Buckinghamshire Building Society
Consumer Duty: Helping brokers understand and identify vulnerability
This summer marked the first anniversary of the new Consumer Duty rules and the deadline for financial services firms to submit their first board reports on the subject.
The milestones provided a good opportunity to reflect on our collective progress and any ongoing challenges we face in successfully fulfilling the new duties.
As a lender, we want to support brokers in navigating Consumer Duty, especially when it comes to addressing vulnerability. We want to know whether brokers are comfortable defining and identifying vulnerability, and what we can do to make the process easier.
Mansfield Building Society
Mansfield Building Society introduces new Versatility Products
Mansfield Building Society has announced updates to its popular Versatility range, launching two new two-year discounted variable rate products.
Mansfield’s Versatility range includes products for borrowers with complex circumstances, such as non-standard incomes, historic credit blips, and unusual property types. The products offer affordable mortgage options across two tiers of complexity – Versatility and Versatility Plus.
Mansfield’s latest Versatility product is available for LTVs over 80% and up to 85%.
Commenting on the product updates, Intermediary Sales Manager Tom Denman-Molloy said:
“We’re pleased to update our Versatility range with lower discounted variable rates, bringing our customers more affordability alongside our accommodating criteria. These competitive rates mean substantial monthly savings, which is crucial for many borrowers right now.
“These updates demonstrate that we are responsive to market changes and supporting both brokers and borrowers with mortgage products that improve affordability and offer sustainable choices.”
A common sense approach
If you’ve got a case on your desk that requires a common sense approach to lending then please pick up the phone to our Broker Support team on 01623 676360 or visit https://www.mansfieldbs.co.uk/intermediaries/.
Legal & General
New OLP Connect webpage!
This week we launch of our new OLPC page on the adviser site. This dedicated space will centralise all OLPC-related content, making it easier than ever for you to access the resources you need. We have included our top tips for the system, some frequently asked questions and our handy videos which give you an overview of the system.
To keep the content fresh, we will be updating the page every three months, visit now and please let you BDM know any feedback
Market Financial Solutions
Earn 1.5 Structured CPD Hours with Market Financial Solutions’ Holiday Lets Property Training – Accessible Anytime Online
Lesson Overview
Market Financial Solutions’ Holiday Let Property CPD Training Certification is a comprehensive program specifically crafted for brokers with clients venturing (or considering entry) into the holiday let property market. This training video delves into every aspect of holiday-let investment, providing an in-depth analysis of holiday let criteria, tax implications, and effective financing strategies for these particular types of properties. From addressing the surge in demand that appeared during the pandemic to potential hidden expenses and the allure of attractive yields, this program equips brokers to guide their clients successfully.
Earn 1.5 structured CPD hours.
Learning Objectives
- Understand the definition of a holiday let, including key requirements such as furnishing and letting durations.
- Identify the primary motivations for investing in holiday lets, including potential income and market growth.
- Analyse essential considerations before purchasing a holiday let, including location, property size, and seasonal aspects.
- Evaluate the financial aspects of holiday let investments, including budgeting for maintenance, security, marketing, and commissions.
- Recognize the regulatory and tax implications of short-term rental properties, including health and safety requirements and tax obligations.
Teachers For Intermediaries
SOS: Shared Ownership Solutions from TFI
Clients keen on a new build shared-ownership home?
A new build shared ownership property can be a great option to help your clients take their first steps on the home ownership ladder.
TFI can help – here’s everything you need to know
- Shared Ownership mortgage applications from both teachers and to non teachers welcomed
- For teaching professionals we can lend up to 95% LTV of the share they are buying
- For Non-Teacher lending we can lend up to 90% LTV of the share they are buying
- Our standard fixed rate products (2 or 5 year fixed rate options) are available for shared ownership new build purchase
- We do not currently offer shared ownership variable rate product options
- Shared Ownership TFI Mortgages are available on New Build properties for purchase only
- With the exception of applicants staircasing to 100% we will not offer shared ownership remortgages.
Full details of our current product range are included in the product guide.
Darlington Building Society
Please find below details of our most recent products which will be effective from 9am Thursday 14th November 2024.
– 95% LTV Nationally (Excl. London)
– Up to 5x LTI
– 100% Family Gifted Deposit acceptable
– Variable Income Acceptable (Bonus/Overtime/Allowances)
Contact their Intermediary Support Team on intermediaries@darlington.co.uk or call 01325 741 004. Or find out more on their website.
e.surv Chartered Surveyors
Empower your clients with confidence
Foundation Home Loans
Rental yields, tenant demand and profitability
The buy-to-let sector remains an ever-evolving landscape, marked by its share of challenges and political scrutiny. Yet, landlords continue to play a pivotal role in a housing market that depends significantly on the private rented sector to provide quality homes across the UK. Professional landlords, particularly those with larger portfolios, demonstrate sustained commitment, influenced by factors like high rental yields, strong tenant demand, and consistent profitability. Click here to read the full story
The Stafford Building Society
The Stafford Building Society Expands Offerings with New Residential Mixed-Use Mortgage and Criteria Enhancements
The Stafford Building Society is excited to announce its latest mortgage product, the Discounted Residential Mixed-Use Mortgage, designed to provide applicants with flexibility for both personal and professional use within a single property.
As would-be borrowers seek solutions that support their lifestyle and work preferences, this product allows for a 60-40 split respectively between commercial and residential spaces, an increase from the previous commercial limit of 40%. It’s ideal for freelancers, small business owners, and clients pursuing diverse commercial applications, including (but not exclusively):
•Small-scale agricultural or horticultural enterprises
•DIY liveries
•Properties with more than one annex/building that is being or could be used for Holiday Let or Buy-to-Let purposes
•Properties with a garage or outbuilding converted for use as a consulting room
•Land for camping or glamping
•Grooming parlours and similar setups
The maximum LTV on this product has also been increased to 80%.
In addition to launching the Discounted Residential Mixed-Use Mortgage, The Stafford Building Society is rolling out several criteria enhancements to its mortgage products:
1.JBSP Enhancements — Joint Borrower Sole Proprietor (JBSP) options are now extended to include all non-family members.
2.Credit Criteria Improvements — Enhanced flexibility on imperfect credit (may consider DMPs which have been active within the last 12 months, and the exemption period for IVAs/bankruptcy is now 3 years, not 6).
3.Debt consolidation – to 80% LTV (formerly 75%)
4.Reduced Minimum Term — Minimum mortgage term is now reduced to 2 years, previously set at 5 years.
5.Consideration of Pending Pay Rises — Pay raises can now be considered even if not occurring within the next three months.
6.New LTV for Secondary Residential Properties — Clients can now rent out second residential properties for up to 20 weeks per year, with an LTV cap of 80%.
These changes reflect The Stafford Building Society’s commitment to meeting evolving market demands and supporting brokers with versatile, client-centred solutions as a specialist lender.
For any inquiries about our new products and criteria updates, please reach out to our Intermediaries Team via:
Phone: 01785 231 444 Email: Brokers@srbs.co.uk
or visit our website.
LiveMore
We’ve lowered the minimum equity
We’ve lowered the minimum equity required on our standard interest-only mortgages by up to £91,500! This means your clients can now access larger loans.
Our new Minimum Equity requirements fall into four bands:
Two examples of how your clients could benefit…
A client purchasing a home in the North West for £231,000 could now borrow £151,000 – up from £60,000.
In the South East, clients can now borrow up to £258,000 for an average property worth £438,000, instead of £207,000.
For any questions please get in touch:
- 020 4525 7754
- sales@livemoremortgages.com
contact your local business development manager.
The Loans Engine
One Day Payout
In August, The Money Charity reported that the average total debt per UK household was £65,665, including mortgages, unsecured loans, and credit card debt.
Managing multiple debts can be overwhelming and difficult for clients to keep on top of. However, consolidating these debts could help them simplify their finances and potentially reduce their monthly payments.
Recently, we helped a client lower their monthly expenses by £672, taking their monthly shortfall into a surplus. It was a great outcome for both the client and the broker!
What made this case even more remarkable was the speed of completion.
Here’s how we made it happen…
Case study: One day payout
The turnaround for this case was exceptionally quick, as the client needed to complete before their payments went out on the 1st of November.
Our team worked tirelessly, even staying late to ensure everything was accurately submitted on time.
Here’s the timeline:
Wednesday, October 30th:
- Case sold at 3:35 pm
- Underwriting received the pack at 4:40 pm
- Welcome call with the client completed at 6:23 pm
- Case submitted to the lender at 6:32 pm
Thursday, October 31st
- Client transferred to the lender for speaks at 12:25 pm
- Case offered at 12:42 pm
- Deed received by the lender at 16:01 pm
- Case completed at 16:39 pm
Completing this case within a day shows how we can deliver results when timing is critical. We know that every second counts for your clients, and that’s why we focus on speed without compromising quality.
So, if you have clients who need a quick solution, give my team and I a call today on the number below. When you partner with us you will experience how we go the extra mile, not just on speed, but on every aspect of service.
Get the latest rates for clients with our quick quote tool here
Call our experts free on 0800 328 8930 to refer your cases!
Book your free Zoom training session here.
Speak with one of our experts on live chat here.
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