Justanupdate
Monday19thAugust Thisweek'sheadlines:
Smartr365 Training to commence in September
We are delighted to advise that following extensive testing we are now in a position to commence the training roll out of this groundbreaking technology.
With a total of over 700 individuals to be trained including brokers, administrators and JM staff, this is a huge undertaking by our Learning & Development team and your patience and support will be much appreciated.
The training will take the form of Day 1 face to face, Day 2 Remote. It is mandatory to attend both Day 1 and 2.
Your support and adherence to the following will help us ensure a smooth roll out:
1.
You will be sent a calendar invite, the week commencing Monday 19th August
2.
You should, except for the most extreme of circumstances, accept the proposed date and venue given to you. These venues will be as close to your home address as possible.
3.
Should you be unable to attend (mindful of point 2) you will be allocated a “back up date” please have in mind that these back up dates will likely be towards the end of the training roll out and the venue may not be close to your home address.
4.
Should you not be able to attend the “back up date” a third and final “mop up” date will be provided. As there will be smaller numbers of Advisers attending mop ups, venues are likely to be in central locations across the country and additional travelling time will be likely. Please have in mind that this will be your final opportunity to attend the mandatory training. If you do not attend a training session you will not be able to submit
Coffee with Compliance – Episode 12 – Financial Promotions
Good Morning Everyone and Welcome to our final episode of our regular series - Coffee with Compliance!
This series isn't just about sharing unknown facts; it's also about clearing up any confusion you might have.
We are joined this week by Senior Compliance Manager Derek Smith who will be diving into Financial Promotions, what they are and how to deal with them.
Many of the most common queries are covered, so put the kettle on and let's brew some knowledge together!
Listen HERE
Refer a survey and earn £75!
Who needs a Survey?
Anyone buying a house should certainly consider getting a survey.
Some mortgages are offered without a surveyor inspecting a property, with the mortgage decision being determined by an automated or desktop method.
A mortgage lender’s valuation report is purely for the lender and not the customer, it is not a survey.
Many lenders no longer offer surveys for their customers
A survey can sometimes seem like an additional, unnecessary expense, but it better for customers to know about the problems upfront rather than uncover expensive surprises after they have moved in.
What are the different types of Surveys?
Level 2 Survey
The RICS Level 2 Survey previously known as a RICS Homebuyers Report is the traditional mid-range level survey.
This report is now available with or without a valuation for clients purchasing a property without a mortgage and where a mortgage valuation is also needed.
This survey includes a physical inspection of the property covering as much of the property as is physically accessible and provides a report based on the inspection including the condition of internal and external elements which are condition rated to identify any repairs or further investigations. The RICS Surveyor will not conduct any tests on the fabric or services of the building (e.g., electrics, plumbing, heating).
Level 3 Survey
A Level 3 Survey previously known as a Building Survey is a detailed report suitable for any residential property and provides a full picture of the construction and condition of the property.
These surveys are completed by specialist Building Surveyors, who undertake an extensive inspection of the property, so these reports also have a significant cost for the client.
How do I refer for a Survey?
Simply, send an email to Referrals@valunation.com
Please ensure you head the email “New Survey or Valuation Referral”
In order for the Valunation Team to proceed the following information MUST be included in your email:
1.Contact Name for the Referral
2.Contact Number
3.Email address
4.Type of survey or service they are interested in
You will receive payments one month following the completion of the survey, e.g. job completed in September, payment will be made in October.
Virgin Money has expanded its shared ownership proposition
Existing customers who have a Virgin Money Shared Ownership mortgage are now able to purchase additional shares to increase their property ownership, which could help them towards owning their own home. This builds upon improvements already made to our Product Transfer range.
Here’s the full information:
Virgin Money’s standard procuration fee will apply.
The additional shares being purchased must be a minimum of 5% of the property value.
Virgin Money will need to know your customer’s current rental payment.
Your customer will need to contact their housing association to gain permission for the application to go ahead and to receive the memorandum of sale.
Customers can apply for additional borrowing alongside a Product Transfer.
How to apply:
Simply call Virgin Money on 0345 601 0680 with your customer’s application details. Virgin Money is there 9am to 5pm on Monday, Tuesday, Thursday and Friday, and 9.30am to 5pm on a Wednesday. If you’ve got questions about this or any other updates to lending criteria, your Business Development Manager will be happy to help.
Precise Launch Broker App
Precise are proud to announce the launch of their new app, the first of its kind.
It’s packed with features to make your life easier, including:
Real-time case updates as soon as you place a case with them
Saveable Affordability Calculators and Criteria
Customisable push notifications for the latest residential, bridging and buy to let updates
And that’s not all. So, what are you waiting for?
To download the app, simply point your phone at the QR code below:
The Mortgage Lender (TML) – Economic Update
August 2024
TML have teamed up with 4most Economic Consultants to provide you with a monthly economic update.
The update for August is now available to download. The update covers:
Inflation and interest rates
Labour market
Housing market
Rental market
Mortgage market activity
Rate analysis
Save time with Leeds Building Society’s rate switch service
Rate switches are now in Mortgage Hub, so both new residential lending and switches can all be done in one place. The improvement brings significant benefits, including instant illustrations, immediate offers in some cases, paperless applications and a more streamlined process.
The Society has also updated their website FAQs to further support you.
Read more about the process on the Society’s dedicated rate switch page.
Increased LTVs for new build houses and flats
What’s changing? New build:
New cases for standard residential new houses for Max LTV increasing from 90% to 95%
New cases for standard residential new build flats Max LTV increasing from 80% to 85%
Standard:
New cases for standard residential non-new build flats Max LTV increasing from 80% to 95%
More information on these changes HERE