Justanupdate
Monday15thJuly
Thisweek'sheadlines:
Smartr365 – updated Q&A now available to read
We have updated our Q&A document and provide a further update on our work with Smartr365 and Openwork as we near launch. We strongly encourage you to read in full as many of the questions have been updated.
View the document HERE
Overview:
We have been working tirelessly in the background testing the integration between Smartr365 and Openwork, using multiple applicant types. To provide some context on the level of testing we are undertaking, over 400 cases have now been keyed!
During this painstaking process there is little in the way of update we can provide, only to confirm that testing is going well and all three parties are working extremely effectively together.
This testing is now virtually complete and we will then move to the next step, which will be a thorough final step of acceptance testing via our Early Adopters. We have been very clear that we will only proceed to training roll out once we are satisfied.
Our current Road map to launch is:
Should you have any Smartr365 questions, please raise them in the first instance to smartr365@justmortgages.co.uk or with your Area Director.
Co-op Legal Services – Condensed training video
now Live!
Following the launch of Co-op Legal Services on the 1st July we fully appreciate not everyone will have had the opportunity to either dial in to one of our launch webinars, or read up on the material provided on email.
As a reminder, a free will and estate planning review is available to all customers with no obligation. We are sure many of your customers will both value and require this service.
Co-op have produced a condensed 13 minute training video providing you with all you need to know.
View the video HERE
Download a copy of the Support Information Pack HERE
Referring your clients is easy, simply visit the link HERE and support your client (and your earnings!)
Competency Assessments
Good Morning Everyone and Welcome to our next episode of our regular series - Coffee with Compliance!
Each week, we'll dive into the 'why's and wherefores' of Compliance, shedding light on aspects you may not be familiar with. We'll be featuring various members of our Compliance team, aiming to make you more acquainted with them and the rationale behind our rules and procedures.
This series isn't just about sharing unknown facts; it's also about clearing up any confusion you might have.
This week we talk about all things Annual Competency assessments!
So put the kettle on and let's brew some knowledge together!
Click HERE to listen
VirginMoney|RetrofitBoostMortgageshave arrived
VirginMoneyhaslauncheditsexcitingnewrangeof'RetrofitBoost' mortgages,offeringupto£15,000cashbacktohomeownersmaking energy-efficientimprovementstotheirproperties.
WhatisaRetrofitBoostmortgage?
VirginMoney’sRetrofitBoostmortgagesareanewrangeof5,7,and10yearfixedratemortgages.Theyprovidecashbacktohelpcustomers whenmakingimprovementssuchas,installinginsulation,solarpanels, batterystorage,orheatpumpstotheirproperties.
Therangeisavailablefornewresidential&BuytoLetcustomerswith loansizesof£150,000-£500,000andoffersarangeoffixed-rateoptions:
£15,000cashbackfora10-yearterm
£10,000cashbackfora7-yearterm
£3,000cashbackfora5-yearterm
RatesarehigherthanVirginMoney’scorerangeinreturnforproviding cashback,whichispaidtotheconveyanceratmortgagecompletion.
MetroBanklaunchesLimitedCompanyBuytoLet
Maximum75%LTV
125%ofthemortgageinterestamountcalculatedatMetroBank’s standardBuytoLetstressrates
UptofourDirectors/Shareholdersaccepted.Theymustbethesame peopleandhave100%shareholding
Nominimumincome(subjecttorentalvoidplausibilitychecks)butat leastoneDirectormustbeearninganincome(otherthanrental)
Portfoliolandlordaccepted–maximumof10propertieswithMetro Bank(under£10maggregateddebt),maximumof10propertiesin total
Maximumage85(mortgagetermbasedontheoldestapplicant)
LimitedCompanymustbenon-tradingandmustbelimitedtosolely holdingresidentialpropertyandnotengagedinwideractivities(must beanSPV).AcceptableSICcodes:
68100-Buyingandsellingofownrealestate. 68209-Lettingandoperatingofownorleasedrealestate. 68320-Managementofrealestate.
MetroBank’sBuytoLetcalculatorhasbeenupdatedinlinewiththese enhancements-usetheBuytoLetcalculatortofindouthowmuchyour customercouldborrow.Forfulldetails,pleaserefertoMetroBank’s MortgageLendingCriteriaGuideandProductGuides.
Wanttofindoutmore?JoinMetroBankTalksforaLimitedCompanyBuy toLet(20minutewebinar)
MetroBankwillbehostingitsnextwebinarseriesfocusingontheBuyto Letmarket,whatopportunitiesthiswillbringyourclientsandultimately, theMetroBanksolution.
Thursday18July|9.30am–9.50am:Registernow
Thursday18July|2pm–2.20pm:Registernow
Tuesday23July|9.30am–9.50am:Registernow
Tuesday23July|2pm–2.20pm:Registernow
Ifyouareunabletoattendtheeventsabove,pleasefeelfreetogiveyour BDMacalltobookinameeting–they’dlovetohearfromyou.Findyour localBDMhere
HSBC enhance lending Criteria
As part of HSBC’s ongoing commitment to enhance the broker journey, they have listened to your feedback and increased their maximum lending limits across LTV tiers for Capital Repayment and Interest Only mortgage applications. With immediate effect, the following changes have now been implemented:
Accord – Supporting your clients’ first purchase
At Accord, we know buying a home for the first time can be daunting for your clients, especially if they’re unsure of the best path to take. Our dedicated teams are ready to answer your questions and work together to give you a personalised service with common sense lending solutions.
The £5k Deposit Mortgage – Your client’s first home, faster
Our innovative £5K Deposit Mortgage product is designed to help your First Time Buyer clients purchase their first home with just a £5K deposit
Available for LTVs between 95.01% and 99%
Must achieve our higher credit score requirement
For residential house purchases over £100k and up to £500k (excluding new builds and flats) where at least 1 applicant is a First Time Buyer (no background properties)
Exclusions apply.
Deposit Unlock
Available for up to 95% LTV on eligible new build houses
For loans up to £600,000
Available to first time buyers and home movers in England, Wales and Scotland
Our standard lending and affordability criteria applies
Capital and interest only.
Joint Borrower Sole Proprietor lending
Allowing an immediate family member to be added to your client's mortgage without being an owner of the property, helping them with affordability
Maximum of 2 borrowers
Purchases only.
Cascade score
Products that allow a higher LTV for customers who don’t meet our higher LTV scorecard but do meet our standard scorecard requirements
Available for 85% to 95% LTV
You don’t need to do anything differently - MSO will automatically cascade the application and you’ll get a message confirming you can consider our Cascade Score product range for your client if they’re eligible.
And we believe that celebrating this milestone is important for your clients. That's why we provide a Welcome Box gift to those who choose to purchase their dream home with a mortgage from Accord, sent by us on your behalf.
All of this is topped off with using the same lending policy and criteria as home movers for standard lending, up to 40 year mortgage terms, up to 95% LTV, and cashback products available on selected product.
It’s all just common sense.
