Just an update
Monday 11th March
This week's headlines:
4 weeks until our Lender Fayre!
The countdown is on to Our Annual Lender fayre on Wednesday 10th April – now just 4 weeks away!
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!
If you have not yet confirmed your attendance, simply click HERE to RSVP
If you wish to stay overnight and take advantage of our £50 contribution then time is running out! The Arden Hotel & Leisure Club inclusive of our contribution is just £80 which includes free parking, Breakfast and leisure club access. To book simply call the reservation hotline:
01675 443221 and quote code GA002967
Hotel bookings must be made on or before 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:
Newcastle for Intermediaries launches new broker website
The intermediary arm of Newcastle Building Society is now known as Newcastle for Intermediaries, as part of a new broker website and brand refresh.
The lender’s new website has been specifically designed with brokers in mind, offering easy navigation, an enhanced user experience, innovative solutions and the latest tools to deliver greater performance, and efficiency.
As part of a new visual identity, the refresh also includes a change of name, from ‘Newcastle Intermediaries’ to ‘Newcastle for Intermediaries’, which aims to reflect its partnership-first approach, ‘Powered by Partnership’.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society said: “Our new website demonstrates our commitment to partnership and to helping brokers deliver those ‘feel-good’ moments for their clients. Our new name reflects how much we focus on collaborating towards making our shared goal of helping clients’ homeownership dreams come true.
“The launch of Newcastle for Intermediaries’ new website marks the next step in our investment into technology that will help us to offer an improved broker experience. The new website will play a key role in making the process run as smoothly as possible and we want brokers to help inform future development with their feedback.”
The website will offer brokers daily updates on service standards, as well as tools including an interactive product finder to identify suitable products faster, an enhanced criteria search tool, a Business Development Manager (BDM) finder and a live chat facility with direct access to the lender’s Intermediary Support Team.
To find out more about Newcastle for Intermediaries new website and refresh, visit: https://www.newcastleforintermediaries.co.uk/.
The Climate is Changing, Should You?
The Mortgage Climate Action Group (MCAG) is a collaborative, noncommercial industry initiative led by the Association of Mortgage Intermediaries set up to help the industry navigate the net zero transition. It is now hosting the first in its 2024 educational webinar series – aimed at mortgage intermediaries and the lenders they work with – to explore the potential impacts of climate change on the future of mortgage advice.
On 18 March at 10am, Associate Director of the Green Finance Institute, Rachael Hunnisett will be interviewed by MCAG's Karina Gerdes, in this must-watch webinar to discuss how the climate is having a larger impact on financial services, and what this could mean for you as a mortgage broker.
They will be exploring:
• What’s happening to the climate?
• What are the implications for the UK?
• What could this mean for the Housing Market?
• How might this impact your customers?
• What does this mean for the Financial Services industry and brokers?
• What practical steps can advisers and business owners take right now - and where can they go for further information?
Click here to register»
Aldermore makes changes to its lending criteria
Here are Aldermore’s latest changes that support with affordability and give you more options to say ‘yes’ to your clients.
Increasing its self-employed lending limits:
Aldermore is increasing its maximum LTV to 90% from 85% for owner occupied self-employed customers with less than 2 year's trading.
• Customers with 1 years’ accounting information will be considered, but Aldermore also require their last 3 months business and personal bank statements
• Aldermore may request other supporting documentation, such as evidence of previous employment in similar line of work, guaranteed income for next accounting period or accounts for the first 6 months of the current financial year that demonstrate the income is stable or increasing
Increasing allowable income:
Aldermore is increasing the percentage of income sources that can be used as part of a client's affordability on both owner occupied and Buy to Let applications.
• Aldermore will now use 100% of evidenced income on overtime, bank nursing, universal credit, working tax credit, child tax credit and disability allowance
• Aldermore will also now use 75% of evidenced income on commission and bonus, up from 50%
Increasing its offer validity period:
Aldermore is increasing its standard offer validity period on new applications from 90 to 120 days to give you extra time and flexibility to complete your case.
• This change affects all applications submitted from 26 February 2024. All offers issued before this date will remain unchanged
• If you’re unable to complete within 120 days, your application will need to be rekeyed as we’re unable to accept extensions beyond this time
• There’s no change to the offer validity period for new build applications, this remains at 180 days
For more information on the changes, please read Aldermore’s criteria guides.
ICYMI: Key Budget Announcements
Last week, Chancellor Jeremy Hunt shared the Government's planned package of measures aimed at maintaining their low-tax strategy by decreasing National Insurance even further, alongside major initiatives aiming at helping drivers, families, those in debt, and other crucial economic groups.
Cutting tax and rewarding hard work
The threshold at which parents start paying the High-Income Child Benefit Charge will be raised from £50,000 to £60,000.
National Insurance contributions: From April 6th cut by additional 2%. For those employed it with reduce from 10% to 8% and for the self-employed will be reduced from 8% to 6%.
The payment period for advance loans for those on Universal Credit extended from 12 months to 24 months.
The £90 charge for a Debt Relief Order will be abolished.
The Household Support Fund has been extended by £500m to help vulnerable people get help with the cost of essentials like food and energy.
Making saving more attractive
The Chancellor has announced a new British ISA which will allow people to invest an extra £5,000 tax free a year in UK assets.
The launch of a new British Savings Bonds offering savers a guaranteed rate for 3 years.
Changes to how we are taxed
The alcohol duty freeze is extended until February 2025.
The temporary 5p cut in fuel duty rates extended for a further 12 months. There will be a new tax on vapes and a one-off increase in tobacco duty.
The Furnished Holiday Lettings Relief and the Multiple Dwellings Stamp Duty Relief will be abolished.
The higher rate of property Capital Gains Tax will be reduced from 28% to 24%.
The Windfall Tax on energy companies will be extended for an additional year until 2029.
The Non-Dom regime will be abolished. Under the new scheme anyone who has been a tax resident in the UK for more than four years will pay UK tax on their income and gains.
Backing British business
The VAT registration threshold will be increased from £85,000 to £90,000.
Full expensing for businesses will be extended to leased assets.
Investment Zones in the North of England and Midlands will be launched with a 10-year package of investment.
£1bn in additional tax relief for creative industries over the next five years to support films, theatres, galleries and orchestras.
£26.4m of funding for the National Theatre to ensure productions can continue.
The Recovery Loan Scheme will be extended and renamed the Growth Guarantee Scheme to help SMEs access funding.
Other announcements
£3.4bn invested to improve NHS technology. Plus there will be an extra £2.5bn in day-to-day funding.
£1m for a memorial for Muslims who died in the two world wars. Air Passenger Duty (APD) for non-economy flight tickets increased.
Investment Zones in the North of England and Midlands will be launched with a 10-year package of investment.
£165m over 4 years to increase the capacity of Secure Children’s Homes.
£105m to fund 15 new special educational needs schools.
£230m to be made available to improve police response times.
£170m to fund non-court dispute resolution to reduce reoffending.