Inform 1st November 2024

Legal & General

Important updates to our Fracture Cover and Private Diagnostics

Our Fracture Cover and Private Diagnostics provider, Axis Speciality London, has served notice and announced its decision to cease all new business and renewals in 2025. As Axis are the manufacturer of both products, we’ve been assessing whether we can replicate the service.

What is happening with Private Diagnostics?

We have been unable to find an alternative insurer, and as of 31st October 2024, we will no longer be offering Private Diagnostics to new customers, and renewals for existing customers will cease in early 2025.Existing customers will still be covered, and we will contact customers 30 days before their renewal date to inform them that the benefit is no longer available for renewal.

What is happening with Fracture Cover?

As part of our assessment, we are working closely with Axis to negotiate an exit date in 2025 and are exploring alternative solutions. Currently, there are no changes to existing customers or new business, and we will provide an update as soon as we can.

We understand you may have concerns or additional questions, and we’re here to provide support. Contact us here.

Aria Finance

How to spot Second Charge opportunities

Are you confused by second charge mortgages? You’re not alone, Aria Finance are here to help demystify them for you.

We frequently hear from brokers that pinpointing the right moment to suggest a second charge can be challenging. Here are some useful indicators that a second charge could be appropriate for your client:

Unable to exit their current first charge due to a preferable interest rate or early repayment charges
Personal circumstances mean an unsecured loan isn’t viable
The value of loan required is higher than £25,0000, which is the typical limit of an unsecured loan
The borrower requires funds in 4 – 6 weeks

If you have a case that you think is suitable for a Second Charge Mortgage then feel free to reach out to the Aria Finance team. Their friendly and experienced team are on hand to guide you or your client through every step, from initial enquiry to completion, ensuring a seamless, positive experience.

Why choose Aria Finance for your Second Charge enquiry?

Up to 95% LTV
Lending Multiples that go beyond typical high street limits
Clients in probation period considered
Adverse credit considered
Quicker, smoother timescales with AVM criteria
Paperless application options (dependant on lender)
Interest only borrowing available

Find out more about Second Charge Mortgages and how Aria can help here.

Zurich

Regulatory intervention may be the only way to advance protection

It’s good to talk…and we need an appropriate distribution framework that allows that to happen.

‘If life assurance was free, how much would you have?’

‘You don’t buy life assurance because you’re going to die, but because those you love are going to live’

‘If you had a money-making machine in the corner of your room, would you insure it?

These ideas featured in life insurance training courses I attended 40 years or so ago – maybe some still use them.

They’re a reflection of the adage that ‘life assurance is sold and not bought’.

Since then, we’ve seen a very material switch in the way general insurance is bought, but the same cannot be said for life insurance.

Continue reading.

Affirmative Finance

Auction deadline approaching

The Person:

George and Ted* own a number of buy to lets and were looking to expand their portfolio. They found a property that they thought would be a perfect fit – a small flat located on a street where they already owned another unit. The flat was being auctioned, so George and Ted started work on obtaining finance, then turned up at the auction, bid, won and paid their deposit.

The Problem:

When everything seemed to be going smoothly, the valuation showed that the flat was near a number of non-residential units and this fell outside the lender’s appetite. George and Ted’s loan application was refused. The completion clock was ticking and their deposit was at risk.

The Solution:

A quick call to Affirmative was all it took to provide a glimmer of light at the end of the tunnel. With time being of the essence, an AVM was performed, George and Ted were quickly reassured that the property would be an acceptable security and the completion timescale of just a few weeks wouldn’t be a problem. Sure enough, the loan was in place by the completion deadline, a new property was added to their expanding portfolio and their deposit was saved.

Speedily saving deals is the Affirmative way.

Real People. Real Problems. Real Solutions. Affirmative.

If your clients need a lender who is able to offer speedy solutions, call our office on 08000 44 84 84 and let Affirmative see if it can come to the rescue.

Melton Building Society

Launches East Midlands exclusive shared ownership product

On the 18th October Melton Building Society launched a new shared ownership product to boost home ownership in its heartland Leicestershire based Melton Building Society have made a move to support brokers and applicants within their heartland by launching an East Midland exclusive product. The shared ownership product offers a reduced minimum loan of £50k to better suit the needs of applicants within the area.

The product is offered with no application or completion fees and £500 cashback to applicants purchasing in:

Leicestershire
Lincolnshire
Northamptonshire
Nottinghamshire
Rutland
Derbyshire

More details of the current product range at the Melton are available on their website themeltonbrokers.co.uk or by contacting the sales team on 01664 414144.

Teachers Building Society

Spooktacular Remo + Debt solutions

Clients freaked out about remortgaging plus debt consolidation? We’ve got some spooktacular solutions… Key features:

Remortgages with debt consolidation available up to 90% LTV
Affordability is assessed based on the debt being repaid;
No debt-to-income ratio;
Life events (home improvements, wedding expenses, a period with reduced income, etc.);
Discuss with our intermediary team: Why has the debt built up / what is going to be different moving forward?
There are ‘no product fee’ variable and fixed rate options available;
Not just for teachers, applications from all professions welcome.

It is essential that your customer can afford the payments on any mortgage they take out. The longer the mortgage term, the more your customer will pay over time. All mortgages are subject to an affordability assessment and our lending criteria. Please remember that any mortgage your customer takes out will be secured on their home, and they must keep up the payments.

Avoid nightmares….call the TFI team today on 0800 378 669.

Pepper Money

A delve into the Specialist Lending Study insights

In a special episode of The Specialist, Rob meets “The Professor” to discuss the findings of this year’s Pepper Money Specialist Lending Study. They discuss the market and economy utilising Professor Trevor Williams’s expertise as an economist.

Plus, he teases what we could expect in the months and years ahead. Is inflation under control? Is the cost of living crisis over? What will the Bank of England do with interest rates?

Click here to listen to this fantastic special edition to discover Trevor’s thoughts.

We’ve continued our partnership with YouGov to conduct research with more than 4,000 people, representative of the British adult population.

Our latest study uncovered that 8.38 million people (16%) have experienced adverse credit in the last 3 years. This is the highest level since we launched our regular study, showcasing the rise of adverse credit.
However, despite this, 1.76 million people with adverse credit are planning to buy a property in the next 12 months.

Accord Mortgages

We’re extending our DIP validity period to 90 days

We are always looking for ways to improve our service to you, so you can deliver a great service to your clients. So, from today we are extending our DIP validity period from 30 days to 90 days across our Residential and Buy to Let New Business ranges.

Why are we making this change?
We are always listening to broker feedback, this change will simplify the DIP process, making it more efficient and freeing up more time for you to spend with clients.

What else is changing? 
There are no other changes.

What else do you need to know? 

Simply submit a DIP as normal.
If a client’s circumstances change, you will need to resubmit a DIP to make sure that the DIP information remains accurate.
Existing pipeline applications will continue to have the 30-day validity period. However, if the DIP expires and you wish to re-submit the 90-day validity period will then be applied.

When is this change?  
From, Wednesday 30th October.

Bank of Ireland for Intermediaries

Helping your clients secure their first home

Bank of Ireland for Intermediaries understand the challenges faced by first time buyers. That’s why their first time buyer propositions have been designed to help more of your clients get onto the property ladder, as well as make their journey as smooth as possible.

So, how can they help?

Maximise buying power – Their Joint Borrower Sole Proprietor (First Start) mortgage can boost your client’s borrowing power. By using the income of a sponsor (parent or close relative), they could get the property they really want.
New Builds – Purchasing a new build can be complex. They can help by accommodating builder incentives up to 5% of the purchase price. Plus, their easy to use online application process allows you to track your client’s case every step of the way.
High LTVs – For those with small deposits, they offer up to 95% LTV. Plus, they can also help with upfront costs, by offering cashback options and products with Standard Valuation Fees paid.
Good Affordability but doesn’t meet standard lending criteria – If your client has a good income, but doesn’t meet straightforward lending criteria, Bespoke, their personalised flexible underwriting service, could help them secure their dream home.

Whichever option is right for your clients, their experienced and dedicated team are always on hand to help make the process as simple as possible.

Head over to their new first time buyer page to find out everything you need to know or speak to your BDM today.

They’re right here for first time buyers

Livemore

Mortgage Market Insights from Robert Sinclair – Watch Here

Want to know about the latest economic and industry developments in the UK mortgage market? Hear Robert Sinclair comment on tomorrow’s budget and
expert perspectives on a range of industry topics.

Discover Robert’s analysis on Consumer Duty, economic policies, the future of equity release, ESG initiatives, the essential role of holistic advice and more.

There’s more content to come but for now watch on YouTube.

Just

Care Report 2024 – why social care planning remains urgent

Our latest edition of Care Report – Groundhog Day, provides key insights into the challenges of social care funding. It highlights the need for clients to plan ahead and for you, as advisers, to guide them through the complexities.

Read our full report to learn more.

Darlington Building Society

Our criteria comes first for first-time buyers

First-time buyers are hot property right now. Darlington Building Society are launching some brand new FTB products, offering new flexible criteria.

From 9am Monday 28th October 2024:

All of their first-time buyer products will be fee-free with standard criteria
They will lend nationally up to 95% LTV (excluding London)
Their maximum loan size will be 90% for £500k, and 95% for £400k (that’s a £100k increase from what they were a month ago!)
These can be combined with their standard criteria such as, No Credit Score, Variable Income and Self-Employed Accepted.