Inform 7th June 2024

Santander for Intermediaries

Product transfer window reducing from 6 months to 4 months

Background

Under the Mortgage Charter, lenders let their existing customers lock in a new deal up to 6 months before their current deal ends. We call this the retention window. In July 2023, we increased the retention window from just over 4 months to just over 6 months. This allowed customers to secure a lower rate earlier as rates were increasing rapidly at the time.

As market rates have stabilised over the last few months and the Bank of England base rate is forecast to go down later this year, we’ve seen a very low percentage of eligible customers requesting a new deal between 4 to 6 months before their current deal ends.

From Tuesday 11 June we’ll start reducing the retention window while still supporting the Mortgage Charter. We’ll do this by holding the product completion deadline for product transfer deals that we launch in June and July. The table below explains this:

So, for the time being only customers with a current deal ending up to and including 4 December 2024 will be eligible to secure a new deal. Then from 13 August relaunch, customers with a current deal ending up to and including 4 January 2025 will become eligible for a new deal. You should continue to access the online mortgage transfer service in Introducer Internet to check if your client is eligible to pre-book a new deal.

Our proactive customer communications

We’ve already sent a 6-month contact to customers with a deal ending up to and including 4 December 2024. From the beginning of September, we’ll start contacting customers with a deal ending up to and including 4 January 2025. This will be their first contact at 4 months before their deal ends.

What’s not changing?

Customers can still change or cancel a pre-booked deal at least 14 days before it’s due to start.

Whilst a product transfer is pending, customers cannot make any other change to their mortgage until the new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, applying for an additional loan, making an overpayment or starting the process to move home.

If they already have an active Mortgage Charter change in place, the customer needs to call us directly on 0800 092 3881 if they want to request a new deal.

Introducer Internet downtime

Introducer Internet won’t be available from 9pm on Saturday 8 June until 6am on Monday 10 June.

Your brokers won’t be able to submit cases during this time. We’re sorry for any inconvenience caused.

United Trust Bank

Need a place for your Residential cases?

UTB are here to help. Whether your customer is employed, self-employed, sole trader or contractor, we have products for you!

We have three product tiers available: Prime Plus, Prime and Near Prime, to help assist those with customers with different financial circumstances and potentially less than perfect credit.

Why use us?
Income
• Latest year’s accounts are accepted for self-employed applicants
• For contractors we use the daily rate x 5 x 48 weeks
• We accept gifted equity and gifted deposits

Products
• Interest Only products are calculated on the interest only repayment
• Up to 40-year terms accepted
• We have a 5-year fixed product with a 2-year ERC

People
• We manually underwrite each case, giving us flexibility where the high street can’t direct access to a mandated underwriter
• We consider applications from married applicants where only one person is on the mortgage
• Those with various credit blips
• All plausible loan purposes ie: tax bills

Properties
• All property types considered including high rise, ex local, grade II listed and farm houses
• We lend on non-standard construction including concrete, flat roofs and spray foam
• Above a takeaway or next to commercial? We’ll still consider it

Have a case on your desk? Why not give us a call today on 0207 031 1551 or email mortgage.enquiries@utbank.co.uk
Check our product and criteria guides on our website

Vitality

Life Claims 2024: Exploring the trends impacting the protection market

Our collective industry pays out billions each year in claims and plays a vital role in strengthening the financial resilience of UK households.

But in a rapidly changing world, with consumer needs and expectations shifting, as well as wider trends impacting the market, what does the latest claim data tell us about the future of the market and how we can best rise to those challenges?

Join us as we explore the latest 2024 VitalityLife Claims & Benefits report, alongside our panel of advisers and industry experts.

Find out more

The Mortgage Lender

Lack of Understanding preventing FTBs from making the most of Shared Ownership

Just 35% of prospective first time buyers (FTBs) can accurately define Shared Ownership, indicating that many could be missing out on this route to home ownership according to new research by The Mortgage Lender (TML).

With first time buyers up against a multitude of challenges to get onto the property ladder, TML’s research highlights that some knowledge gaps could be preventing them from taking steps towards their property goals.

Read the full article.

e.surv Chartered Surveyors

Our experts are ready to look after your customers

When you refer to us, you can rest assured that your customers will be looked after by experts. e.surv is packed full of clever, knowledgeable and passionate people, ready to provide true insight and help you deliver leading customer service.

The May edition of Green Watch is here – and it’s packed with information you’ll want to arm your customers with.

Here are the highlights:

• Santander is urging the government to do more to help homeowners and renters upgrade the energy efficiency of their properties
• The bank has developed several initiatives to support its borrowers on this potentially game-changing decarbonisation journey
• The Future Homes Standard is designed to ensure new homes built from 2025 will produce 75% less operational carbon. To achieve this, new homes will be equipped with low carbon heating and greater levels of insulation.

That’s a lot of information but the long and short of it is this: these measures will help customers significantly reduce their energy consumption.

In the meantime, you can help people get a better understanding of the energy efficiency of the home they’re considering buying – or renting. The multi-award-winning e.surv HomePlus Digital Home Survey offers a host of benefits, with one being a Energy Efficiency report

Refer your customers today.

Zurich

Zurich Accelerate and our other latest updates to the Life Protection Platform

We’re focused on delivering changes that are designed with you in mind, ensuring we make it as easy and rewarding as we can for you and your client’s when it comes to doing business with us.

In May, we:

• Introduced a new optional benefit, Zurich Accelerate – when added to a Zurich Personal or Income Protection policy, Zurich Accelerate provides access to experts from around the world to offer a package of medical care services for cancer, heart and neurological conditions. Your clients have complete flexibility when it comes to using any of the six services Zurich Accelerate has to offer. They can choose which services to use and when, with the option to combine them with public or private healthcare, offering greater control over their healthcare decisions. For more information click here.
• NEW milestone benefit reason for Income Protection policies – we’ve added a new milestone benefit reason of “rental increase” to new Income Protection policies. Customers will now be able to use the milestone benefit to increase their monthly benefit without underwriting if they have an:
• Increase to rental payments imposed by a landlord
• Increase to rental payments when moving to a new rental property
• Increase in payments when changing from rental payments to mortgage payments
• Increase in payments when changing from mortgage to rental payments.
• Increased our Direct Debit trigger notice periods – when your clients’ Direct Debits change or a new one is set up, we will not collect any changed or new premiums until 15 days have passed.
• Improved our quote illustrations for additional children’s benefits – based on your feedback, our quote illustrations will now show the children’s benefit premium as a separate line.

Read the news bulletin here.

More2Life

Why you should stop waiting for rates to fall.

Given market volatility over the last few years, predicting whether interest rates will rise, fall or remain is almost impossible. As we’re now in a period of relative rate stability, moving your client’s application forward and securing today’s low rate could be the best option for their needs. Then, if rates do fall, at more2life, we can pass that benefit on to your client before completion.

Watch here, as more2life’s Managing Director, Ben Waugh, explains why you should stop waiting for rates to fall.

Create KFI or find out more today.

Aviva

Video Hub: Ask the experts

Opportunities in the rental market

CPD 1 hour

Synopsis: Join us as we look at the size of the rental market, we look at the demographics of the market and gain an understanding of tenants and how to engage them.

Global Treatment

CPD 1 hour

Synopsis: Join us as we look at the impact of Covid on a cancer diagnosis, why people might travel for treatment and the global treatment customer end to end process.

The Mortgage Works

Waiver of Early Repayment Charges in the last month of a product

Good news. From Saturday 1 June, we will no longer apply Early Repayment Charges (ERCs) for overpayments in the last month of a product term.

This means your clients won’t have to pay any ERCs in the last month of a deal if they make an overpayment. This removes the need to go onto the Standard Variable Rate to make an overpayment in excess of their allowance.

Redemption Pipeline:
We no longer charge ERCs for clients redeeming their mortgage in the last month of their product term.

We’ll review any pipeline redemption requests in line with this change as part of the account closure process. We’ll issue a refund if due.

Leek Building Society

Leek Mortgage Connect is now live

Today marks the grand reveal of our new broker and originations platform, Leek Mortgage Connect!

As one of our dedicated brokers who’s already familiar with MSO’s advanced software, you’ll now be able to experience a smoother lending experience with Leek Building Society, including:

• DIPs complete with a soft search
• Automated, instant decision in principle
• Credit search, not credit score
• Quick decision making
• Online case tracking

Our dedicated team are on hand to help you with any questions or concerns you may have.  Simply call them on 0808 281 9309.

If you’re yet to set up your Leek Mortgage Connect account, you can get started here.

You can call our dedicated team on 0808 281 9309 with any questions you may have.

LiveMore

We’ve increased maximum loan and maximum adverse limits

To support you and your clients, we’ve introduced improved elements to our range for both maximum loans and adverse.

What’s changing?
• Increase in maximum loan:

o LiveMore 1, 2 and 3 and Up to 100% Debt Consolidation is changing from £1m to £1.25m

o Greater maximum loans are available on referral across the range. Please speak to your BDM

• Increase in maximum adverse for LiveMore 4:

o Unsecured arrears – increasing missed payments
allowable from 3 to 4.

o CCJs/defaults (satisfied) from £1500 to £2500.

o Debt Management Plans are allowed if satisfactorily maintained and over 3 years ago.

These changes are available across our Standard Capital and Interest, Standard Interest Only, and Retirement Interest Only products.

For any questions please get in touch
• 020 4525 7754
• sales@livemoremortgages.com
• Contact your local business development manager

Metro Bank

Policy Enhancement

Great news! We can now accept sole applications for married couples on all residential purchase and re-mortgage applications.

This includes Joint Borrower/Sole Proprietor where the applicant’s spouse can be the joint borrower, provide a gifted deposit and continue to reside in the property.

Residential Core Range JBSP highlights

Spouses and non-relatives are accepted as joint borrowers

Joint borrowers now permitted to reside in the subject property

Joint borrower can now gift a deposit and reside in the subject property – updated Gifted Deposit Form to be used. Up to 95% LTV on houses and flats, purchase only (90% LTV for new build)

Up to four applicants on the mortgage, with a minimum of one applicant on the property deeds

Income can be accepted from up to 4 applicants, at full income multiples, subject to affordability

Maximum age 80 considered (mortgage term based on the oldest applicant at the end of the term)

Repayment, interest only and part and part options available (maximum LTVs apply)

For full details on the points above, please refer to our Mortgage Lending Criteria Guide and Product Guides.

Leeds Building Society

Helping you unlock doors for first time buyers

We’re helping you give your clients everything they need to make them first home happy.
We recently launched our First Time Buyer Broker Guide, a great resource to help you support your first time buyer clients. If you haven’t had a chance to read it – you can download it here.

“We continue to break down barriers which prevent home ownership. From our extensive product range and influencing policy, to our newly developed package of support, content, and tools to aid our broker partners in getting their first time buyers on the ladder.” – Martese Carton, Director of Mortgage Distribution

We know first time buyersWe’ve been helping people into a place to call home ever since we started around 150 years ago. And we know that right now it’s one of the hardest times to make home ownership a reality. You can learn more about the current first time buyer market in our Lending Matters podcast episode.

Learn more about what we’re doing, and why we’re doing it, in our intermediary news article.

Royal London

Improving our Income Protection proposition

This week, we went live with a number of improvements to our Income Protection proposition, giving our customers more cover and some added peace of mind.

What’s new?

1. We’re increasing our replacement ratio, to be joint-leader in the market. We’ll cover 65% of first £60,000 then 50% up to £250,000.
2. Our minimum income guarantee amount is increasing from £18,000 to £21,000 – which currently makes us marketing leading.
3. Customers will now benefit from a grace period of 3 months allowing them to maintain their own occupation status, if not working or in between jobs at point of claim. This is particularly useful for contractors.
4. We’ll increase fixed cost cover flexibility for self-employed – they’ll only need to evidence 12 months of their fixed costs as opposed to 3 years.

Why have we made these changes and where does this put us in the market?

These improvements will provide even better cover and support advisers to get cover to clients who may not have previously had Income Protection – like the self-employed and contractors. The increased payout limits reflect today’s higher living costs, and overall, these enhancements should make it easier for customers to claim. 

How are we telling advisers?

1. A press release has been issued to key trade media titles.
2. A new campaign page is live on the adviser website.
3. Protection Guru activity will go live on today, this is their review of our proposition improvements, we’ll share this once we have it.
4. Later in the week, we’re issuing an adviser email to let them know about the improvements.
5. We will also go live with organic and paid social media activity across our channels later this week.
6. You’ll see trade media banners across different publications, and we’ll also retarget advisers who have visited our website or engaged with other relevant content.

Existing literature and webpages

1. All Income Protection webpages and most literature items have been updated and are now live.
2. You’ll find updated literature items, and copies of our adviser emails available on our webshop AVP campaign page.

What’s still to come?

We’ll have more activity throughout June and July to continue to engage advisers including:

1. Income Protection webinar – we’ll share registration links for this in due course.
2. Money Marketing podcast.
3. IPTF Spotlight – take over of their social media channels during June.
4. AVP videos.
5. Further adviser emails, focussing on tools, support and key areas of the improvements.

What else will advisers see from us this summer?

Promoting our Income Protection enhancements will be our key focus on protection over the summer months, and this will support our always on activity that continues to showcase our overall adviser value proposition story. During the summer, advisers will see our cross propositional activity that focuses on all the ways we help them do business easily – look out for more information about this soon.

We’ll also continue to promote our Online Trust enhancements, and our recently released claims stats.