HAPPY NEW YEAR
From the 11 January, we will be re‑introducing 80% maximum LTV for customers on furlough.
So what does this mean?
For lending at or below 80% LTV, we will assess based on the customers current income where they are on/or have recently been furloughed or had any COVID-19 related deductions from their salary/income. This will need to be supported by a letter from the employer to confirm the terms of their furlough or changes to pay, the date they return to work and confirmation of their pay at this point. For self‑employed income this includes any SEISS grants received in the last 6 months.
For full details please refer to their Mortgage Lending Criteria Guide.
Returning to 90% LTV market.
Coventry for intermediaries has returned to the 90% LTV market after announcing the launch of their new Residential product range today. Brokers will be sure to welcome the good news as the new product range will help to support the intermediary market.
Coventry for intermediaries have previously released limited time tranches of 90% LTV products in recent months, however this latest 90% LTV range is set to be available for longer. The new products include 2 and 5 year options and are available for both new and existing borrowers.
They have also announced a number of other changes to their Residential range too, with many product rates reduced across all LTVs.
Foundation offers new products for HMOs and expands range for Residential First-time Buyers who fall outside of mainstream credit criteria
Foundation Home Loans is pleased to announce the launch of new products across both Buy to Let and owner-occupied mortgage ranges.
For your Buy to let landlords
- A range of 2- and 5-year fixed rate re-mortgage specials at 65% and 75% LTV, with reduced upfront costs to appeal to landlords or limited companies, and may particularly offer value to portfolio landlords looking to re-mortgage a number of properties. Now with a 1% product fee and still the remortgage incentive package of:
- One free standard valuation per case
- £250 cashback on completion
- No application fee
Improved rates on the BTL F2 tier which is available to borrowers with some historic credit blips or niche properties, including reductions on HMOs and large HMOs.
Foundation welcomes borrowers with a broad range of acceptable credit levels including those who have been furloughed or used a mortgage payment deferral. These products suit many borrowers who may not meet the criteria of mainstream lenders.
For your residential clients
- New first-time-buyer products at 75% in addition to the existing 80% LTV FTB products
Foundation offers a wide scope of criteria for residential borrowers with complex income and employment, including the recently self-employed and those with mixed self-employed and PAYE income.
Additionally, all Foundation products now have a rolling end date. This means upon completion customers will benefit from the full 2- or 5- year period of their rate.
Making Things Easier for You
Happy New Year, everyone. We’re kicking off 2021 with something a bit different. Last year, we asked you (the intermediary community) what you want from a lender and your response was loud and clear. You want common sense conversations. The ability to talk to underwriters. To be kept up to date with what’s going on. A choice of ways to get in touch. And BDMs who understand you.
Put simply – you want a service that works in a way that makes your role easier.
We listened to what you said and compiled a list of the things that we think sets us apart from other lenders on one handy webpage. It’s called ‘Making Things Easier for You’.
Find – The ideal lender?
“This list of actions represents all those times you’ve worked with a lender and needed to speak to an underwriter but couldn’t, or had a decision from a computer when a person would have been better. They’re small things that make a big difference. ‘Making Things Easier for You’ outlines the practical steps we’re taking to make things more efficient for you and your clients.”
Paul Fenn, Director of Business Development, Skipton Building Society for Intermediaries.
4 Key Reasons to use Pepper
Happy new year from Pepper Money, during the first week back following the Festive break, they’ve shared four key reasons why your specialist cases could be Better with Pepper in 2021:
- Better Service: they continue to provide brokers with a fast and memorable service in a time when speedy case turnarounds are harder to find. Check their latest Service Levels.
- Better Criteria: they can help customers who just miss out on high street criteria due to smaller credit blips such as missed payments, right through to those with CCJs registered as recently as 6 months ago.
- Better Rates: they continue to reduce rates across both Residential (starting from 2.98%) and Buy to Let ranges (starting from 3.15%), including their Light range which is dedicated to customers who have never had a CCJ.
- Better Support: Pepper Money provide you with a more human approach to case management that is truly people led, by providing you with a dedicated Case Owner that is there to support you from application to offer.
Get 2021 off to a flying start with new CPD content!
At The Exeter we’re dedicated to supporting you with your professional development.
There Adviser Knowledge Centre contains valuable insights, research, and videos which will help you to keep on top of your CPD learning requirements this year.
Keep an eye out for lots of exciting resources in the coming months, starting with the first instalment of our recent panel discussion with industry experts looking at the impact of Covid-19 on the protection industry.
What’s more, you can now create and download your own CPD learning certificates!
Unplaceables Webinar: 13th January
Join Pure Retirement for the first “Unplaceables” Zoom Webinar of the New Year.
Hosted by Business Development Manager’s Anna Thompson & Jane Forshaw on the 13th January 10am – 11am
As the name suggests, this webinar is all about hard to place cases, and we want to discuss your real life cases during the session. Please get in touch if you have something you would like to discuss.
They will also be joined by…
Jane Hanlon, Mortgage Club Manager and Matthew Taylor, Relationship Manager.
New Year, New opportunities
Celebrate the New Year by picking up a Business Quality Award for all your hard work. We’re giving you the chance to put yourself forward for the Outstanding Customer Outcome award. It recognizes businesses who over the last 12 months have delivered an excellent end-to-end customer experience – while also adapting to the challenges that 2020 has brought us.
Simple, secure and paperless Buy to Let’s by bringing people and technology together
As we look ahead to a new year, we find ourselves faced with many of the same challenges posed in 2020; how to make Buy to Let applications simple, secure and still connect brokers and their clients with the right experts for our deal.
LendInvest’s focus has always been to improve the mortgage application process for everyone, especially Buy to Let clients, and this past year has sped up that process as they have had to find ways to continue getting your deals completed in a world of restrictions and lockdowns.
Here’s how they have found they can put technology and people together to improve Buy to Let applications.
Get your deals faster
When working with brokers through the application process, I’ve seen firsthand the difference small improvements to the process can make to a borrower’s application, often with a simple bit of technology.
A simple and secure way to speed up your case is Open Banking, a tool we’ve been using to aid the underwriting process by allowing the underwriter see the relevant accounts and make decisions straight away, rather than ask you to produce documentation this reduces both the paper burden and the time you need to go back and forth with your clients.
We have seen the impact it can have on your clients’ speed to offer and how it reduces the paper burden on you. With the use of Open Banking, we have a significant number of cases move from application to offer in under 10 days.
In a new, paperless and contact-free world, any step to securely digitise the process is one we welcome with open arms.
Technology and people
Gaining a better insight into your needs has been key to this drive to find ways to make your job easier throughout the application process.
Whether this is simply a guide to our packaging requirements so we can start your cases quickly, Onfido for digital ID verification, in-built Equifax searches and e-signatures to reduce paperwork, we aim to consistently streamline our processes and make the customer journey quicker, simpler and paper free.
I understand that with improving any well-trod process – often with tools that have never been used before – comes concerns, which is why each tool we use fits neatly within the application process you are familiar with. Quick steps to make your job simpler and give your clients peace of mind throughout is what helps our team and you.
As you know, Buy-to-Let mortgages are as much about conversation as they are about process.
That’s why, regardless of the technological improvements we make to the Buy-to-Let application process, we put people front and centre, with local BDMs operating in every region, a salesdesk for any urgent questions and direct access to your underwriters and case managers throughout.
Even as we enter lockdown three, this mentality hasn’t changed. The whole business has continued lending remotely from the day the first lockdown was announced, and this approach shouldn’t change for lenders going forward.
Supporting your most important clients
The growth of professional landlords in recent years has been a great thing for the sector, and is why we’ve made supporting them to maintain and grow their portfolios a key focus for us.
This is where our personal and technological approach best joins up to give your experienced clients what they need; quick applications and a tailored approach led by their experienced contacts in our team.
Rates and offers come and go, appetite for high LTVs change, but it is by improving and simplifying the processes and building relationships with experienced team members that brokers see the real value of lenders, and why ours keep coming back to us.
By Sophie Mitchell-Charman, Sales Director
