Just an update
Monday 19th May. This week's headlines:
Important: Mandatory Debt Consolidation Test
As part of work to improve the knowledge and subsequent application to Debt Consolidation cases, Openwork have set all advisers a new track on insight for you to complete:
This Mandatory module consists of learning then a test. Once you have done this you then need to go back into the insight event and tick the attestation:
Underneath the attestation, you then must change the assessment booking from ‘pending’ to ‘complete’ and add the date:
The module must be completed by 30 May, as the ‘sit test’ button is still not working on the day it’s due. Please complete this as soon as possible. th
Due to the significance that both the FCA and our network place on Debt Consolidation, there will shortly be an enhanced process to follow for these cases, which will involve presubmission checking. Please look out for a communication in this regard shortly.
If you have any queries on this please revert to your supervisor in the first instance.
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A video of Scarlett’s walk through of the guide
Compliance recording – Catherine’s walkthrough using a live system (part 1 – the Smartr end)
Compliance recording – Catherine’s walkthrough using a live system (part 2 – the Concert end)
Top Tips:
Solution Builder occupations – this may not reflect what you have already put in Smartr, as the Solution Builder ones may be more restricted. Therefore, find the closest occupation you can to what the client does for a living
Existing Benefits – only add independent cover. Don’t enter employer benefits, as these will cause issues in Concert. However, still make robust notes as to what they receive at work, paying particular attention to how long the sick pay is for
Blue Sky Quotes – every case should have a full recommendation attached, even though it might not be what the client takes after your deeper discussion with them
Document Pack – add the full recommendation to the case, but only import the document pack. This will then load to the Document Store, but not populate the benefit area, meaning you do not have to amend it all when the revised quotes are bought back
Needs areas – always identify the top 3 need areas – Life, CIC and IP. This is non-negotiable. Add in Life and CIC combined with the amounts (full initially) and the IP. Then go back and add in a further Life only as income to reflect your FIB recommendation if the clients have children. This will have an effect on the SR in the mortgage section of Concert to show you have made the correct recommendation whether or not they proceed with this cover
Mortgage Case – if the client is deferring their protection cover, select this in the drop down of the needs area of the mortgage case, so AQT know you are revisiting it
Valid quotes – check the quotes are still valid when you go to make the recommendation, and bring back further quotes if not, or if you are varying the cover after reaching an agreement with the client on what they are happy to proceed with
When selecting the correct quotes which you will be using, go back into case summary, choose the quotes, click Source, Add to case, and this time add both the policy data and the document pack
Amend the case status to submitted to underwriters in order to go through to concert.
Only send the data to Concert once. This applies to mortgages and protection. If you come out and need to go back into Concert, click on the black writing ‘redirect to Concert’ otherwise you may have multiple cases in Concert
The first time you send the protection details to Solution Builder, click on the items you want to quote on and then New Case. Only click existing case if you are adding further quotes to that protection case
And finally… Remember, in Smartr and Concert, the mortgage and protection are two different cases. House icon = Mortgage in Smartr, and doctor’s briefcase = Protection. If swapping between the two, hit the refresh button on your browser to ensure all the data is pulled through to the screen.
LV= our 2024
Claims report is here
In 2024, LV= paid a record almost £137 million in personal protection claims. More importantly, that money went to nearly 8,000 individuals and families at that crucial moment when they needed their protection cover the most.
Their latest claims report is out now, where LV= share:
· Claims by product: A breakdown including volume of claims paid and most common conditions claimed for.
· Real claim case studies: To help you demonstrate the value of protection.
· Everyday support: Some usage figures around LV= valueadded services.
· Claims LV= couldn’t pay: It’s not enough to talk about the
See what’s new in Legal &
General's cove
Life’s unexpected turns can be overwhelming, your clients rely on you for clarity and confidence. That’s why Legal & General have enhanced their cover to keep up with life’s changes.
What’s new?
No rush: Quote period now valid for longer, giving clients extra breathing space.
More control: Added flexibility giving your clients the option to decline increasing cover (indexation) up to three years in a row.
Enhanced cover: Increased additional payments for Critical Illness Extra and expanded Children’s Critical Illness Extra.
Improved income protection outcomes at claims, if criteria met.
Plus, Legal & General’s three added-value services continue to offer your clients support, at no extra cost.
The Exeter launche and improved vers of its
HealthWise a
What’s new?
A seamless registration and login process.
Enhanced ‘My Family’ feature, allowing family members to have their own logins.
Nutrition and Lifestyle are now separate, each with 6 sessions annually.
Refreshed yearly allowance for each service, so members can maximise their benefits.
The HealthWise app will be available imminently, and clients will be invited to re-register.
Members will be informed of these changes, and further details can be found in the FAQs.
Skipton launches the Delayed Start Mortgage
It is what it says. A delayed start, with no repayments due for the first three months. For your clients that could mean no more juggling the last month's rent with the first month of the mortgage. No more struggling to free up cash for moving costs. Just breathing room to help your client really get settled.
Hear Skipton’s Head of Mortgages talk through the key benefits; Jen Lloyd explains how Delayed Start works. Watch now
Industry expert Phil Spencer and Skipton's CEO of Homes Charlotte Harrison talk Delayed Start. They discuss how it co ld hel o clie ts et settled Watch o
Leeds Launch
Additional borrowing
Leeds could now help you say ‘yes’ to your clients who want to borrow more on their mortgage with them, as additional borrowing is available to brokers via Mortgage Hub for the first time.
It’s available for clients who have one of our standard mainstream, buy to let or shared ownership mortgages.
There’s no need to register for a new system and Leeds have built a new affordability calculator so you can assess the case before submitting it. And, as Mortgage Hub is powered by MSO, you know that you’ll benefit from a straightforward application process.
Like with rate switches or new lending, Leeds will pay a proc fee for every successful completion. Read their frequently asked questions to find out more.
Martese Carton, Director of Mortgage Distribution at Leeds Building Society said:
“Following our successful Rate Switch launch last year, we’re excited to introduce additional borrowing for brokers via Mortgage Hub for the first time. It means brokers can now help clients with a Leeds Building Society mortgage who have a need for additional borrowing and potentially avoid the costly and time-consuming process of remortgaging with another lender.”
Just speak to your local BDM, office BDM or web chat to find out more, or click on the button below to find out more.
Read more here
Nationwide Reduce affordability Stress Rates
Whether your clients are buying a first home, moving on to a new property or remortgaging, Nationwide are helping them borrow more. Nationwide have reduced their affordability stress rates by between 0.75 and 1.25 percentage points.
The stress rate reduction will help:
First time buyers, including those eligible for Helping Hand
Home movers, both new and existing customers
Clients remortgaging to us, especially those not increasing their borrowing
Your clients will be able to borrow, on average, up to £28,000 more.
Coventry Building Society | Enhancementsto MSO
Since launching MSO, Coventry for intermediaries have been busy making improvements to its capabilities. And from today, all new customer (residential and BTL) mortgage business should be submitted through the platform.
This means you should no longer submit new cases using the ‘existing customer business’ system
If you do, it’ll be cancelled and need to be uploaded again to MSO.
You should now use MSO for:
All residential new business
All BTL new business
All like for like product transfers (excluding portfolio landlords)
Hodge Reduces
Affordability Stress Rate
Hodge has announced a reduction in its affordability stress rate calculations, a move designed to support more customers in achieving their mortgage aspirations. It will be particularly helpful for those looking to buy their first home later in life, or those managing affordability in retirement.
The change will unlock nearly 20% more borrowing potential for the average Hodge customer.
For example, joint applicants with a household income of £45,000 could now borrow just over £38,000 more — a 17% increase — while customers with an income of £75,000 could benefit from almost 20% more borrowing capacity.
This update will apply to customers across Hodge’s Resi, Resi Retire and RIO product ranges, helping unlock the homes which better fit their needs.
This move follows recent FCA guidance encouraging lenders to reassess their affordability models, noting that excessively high stress tests could restrict access to mortgages for borrowers who would otherwise be able to afford them.
Hodge is committed to supporting a wide range of customers in their homeownership journeys and this change marks a significant step in helping more people achieve the next chapter of their lives with confidence.
To find out more about Hodge Resi and Resi Retire mortgage solutions and how Hodge can support your clients from age 21 up to and into retirement, please contact your local Hodge BDM.