WHO IS MARGARITA? WHO ARE LIVEMORE?
Who is margarita?
We are really pleased to announce that Margarita Genovesa has joined our team at LiveMore.
With over 30 years in the financial industry, Margarita has successful stints at Santander, John Charcol & Sainsburys Bank Margarita brings a wealth of experience to an already expert and high performing team.
Margarita will be your Account Manager and will be personally introducing herself in the coming weeks.
Who are LiveMore?
LiveMore are revolutionising later life lending with Interest Only mortgages that are mainstream products for the over 55s. Our flexible human approach to underwriting means that we can help in cases where others can’t. Affordability is assessed on the Interest Only payment which increases the client’s borrowing capacity. We are also able to consider income that will plausibly continue beyond retirement age. As our name suggests we are giving older borrowers a whole new lease of life!
How to contact margarita:
Margarita can be contacted on 020 3011 4990 or margarita.genovesa@livemorecapital.com where she will be happy to assist you.
How to register with this lender:
To register with LiveMore you will be required to complete the registration process. Click here to get started – https://portal.livemorecapital.com/bp/login
Nationwide Increased maximum term on 90% LTV lending
From tomorrow, Thursday 21 January, we’re increasing the maximum loan term at 90% LTV back to 40 years. This change applies to all cases that receive their first DIP on or after Thursday 21 January.
Please remember that for lending over 85% LTV, our enhanced criteria still applies.
Have you noticed our improved timescales?
On average, it currently takes 15 working days for you to receive an offer on 90% LTV cases – half the time it was taking at the start of December.
An initial assessment now only takes 3 working days on average. And valuations are completed within 6 days on average.
NEW INTEREST ONLY HIGHLIGHTS
Introducing our new Interest Only, with an enhanced criteria.
The range is designed for mortgage applications where either all or part of the mortgage is to be arranged on an interest only mortgage. Their core range remains for customers wanting to arrange a mortgage on a repayment basis.
Interest only highlights:
- NEW – The maximum age at the end of the mortgage term is now 80 for all repayment types
- NEW – Debt consolidation now accepted
- NEW – Part & Part available up to 75% LTV when using sale of subject property – minimum property value of £600,000
- Maximum 85% LTV for Part & Part for all other repayment strategies
- Second homes up to 85% LTV, 75% Interest Only sale of property acceptable
- Minimum usable income of £50,000 required
- We require evidence of a suitable repayment strategy at the time of application
For full details of our Interest Only range and acceptable repayment strategies, please refer to Mortgage Lending Criteria Guide and Product Guides.
TOP TIPS FOR A SPEEDIER APPLICATION
To help us process your clients’ cases as quickly as possible, our Originations Leader, Hannah Moody provides 6 top tips to speed up your cases. Click below to watch Hannah’s video and also take a look at our new FAQ section.
Earn 45 minutes CPD
To meet the demand for our latest webinar, we’ve added an extra session. Register to see Frances Taylor, Craig McKinlay and key industry experts discuss the impact of the pandemic on the self-employed market and how lenders can help you and your clients.
Your Self-Employed Questions Answered
As a result of COVID-19, we are expecting more applications from the self-employed. Our very own Dec and Paul have therefore answered your most frequently asked questions in this short video.
Making changes to an application
If your client’s application has been agreed by underwriting, complete our substitute property form.
Where the application has not been agreed by underwriting, we’ll need a new application on Introducer Internet.
Don’t forget! You can view our latest service levels for these types of changes on our website.
Need to bridge a property gap?
Teachers mortgages keep it short and sweet
- Do market conditions mean it’s not the right time for your client to sell?
- Have they found a dream property that they want to secure straight away?
- Do they need time to carry out remedial works to both a new and old home?
- Is it financially more prudent to leave investment funds untouched for the time being?
- Or can they simply not find a buyer prepared to pay their former home’s worth?
…Whatever the reason, an ERC free short-term mortgage from Teachers for Intermediaries can help bridge the gap from old home to new.
TFI short-term mortgages offer
- Lending terms of 1-5 years
- Interest only affordability
- 70% maximum LTV for interest only
- No early repayment charges
- Interest only mortgage with monthly repayments
- Income sources including pension and investment assets included
- Underwriters who tick people, not boxes
Ralph Punter, BDM at Teachers Building Society, said:
“There are a vast array of circumstances that make trying to tie up the sale of one property with the purchase of another difficult. When you’re dealing with more unusual homes, at higher values, in more rural locations or with additional features that difficulty can be compounded. Whilst bridging loans offer a solution for a few months, in some cases that won’t be long enough. An ERC free short term mortgage can offer a more flexible solution.”
Ready to ‘KISS’ goodbye to bridging woes and talk short-term mortgages?
Find out more from them and contact Ralph and the TFI team today.
Up to 70% LTV for your semi-commercial clients
See what InterBay Commercial can do for your clients
Have you seen InterBay Commercial’s semi-commercial product range? The specialist lender could help those looking to diversify their portfolios or invest in mixed-use properties.
Key criteria:
- Commercial and residential rental income considered
- Up to 70% LTV
- For property values over £2m, refer to your specialist finance manager
- Two, three and five year terms (with identical rates on three and five year options)
When this offering is combined with a truly bespoke, direct and personal service, why not see what InterBay Commercial can do for your clients?
Download their latest product guide and find your next semi-commercial case solution. And if you’re ready to submit a case, don’t forget to consult their application checklist.
Get in touch
With a truly collaborative approach to solving cases, InterBay Commercial’s experienced team are focused on working with you to achieve a positive outcome and a bespoke lending solution for your clients.
If you have any questions, please speak to your specialist finance manager or call 01634 835006 for more information.
Did you know? Pepper Money can help you place debt consolidation cases.
For many of us, January is a time for goal setting for the year ahead. A common resolution or goal is to reduce debt or even become debt free.
Many of you will be having these conversations with your clients, especially when finances are being stretched given the challenges that some of the UK population is facing right now with the ongoing pandemic.
In their latest Adverse Credit Study, Pepper Money found that 40% of adults who have experienced adverse credit in the last 3 years have more than £5,000 of outstanding unsecured debt.
According to the Money Charity, a credit card on an average interest rate would take 25 years and 3 months to repay if making only the legal minimum repayments each month.
Saving money every month by consolidating debts, could help make living costs that little more manageable, especially for those customers who may have experienced a reduction in income.
If a remortgage for consolidating debt is an option for a case, here’s where Pepper Money could help…
Whatever a customer’s reason for capital raising, Pepper Money can look to raise funds up to their maximum LTVs – as high as 85% – and this includes debt consolidation. What’s more, as they don’t credit score and have no debt to income ratio, they’re often able to assist where others can’t.
They take the same human approach to all cases, and no matter what you’re looking to achieve, they will be able to assist with adverse credit too. So, if your customer is looking to consolidate their debts and has some missed payments, defaults, or CCJs in the background, Pepper Money could help.
LV= here to support you throughout 2021
We’ve been supporting you with our 5 star service for the past 10 years and we will continue to do so throughout 2021. We’ll continue to provide the reassurance and support you need for your client conversations. Here’s a reminder of how we can help.
24/7 Online support– We have a wide range of tools available to support your protection conversations including, our Pre-Underwriting Tool providing instant indicative decisions, helping you manage your client’s expectations and convenient Fastway application tracking via the Protection Progress Hub
NEW! Non-Medical Limits– We now offer some of the highest non-medical limits for Income Protection across all ages
Free pre-underwriting cover for you clients- For your clients aged 55 or under, they’ll get the reassurance they need whilst waiting for their Life or Life and Critical Illness policy to be accepted.
Full details and T&C’s can be found here.
Dedicated Account Management support Our Account Managers are experts in the Protection market.
For full details visit the LV= Adviser, alternatively you can call your usual account manager on
0800 032 4219.
Why not refer?
The market is becoming complex and unpredictable. The aim of this offering is to assist you with access to specialist advice on cases that may be potentially time-consuming, require expertise outside of your core business or where you don’t have the necessary permissions in place.
Impact will deal with the client directly and cover all compliance and regulatory needs.
Key points to note:
- As you will probably expect, we have a formal agreement to be completed. This is important for both of us, and the client too.
- Appropriate FCA permissions may be required in certain circumstances.
- If you hold Appointed Representative status under the FCA it is incumbent upon you to advise your Network and obtain their agreement to work under this arrangement. Once approved, Impact SF will commence liaison with the introduced client in respect of the mortgage/finance. This helps ensure Impact SF meet Legal and Regulatory obligations.
- A proc fee will be paid on completion for the referral.
Call the Impact team on 01403 27 26 25 to find out more.
What do France, USA and Spain all have in common?
There are probably many links but one is Gatehouse Bank can finance to residents of all three! We have a number of product highlights for overseas investors but here are just 5:
- Finance up to 80% of the property value, including new build flats and houses.
- Available to first time buyers/landlords.
- Minimum income of £25,000 with no FX haircuts.
- No early payment charges on any product.
- Finance available to both individuals and SPVs.
Please visit our website for our up-to-date products and criteria, and if you are not already registered, use this link to submit a case and receive important product updates from us. Our BDMs are also available and would be delighted to arrange a virtual visit to discuss how Gatehouse can help you and your clients.
Making Things Easier for You
A couple of weeks ago, we introduced you to some of the practical ways we’re Making Things Easier for You. One of those things was ‘We combine the latest technology with the human touch, to make our mortgage process more efficient for you’.
Find out from our Head of Mortgage Products Alex Beavis what we do now and what we’ll be doing in the future to try and give you the best of both.
Read about it here.
Alex Beavis, Head of Mortgage Products, Skipton Building Society –
“… we’re seeking to combine the very best of what we already have – our people and our human touch approach – with the latest in innovative technology. This is a winning combination we believe will not only improve the service we offer, but allow us to expand our reach and ability to serve a growing number of customers and brokers.”
Make time to talk this Brew Monday
On what’s said to be the gloomiest day of the year, Monday 18th January sees the launch of the Samaritans’ Brew Monday campaign.
Brew Monday encourages each of us to connect and check in with loved ones, to support their mental health. We’re pleased to support this campaign again and encourage our intermediaries and customers to reach out and open up to those closest to them.
Because now, more than ever, there’s an even greater need to stay connected as more of us are physically apart from those we care about. Simply having someone there to listen can be a huge benefit to someone struggling with their mental health.
How to take part
Whether you choose to pick up the phone, or have a video chat, Brew Monday is about making the time and space to listen, and maybe even help someone work through something that’s on their mind.
Find out more on the Samaritans website
Searches for Post-Furlough Residential Mortgages up 230%
Back in November, the Chancellor Rishi Sunak further extended the furlough scheme to provide additional support for a variety of businesses and individuals. While this remains a largely positive and vital solution, it has also introduced an extra layer of complexity within the mortgage lending community.
This is obviously something lenders and intermediaries have been dealing with for many months now. However, as time passes by, demand from borrowers on the furlough scheme appears to be increasing. Recent data highlighted that searches for mortgage products suitable for furloughed borrowers increased by 230% between October and November.
In October, a tool was released, which helps advisers quickly determine which lenders would consider a particular mortgage applicant, recorded 175 searches for furlough-friendly products. A figure which subsequently increased by 230% to 577 searches in November.
In addition, the latest figures from Knowledge Bank showed that ‘furloughed workers’ reappeared in November’s top five most searched terms by brokers in the residential mortgage market. It also outlined just how quickly lenders reacted, with over 30 updates to criteria in just two days recorded by Knowledge Bank in its ‘furloughed workers’ category. Unfortunately for borrowers, most lenders tightened criteria for those who had been furloughed at any time, making it harder for them to buy or remortgage.
Residential remortgage with low up-front costs? Find your solution here
“Furloughed workers still need access to mortgage products and they shouldn’t assume that their circumstances mean they are locked out of the mortgage market.” I couldn’t agree more with these sentiments and it really does underline the value of good, professional impartial advice. It’s also vital for intermediaries to be aware of the types of solutions which are out there for clients who may have been forced onto the furlough scheme.
BDMs and lending support teams – backed by personalised underwriting routes – can play such an important role in being able to outline lending capabilities for intermediary partners and their clients.
We look forward to supporting you with these clients throughout 2021.
