Have a question or want to find out more about referring to Coop Legal Services? We have the answer!
Co-op will be running a webinar on Wednesday 4th September where you can drop in to find out more, or ask that question.
A team’s invite has been issued today, but you can also simply click on the link below when it is time:
Wednesday 3rd September 11am-11:45am
Join the meeting now
Meeting ID: 397 933 566 822
Passcode: YVUARq
With over 50 referrals made already and an average commission paid to advisors of £117, 1 per week could net you over £6000 per annum!
To View/Download an Advisor guide to the proposition, click HERE
If you would like to view the video explaining the service, click HERE
Visit the Co-op referral hub: HERE to start referring your clients, we recommend you save this URL to your web browser for quick access.
FINAL CALL: CI Expert – Take advantage of a 40% Discount on premiums!
Just Mortgages will once again be renewing our annual subscription with CI Expert, but time is running out if you either wish to renew or take out a new subscription!
CI Expert is a third party website providing a means of accurately comparing one Critical illness plan with another. For further details on the service provided please click on the following link please visit their website Here.
Last year we had over 65 Advisers subscribers, whose feedback noted that CI Expert helped to make compliance of Critical Illness replacement policies much easier and that it helped their businesses generate more sales!
The subscription for this year will be £175 plus VAT for 2024/2025 – a 40% saving on their normal rates!
Please complete our CIEXPERT Subscription Form by clicking HERE
What the Renters’ Rights Bill means for your
clients
Nicola Goldie, Head of Strategic Partnerships and Growth at Aldermore, explains what brokers and landlords need to know about the new Renters’ Rights Bill.
Rental reform has been long overdue and landlords were expecting change from the previous government in the form of the Renters (Reform) Bill.
That piece of legislation fell at the final hurdle due to the general election, but the need to put in place better protection for tenants hasn’t gone away.
Labour pledged to reform the rental market in its manifesto and included a new Renters’ Rights Bill in The King's Speech within weeks of coming to power.
If it passes through Parliament, this could impact the lives of renters, and those landlords who own them.
Your buy to let clients will be keen to understand what the new proposals could mean for them and you are well placed to make sure they understand the implications of any new legislation.
What is the Renters’ Rights Bill?
The Renters’ Rights Bill aims to reform the rental sector in the UK to give greater rights and protections to people renting their homes.
Its draft proposals, published in briefing notes by 10 Downing Street, include:
·Abolishing Section 21 ‘no-fault evictions’ and introducing new clear and expanded possession grounds for landlords. Landlords will be prevented from asking tenants to leave unless they have broken a specific rule, boosting security for tenants while allowing them to reclaim their properties when they need to.
·Strengthening tenants’ rights and protections, empowering tenants to challenge rent increases designed to force them out by the backdoor and ending the practice of rental bidding wars by landlords.
·Giving tenants the right to request a pet, which landlords must consider and can’t unreasonably refuse.
·Applying a Decent Homes Standard to the private rented sector to ensure homes are safe, secure and hazard-free.
·Applying ‘Awaab’s Law’ to the sector, with clear legal expectations about how quickly landlords must make homes safe where they contain serious hazards.
·Creating a digital private rented sector database to bring together key information for landlords, tenants and councils.
·Quicker, cheaper resolution of disputes with a new ombudsman service for the private rented sector to provide fair, impartial and binding resolution to both landlords and tenants.
·Making it illegal for landlords to discriminate against tenants in receipt of benefits or with children.
·Strengthening local councils’ enforcement powers to identify and fine unscrupulous landlords.
Why has it been introduced?
The government wants clear and robust tenant protection. The new Bill intends to address this by reforming the private rented sector and the quality of homes in it, while cracking down on unscrupulous landlords.
What does it mean for your landlord clients?
The Renters’ Rights Bill is similar but arguably tougher on landlords than the previous Renters (Reform) Bill.
The biggest concern for landlords will be the scrapping of Section 21 evictions. Although this also formed part of the previous government’s plans, it had made it clear it would only get rid of Section 21 when ‘sufficient progress had been made on reforming the courts’.
Scrapping Section 21 without improving the court system for Section 8 evictions could have the unintended consequence of overwhelming the already-creaking legal system.
Trade association Propertymark has called for a separate housing court to be set up to process claims efficiently and effectively, and warned that, unless the courts are reformed, they could be swamped with Section 8 proceedings.
Better for all
The Renters’ Rights Bill aims to deliver Labour’s manifesto commitment to transform the experience of renting and level the playing field between landlords and tenants.
Aldermore supports proposals that improve the quality of the private rented sector. It’s an essential part of the housing market and the majority of landlords work hard to provide decent quality, safe and secure accommodation to their tenants.
A thriving PRS is better for brokers and lenders as well as tenants, and we welcome improvements that are fair to landlords too. Aldermore will be engaging with the government during the process of this legislation, ensuring that the voice of our customers is represented.
Find out more about how Aldermore can support your clients aldermore.co.uk/intermediaries/mortgages/
Hodge introduces a new proposition: Hodge
Resi
The new ‘Hodge Resi’ proposition will provide more inclusive borrowing options for your clients with complex income requirements, from age 21 up to their chosen retirement age.
To accompany the change to the proposition, Hodge has introduced a fee free option and dropped its rates by up to 45bps!
James Enos, national account manager at Hodge, said of the new proposition:
"Hodge has always been perceived as a later life lender and this is in our DNA - but Hodge Resi demonstrates we're more than that. We're reacting to the changing face of the market and can now lend to all - from those who are first time buyers to those who are in much later life and are looking to upgrade their homes, move locations and support their wider families. The launch of Hodge Resi is just the start of us answering the call of our broker partners, to ensure they are getting the products they need to properly and responsibly serve their customers.”
Hodge Resi rates are live now! Check them out
Join HSBC for a bite-size session on how to prevent mortgage fraud.
Due to the success of its Masterclass webinars earlier this year, HSBC is excited to announce that it is running them again - whether you were unable to attend a previous session, or you would simply like a refresh, please join HSBC.
These bite-size sessions last approximately 15 minutes and will provide a high-level overview on how to prevent mortgage fraud in these key areas - secondary employment, family employment and unconfirmed employment.
To register for one of the webinars, please click on your preferred option below and enter your details. Once confirmed, please save the invitation to your calendar.
Family employment:
Tuesday 24th September –10:00am Wednesday 25th September –15:00pm
Second employment:
Wednesday 25th September –09:00am Thursday 26th September –12:00pm
Unconfirmed employment:
Tuesday 24th September –13:30pm Thursday 26th September –11:00am
Halifax launch Cashback Reward for home improvements
Your clients could get a cashback reward of up to £2000 from Halifax for making qualifying home improvements such as insulation, solar panels, or a heat pump.
Your clients can learn more about insulation, solar energy and heat pumps and meet the installers Halifax has teamed up with through their Green Living Journey.
Your clients can use their own installers, but there are benefits to using the providers Halifax has teamed up with:
£100 credit on their Octopus Energy bill
£500 discount off the installation quote with Effective Home.
Does my client qualify?
Your client will need to:
have a Halifax current account at point of claim complete an eligible home improvement within one year of completing their Halifax mortgage, further advance, or product transfer
upload their invoice to their Green Living journey and submit their claim.
Halifax Launch First Time Buyer Boost!
Halifax are pleased to announce that they have made £2 billion available for first time buyers (FTBs) who need to borrow at least 4.5x their annual household income through our new proposition First Time Buyer Boost.
• New loan to income (LTI) limit of 5.5x to boost maximum loan value
• Up to 22% additional lending
Halifax know that one of the main obstacles for FTBs is being able to borrow the amount needed to buy their home, First Time Buyer Boost will enable many FTBs to borrow more meaning they can help more people into homeownership.
Increased maximum Loan to Income limit – For new purchase applications from Thursday 29 August the maximum LTI is being increased to 5.5x for many FTBs where:
• Total employed household income is £50,000 or more
• Loan to value is 90% or less
• Not using Shared Ownership or Shared Equity schemes.
Based on an employed household income of £50,000, this will increase the maximum loan available from approximately £224,500 to around £275,000
Royal London Underwriting Improvements
The following improvements have been made:
Improved their critical illness non-medical initial evidence limit for customers up to age 50, so more online terms will now be possible.
Significantly reduced when they need evidence of covid vaccination status. Almost all customers no longer need to provide this.
Updated their adviser website to reflect these changes.
Non-Medical Limits (NML) – changes to Initial Evidence Thresholds
Royal London have reviewed NMLs to reduce the need for routine medical evidence . The changes make them even more competitive in the market.
The changes apply to NMLs for personal and business cover with improvements across age bandings up to age 50.
The focus is on improving competitiveness for younger ages. Increasing the threshold where they require evidence gives advisers more control of the application process and allows Royal London to offer cover quicker to customers.
Threshold for inital CI NML evidence
Other underwriting improvements
Royal London will now only ask for vaccination status details, on cases reinsured with Gen Re, for customers aged 51 or older where they breach the reinsurance referral limit of £3.5m, and either of these apply:
Total Royal London sum insured to be reinsured by Gen Re exceeds £15,000,000
Total sum insured in the market exceeds £15,000,000
This broadly removes the current guidance which will benefit high net worth clients by removing barriers to sale.
Lastly, Royal London are clarifying their guidance for legacy AEGON business. They will not treat this business as existing Royal London cover, but as existing market cover. This helps optimise their speed to offer and minimises evidence requests.
