Just an update
Monday 4th March
This week's headlines:
5 weeks until our Lender Fayre!
Our Annual Lender fayre is coming in just over 5 weeks! Once again at the world class venue; The Vox on Wednesday 10th April this event will be our best yet!
What to expect during the day:
Hear about Just Mortgages plans
Lender Village (over 40 providers)
Breakout educational sessions
Keynote speeches
Lunch & Refreshments
And at night:
Drinks reception
3 course Gala Dinner
Entertainment
Advisor Awards
And lots more!
There will be over 200 of your broker colleagues attending, so don’t miss out! If you have not yet confirmed your attendance, simply click HERE to RSVP.
If you are interested in booking overnight accommodation, we have block booked The Arden Hotel & Leisure Club with a £50 contribution from Just Mortgages the cost to you is only £80 which includes free parking, Breakfast and leisure club access.
To book simply call the reservation hotline 01675 443221 and quote code GA002967
Hotel spaces are now very limited and bookings must be made by 13th March to avail of this special price.
Our Conference web app is also now live with full details of the event including booking those all-important breakout group sessions.
Visit HERE Or scan the QR code here:
Buildloan Webinar
It’s likely that any client thinking of building their own home will have little to no experience with homebuilding projects. Similarly, few advisers have experience in advising self-build home clients either leaving them unaware of the many potential financial pitfalls in such a project and in financing it the best way.
This webinar will give you essential training, support and expertise needed to excel and be confident in a consumer duty world. You’ll understand the key risks of foreseeable harm when it comes to advising on homebuilding projects and how to avoid them.
And how do you ensure you clients have the appropriate protection in place for such a project. Vikki Carey, Openwork Partnership Development Manager, will share her thoughts on the protection needed and the best way to approach this.
Presenters:
Tom McSherry – National Business Development Manager, Buildloan.
Chris Martin – Head of Product Development, Buildloan.
Vikki Carey – Partnership Development Manager.
20th March 2024
10:00 - 11:00 am
Register here
Tandem Bank is now available via Brightstar
Brightstar Financial is delighted to announce that you now have access to Tandem Bank. Available through Brightstar, the key features of the Tandem Bank range include:
• Loans available up to 90% LTV
• No credit scoring
• 3 payday loans in the last 12 months considered
• Defaults/CCJs under £350 can be ignored.
• 1 default/CCJ over £350 can be considered in months 6-24
• Fees free remortgages
Metro Bank makes Joint Borrower, Sole Proprietor enhancements
Here’s what’s new:
• Joint borrowers (non-proprietors) now permitted to reside in the subject property (residential only)
• Joint borrower can now gift a deposit and reside in the subject property – updated Gifted Deposit Form to be used.
• Non-relatives are accepted as joint borrowers
Further Residential Core Range JBSP highlights include:
• 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 refer to Metro Bank’s Mortgage Lending Criteria Guide and Product Guides.
Accord Mortgages improves its New Build affordability assessment
The improvement applies to Accord’s residential new build purchase only (including porting to a new build) affordability assessment.
Available immediately, these changes could increase your clients maximum borrowing amount by up to £13,000, helping you help more clients into their dream energy-efficient new build home.
How does it work?
As utility bills are typically lower for new build compared to pre-existing properties, when you input ‘New Build’ and the property type, Accord’s affordability calculator will automatically apply a discount to your client's expenditure, allowing them to borrow more to achieve their homeownership goals.
Simply select ‘New Build’ and the property type at DIP and FMA stage, and MSO will do the rest.
What else do you need to know?
• Increased maximum borrowing amount is subject to LTI restrictions
• Available for New Build houses and flats
• Excludes Buy to Let and remortgages
• Must meet Accord’s new build criteria of ‘you will be the first owner/occupier since the property was built/converted to its current state’ - verified on receipt of valuation
• Available on our standard product ranges, excluding Cascade score
Find out more about our New Build proposition here»
Gen H streamlines affordability for income booster mortgage
After a record January for income booster business volume and enquiries, fintech mortgage lender Gen H has streamlined how it calculates affordability for income booster cases. This is best exemplified in its upgraded affordability calculator, designed to simplify the application and advice process for brokers.
Previously, brokers had the ability to key specific financial contributions from boosters which would inform the maximum loan size available to their clients.
Now, Gen H’s affordability calculator automatically shows the max loan size for the entire buying group – whilst displaying what the lender estimates the owners can afford on their own.
Providing this critical information will empower brokers to have important conversations around affordability with their clients, helping them to maximise their borrowing without stretching their monthly budgets.
Once brokers have run affordability, Gen H’s calculator presents all applicable products, helping brokers find suitable products for their clients faster than ever.
The calculator also automatically incorporates Gen H’s proprietary “ejector seat” calculation, a market-first, which allows boosters to come off the mortgage before they reach the lender’s max age – unlocking the longer mortgage terms that many buyers need to afford a mortgage.
Gen H’s income booster allows up to 6 applicants from multiple households on a mortgage with LTVs up to 95%. Income boosters don’t need to contribute to the monthly payments unless the homeowners stop making payments. But if they choose, they can contribute and build equity in the property.
Paymentshield's Home Refresh Reminder
On Monday 19 February 2024 Paymentshield launched their new Home Insurance product which brought a significantly increased level of protection for advisers to be able to offer their clients.
This update sees a more fundamental overhaul of its core limits and follows extensive market research conducted alongside Paymentshield’s insurers. The updates will make their Home Insurance policy more competitive and will ensure they continue to offer a Defaqto 5 Star rated Home Insurance product.
The enhanced product better reflects current market conditions, including the increased cost of building materials and post-Covid changes to the way we live, such as the growing popularity of outbuildings such as conservatories, summer houses and even offices being built for working from home.
Improvements to the building section include;
• Increased standard buildings cover limit from £500,000 to £1,000,000
• Trace and access limit increased from £5,000 to £10,000
• Cover for theft from garages and other outbuildings (including garden offices) is also being increased from £3,000 to £5,000.
Improvements to the contents section of the policy include;
• Increased standard contents cover limit from £50,000 to £75,000
• Increased plus contents cover limit from £75,000 to £100,000
• Electric pedal cycles and mobility scooters are now covered
• Up to £10,000 of Contents Insurance cover is now also available for any permanent household members who move out, such as into student accommodation or a nursing home
For full details on all the changes and the table of changes, Paymentshield have created a helpful landing page explaining the differences.
Will all Paymentshield’s panel of insurers be offering prices for the new policy?
Paymentshield currently working with LV=Broker to move them to an improved pricing approach known as Insurer Hosted Pricing. This work is currently well underway but will not be completed before they launch this new Home Insurance product. This means temporarily, advisers will not see prices returned from LV= Broker from the 19 February until the new pricing has gone live. They’ll update advisers as soon as LV=Broker quotations are available again. All other providers are available.
Please visit their new Home Insurance landing page for more information.
You can also contact Paymentshield’s Broker Support team on 0345 0615 100 with any questions