delete it and re-save one of these links

https://life.landg.com/CNBSWeb or https://life.landg.com/ProtectionPortal

Manor Mortgages and Tipton & Coseley Building Society have partnered, offering Semi Exclusive Expat BTL products.

For more information and details of the products click here.

Great news, we’ve introduced more ways you can do business with Clydesdale Bank. You can now submit applications for:

• Porting
• Product transfer with additional borrowing
• Further advances

That means you can help even more of your customers with their existing Clydesdale Bank mortgage and we’ll pay you a procuration fee when you do, win-win!

Here’s how to apply
Step 1: Request an Illustration

Complete our Illustration Request Form and email it to us at Existing.Customer.Support@cybg.com. We aim to send you the Illustration within two working days.

Step 2: Submit an application

Complete a Residential or Buy-to-Let application form and email it to us at Existing.Customer.Support@cybg.com. Make sure you include any supporting documents. Take a look at our Packaging Guide for more information on what we need.

See our existing customer product range for the deals available on these applications.

Our lending policy applies, so we’re unable to accept applications if your customer lives abroad or gets paid in a foreign currency.

Help is at hand

You can find more information in our lending criteria.
If you’ve got any questions, just get in touch with your Business Development Manager, who’ll do everything they can to help. We look forward to doing more business with you.

CHL Mortgages has introduced a buy-to-let refurbishment product range which is designed to help landlords improve the energy rating of their rental stock and/or improve the general condition of the property. The products offer the ability to release the costs of the refurbishment upon completion, without having to change product.

The refurbishment product range consists of three products: Light Refurbishment, Cosmetic Improvement and EPC Improvement. The first two products are designed to increase the future asset/rental value of the property, with the latter a Green Mortgage option which is specifically designed to improve the energy efficiency of the property.

The range is available to individuals and limited companies and is applicable on standard buy-to-let properties, small houses in multiple occupation (HMO) and small multi-unit freehold blocks (MUFBs) with five-year fixed rates starting from 4.41%*. Lending will be calculated on the pre-works value with a retention held based upon the post-works estimated valuation.

The product range has a maximum 75% loan-to-value (pre and post works, which means landlords can release more if the value of the property has increased post works) and the maximum cost of work must not exceed 25% of the pre-work property value.

Light refurbishment – this product has been designed for works not requiring building regulation sign off and includes works that can be signed off under the Competent Person Scheme.

Examples of these works include:

• installation of a replacement kitchen
• installation of a replacement bathroom
• rewiring
• new hot water & heating systems
• installation of replacement doors & windows
• replacement roof coverings

EPC improvement product – is for landlords looking to improve the energy efficiency of their buy-to-let property to meet the UK Governments’ proposal for existing rented properties to have a minimum EPC rating of C or higher from April 2025.

Examples of these works include:

• installation of replacement hot water & heating systems
• installation of new windows
• installation of new doors
• installation of insulation improvements

Cosmetic improvement product – designed for properties requiring cosmetic and minor improvement/repairs works, allowing the landlord to improve the condition of the property.

Examples of these works include:

• general painting, plastering & decorating
• installation of replacement floor coverings
• minor improvement works – such as replacement of internal doors
• updating fixtures and fittings

For all products the refurbishment works must be completed within three months of completion of the initial advance and landlords must supply a detailed schedule of the proposed works at application.

Ross Turrell, Commercial Director, CHL Mortgages commented:

“This product range has been designed and developed in line with feedback received from our intermediary partners and a growing number of their landlord clients who are looking for a product which offers a single, one-stop solution which removes uncertainty around funding refurbishment supported by a simple process.

This alternative Green Mortgage product is more than a simple pricing play and provides an additional and viable option to alternative forms of finance such as ‘bridging’ and ‘refurb in term’ solutions whilst helping to reduce administrative burdens and save on multiple inspection and legal fees. Our extensive and highly knowledgeable BDM team will play a key role in supporting our intermediary partners to help them explain the options we can now provide that will make a real difference for their landlord clients.”

* The full range of products are on their website.

We’re regularly hearing updates about interest rates and inflation in the news, and with statistics such as ‘it’s the first time that the base rate has risen above 1 per cent since the 2008 financial crisis’, you can’t help but wonder what this means for you and your clients. It seems that just as the Covid pandemic has begun to ease, a string of economic shocks has taken its place and led to uncertainty and worry among many homeowners and potential buyers.

Click here to read the full market update and more.

RETAINING YOUR CLIENTS IS MORE IMPORTANT THAN EVER

Inflation. Rising cost of living. Energy prices. All topics that have been dominating UK news headlines since the start of the year, and with economists predicting that further increases could be on the horizon, it’s understandable that now more than ever your clients may be worried about either getting a mortgage or remortgaging.

While there has always been a need to provide more support for those who want to utilise low deposit schemes to help them onto the first step of the ladder, it is essential to also bear in mind the second steppers, home movers and remortgagers. They may not need as much support in the actual home buying process, but they do need to understand how their affordability has been impacted and what this means when it comes to the options available to them.

Find out more from Eloise Hall, Interim Head of National Accounts.

We’re pleased to let you know that LV= General Insurance is now available to Intermediaries like you.

As one of the UK’s largest insurers, we couldn’t be more ready to support you. Our Account Management and Intermediary Support teams are dedicated to your success, meaning you can have your clients back knowing that we have yours.

Products
With our Gold and Platinum Home Insurance your clients can benefit from features such as Trace & Access cover as standard and Home Emergency cover up to £1,000. Landlord Insurance is also available to broaden your offering.

Innovative tech
Our SmartQuote technology, available via our new GI for Intermediaries portal, enables you to give your clients a home insurance quote in just 5 questions. Fewer questions and a reduced non-disclosure risk means peace of mind for you and your clients.

Learning & Development team
We also have a dedicated Learning and Development team, who’ve created webinars and workshops to help train any new intermediary in everything they need to know about LV= GI.

Simple process
With our expertise, innovative tech and support, we’ve made LV= GI for intermediaries fast, efficient and as streamlined as possible. You know we’ve got your back, so you can have your clients.

Maximum purchase price/value:

• £600,000 for non-new build houses
• £400,000 for non-new build flats.

We don’t lend on new build houses or flats up to 95% LTV.

The mortgage must be taken on capital and interest only

Minimum evidence requirements (employed applicants):

• Latest month’s payslip (or last four weeks’ payslips).
• Three months’ personal bank statements.

Self-employed applicants limited to 90% LTV.

• Green Additional borrowing is supported by The Bank’s ‘Energy Saving Improvement Tool’, developed in partnership with Energy Saving Trust, to help consumers find ways to save money on their energy bills and become more sustainable.
• Despite the rising cost of living and rocketing energy prices 59 per cent of UK consumers feel that it is still important to invest in green energy solutions to tackle climate change.
• The Co-operative Bank supports The Climate & Ecology Bill – calling for stronger, joined-up legislation to tackle the climate-nature emergency

Existing customers of The Co-operative Bank can now apply for one of its Green Additional Borrowing products to help them make improvements to their home that will reduce their energy consumption and help tackle the climate emergency.

Eligible Co-operative Bank, Britannia and Platform mortgages holders can use the Bank’s new Energy Saving Improvement Tool, powered by Energy Saving Trust, to create a personalised Energy Saving Improvement Plan and access a Green Additional Borrowing* product. These products are available with no fee, either a 2 or 5 year fixed term, at 60-85% LTV.

In addition to the same application process of a standard additional borrowing product, customers would need to:

• Ensure they’ve used the online Energy Saving Improvement Tool to generate an Improvement Plan
• Provided the Improvement Plan Report as evidence
• Ensure they use at least 50% of the loan on “green” home improvements

The Energy Saving Improvement Tool gives consumers tangible advice on how to make their home more energy efficient. The free to use tool generates an Improvement Plan that provides a list of actions that could be taken to help reduce energy bills, reduce carbon emissions or improve the property’s Energy Performance Certificate (EPC) rating, based on the plan selected. It can then provide an estimated cost for making the changes with flexibility allowing plans to be tailored based on the customer’s budget, which can be downloaded or sent via email as a PDF.

John Ward, at The Co-operative Bank said: “It is clear that climate change is a major worry for UK consumers and a concern we share with our customers. Tackling this important issue continues to be a priority for us and why we have launched our Green Additional Borrowing products, supported by our new Energy Saving Improvement Tool. These two initiatives work together to help customers identify where they make investments to improve their home that will have the most benefit to the environment whilst also reducing their energy usage which in turn could mean lower bills at a time when costs are increasing, but also reducing this for the longer term.”

Mark Foskett from Energy Saving Trust said: “We’re delighted to have worked with The Co-operative Bank to create the online Energy Saving Improvement Tool for their customers. Now is a crucial time to support homeowners with long-term energy efficiency recommendations, allowing them to take action on climate change while saving them money on energy bills.”

Recent research** for the Bank carried out in the midst of immense pressures on household incomes, showed that more than 30 million (59 per cent) people believe it is still important to invest in green energy solutions to tackle climate change even if the Green Levy adds to the cost of household energy bills. This shows environmentally conscious consumers are prepared to pay the price to help thwart the climate emergency.

The survey also found 61 per cent of people agreed that addressing the climate crisis is one of the most important issues to tackle in the UK today.

The study also asked consumers to share their thoughts on how their bank should conduct itself on environmental and social matters. The research showed that 37 per cent of people would ask their main bank account provider to do more to support environmental and social issues.

The Co-operative Bank, marking its 150^th year of business rooted in co-operative values and ethics, continues to champion the fight against climate change. As the first UK bank to sign the Paris Pledge, denying finance for coal mining and power generation, The Co-operative Bank has been beyond carbon neutral for over a decade, and has not sent any operational waste to landfill for the last two years with 70 per cent of its waste recycled*** in 2021. The Bank also remains committed to its energy targets and in 2021 reduced its energy consumption by 18 per cent year-on-year and sourced all directly procured electricity from renewable sources.

With the best ESG score of any UK high street bank**** The Co-operative Bank is proud to support the Zero Hour campaign and back The Climate and Ecology Bill, which recently had its first reading in the House of Lords. The campaign for the Climate and Ecology Bill launched with its first introduction in Parliament in September 2020. Zero Hour is a mass mobilisation campaign and has the backing of 151 cross-party MPs and Peers, over 200 councils have passed motions in support of the Bill, 25,000 members of the public have signed up to the campaign and over 450 businesses, community groups and NGOs support the Bill.

More of the Bank’s future-focused commitments can be found in its new Ethical Policy here.