Justanupdate
Thisweek'sheadlines:
Co-Op Legal Services – the start of a great Partnership
Since the launch of our partnership with CLS and their Free Legal Review we have had over 30 Referrals in less than 3 weeks, with half of those already progressing to Appointments with a Legal specialist.
Co-Op have produced a condensed training video with all you need to know, just click on the link Here
A fantastic free service to enhance your offering to your clients.
Do
you refer outside the JM recommended partners?
– BEWARE
You may refer to external companies, whether that’s Wealth Referrals, Legal, Wills, Commercial, Protection, Business Protection or anything else. But BEWARE, we recently had a Mortgage Adviser that was passing all his clients over to an external Wealth Adviser, that Wealth Adviser then took on a Mortgage Adviser and started to contact all the JM Advisers clients. The JM Adviser was at risk of losing their whole client bank!!!
Just Mortgages have selected partners where we have negotiated better terms all with no cross sale agreements, and of course we have our very own Just Wealth that can deal with all your clients Pension and Savings needs.
So please consider very carefully before using outside companies even if they are people you know.
95%LTVPurchaseonlyFix&Switchfee-saverwitharatereduction of0.05%,nowfixedat5.84%. 75%LTVRemortgageonly5YearFixedRatewithan£895feearate reductionof0.14%,nowfixedat4.40%. 75%LTVBuytoLet5YearFixedRatewithan£895feefixedat4.66%.
Hodge updates mortgage criteria and makes new build enhancements
The specialist lender has made a series of changes to support 50+ customers with variable earnings, helping more borrowers access its range of later life mortgages.
These changes include the acceptance of 100% of non-contractual income streams including commission, bonus/overtime and 1 year’s trading accounts OR the latest years where customers have been trading for more than two years regardless of LTV.
Affordability for fixed term contractors will be assessed on 48 weeks’ pay (up from 46). There are no minimum income requirements for experienced contractors and the accepted gap between contracts has been increased from six weeks up to three months. Retained profits and a day one day rate will also be accepted for 50+ and RIO applications moving forward, subject to assessment.
These criteria changes follow on from the successful launch of Hodge’s professional mortgage product which reinforced their expertise and appetite for applicants with complex income streams.
Now, for the first time, the bank has extended this criteria across its 50+ and RIO mortgage ranges to enable its underwriters to say yes to more customers. Find out more»
Hodge has also introduced new build enhancements across all Hodge mortgage products
Hodge has increased the allowance of builders incentives from 2.5% up to 5% which isn’t deductible from the valuation figure of purchase price. To read about this and Hodge’s other enhancements and latest news, visit Hodge’s knowledge hub»
Skipton’sFirstTimeBuyerRange–Loweringthe Ladder,RungbyRung
That’swhySkiptonhasintroducedanewfirsttimebuyerrange,a selectionofproductsandoffersdesignedtogiveyourclientsmore opportunitytorealisetheirdreamofhomeownership.
Here’swhatSkiptoncanofferyourclients:
Upto5.5xloantoincome
Upto40yeartermsavailable
IncomeBooster
Freevaluationformortgagepurposes Nocompletionfee
Upto95%LTV(includingnewbuildhousesandflats)
Fixedrateoptions
Discountedsurveys
Andthat’snotall…
It’snotjustaboutloweringtheladderforyourclients,it’saboutmaking themcomfortablewhentheymovein.That’swhySkiptonisoffering: £1,500cashbackonselectedproducts
Plusanadditional£250iftheyhaveaLISAwithSkipton (TsandCsapply.PaidafterCompletion.Minimumloan£125,000) SeeSkipton’sProductGuideshere:OurProducts|SkiptonBuilding SocietyforIntermediaries(skipton-intermediaries co uk)
Paragon’s Next generation Landlord report 2024
It’s vital that the UK has a thriving private rental sector (PRS). Everybody who needs or wants to rent a home should have access to a good quality property at a reasonable price. Until recent years, the market has worked well. But in a post-pandemic world, we are experiencing a severe imbalance between supply and demand. Recent data shows that tenant demand is twice the level of preCovid, whilst supply is down by a third. Buy-to-let is coming up to its 30th anniversary and it is a UK success story.
With approximately £300 billion in buy-to-let mortgages outstanding across two million loans, it is a mature financial product that has weathered many economic storms. However, those early landlord pioneers of the buy-to-let market in the mid-90s are now coming to an age where they may be looking to downsize their portfolios or sell entirely in retirement. Sadly, some are no longer with us. The PRS therefore needs a consistent flow of new landlords coming into the sector, those with aspirations to develop the portfolios of the future.
Our analysis of industry data shows that over the past 10 years, the average age of landlords purchasing a buy-to-let property with a mortgage has fallen. This is encouraging as it highlights that property investment is still viewed as an attractive asset class by a demographic with so many investment opportunities competing for their capital. We spoke to some of those – landlords with between one and three properties – who have made their first forays into property investment and have an eye on future growth.
We wanted to understand what is motivating them to build portfolios, what attracted them to property investment and how they operate their portfolios currently. It is clear there is a committed group of younger landlords who stand ready to take the mantle and provide the rental homes of the future. What they require is a regulatory and fiscal environment that encourages them to do so.
Richard Rowntree Paragon Bank - Managing Director of Mortgages
For any new business enquiries, contact your local Business Development Manager or call 0345 849 4040.
