Just an Update Monday 18th December

Just an update Monday 18th December

This week's headlines: Concert and Just Mortgages You may have seen on various Openwork portal comms that the final tranche of firms are transitioning onto Concert by the end of the year. To be clear we WILL NOT be part of this final tranche and are remaining on OWS. Just Mortgages have some very exciting news to share with you shortly on our direction of travel in this regard, so please continue to watch this space.

You may therefore ignore any generic comms that state you are moving to Concert – you are not.

Sign up now to our Q1 2024 Remote Training Sessions!

Take a look below at what’s coming your way. Click on the date to book onto the session JANUARY 18TH – 10:30AM-1:30PM Protection Workshop; maximising your toolbox This is a fantastic opportunity to gain confidence with the products in your toolbox that you may not be entirely familiar with.

JANUARY 25TH 9:30AM – 12:00PM Broker Fee Training As an essential aspect of your role, determining the correct fee is crucial. However, it can be challenging to know how much to charge. Attending this workshop to boost your confidence FEBRUARY 13TH 10:30AM – 1:30PM Revenue Streams Are you looking to boost your businesses revenue? Attend our upcoming workshop to learn about all the available options!

FEBRUARY 21ST 10:30AM-1:30PM Protection Provider USP's The process of selecting a provider can be overwhelming, given the numerous options available. It's important to note that the cheapest product, according to 'Solution Builder', may not be the ideal choice for your client.

MARCH 12TH 10:30AM-1:30PM Family Income Benefit (FIB) As an advisor, you have access to a wide range of tools to assist your clients. One of the most valuable options is Family Income Benefit. Despite its usefulness, it is not as widely used as it should be.

MARCH 26TH 09:30AM-12:00PM Creating Opportunities Do you feel like you're struggling to find leads or concerned that your business may be too reliant on one area? Our workshop can help.

You will need your My Learning Space Log in when clicking on any of the dates. Please reach out to your Area Director if you do not have this.

LV= Doctor Service The colder months usually bring around coughs, colds, and illnesses. Don’t forget to remind your clients of how LV= Doctor Services is there for them. With unlimited Remote GP appointments available 24/7, your client can get quick support this flu season. Offered at no extra cost with all new LV= protection policies.

Learn more about the support included

To close the protection gap IP needs to work harder At a time of continued economic and health volatility, ensuring clients are financially resilient is essential. With income protection widely recognised as the cornerstone of good protection planning, products must move with the changing needs of consumers to remain relevant and deliver good outcomes.

Read Vitality's article Watch on demand: Growing your protection business in a challenging market In their recent webinar, Growing your protection business in a challenging market, Vitality’s panel of industry experts explored how advisers can maximise opportunities, to ensure their businesses thrive in an everchallenging market, whilst delivering the best outcomes for their clients.

They discuss: Navigating the challenges of a volatile market How products are evolving to meet the changing needs of clients The impact of Consumer Duty on the advice market.

Watch now

Have you seen Accord Mortgages’ ERC Free trackers?

Accord Mortgages has recently launched a range of ERC free tracker products in its residential new business range, with tracker options at 75% & 85% LTV, starting from 0.54% + BOE (Bank of England base rate) with no ERCs (Early Repayment Charges).

Clients taking out one of these products would have the flexibility to switch their product without incurring penalties should they wish, while benefiting from a competitive interest rate in the short term.

ERC Free Trackers

TSB makes improvements to interest only policy TSB has made improvements to its interest only policy. Here’s a summary: Sale of the security property now acceptable - minimum £300k equity and maximum 60% LTV* (up to 75% LTV if part repayment, part interest only).

Up to 75% LTV for all other repayment vehicles.

Maximum term 30 years.

Maximum age at the end of the term is 70 or applicant’s anticipated retirement age (whichever is lower).

Minimum income £75k sole or £100k joint.

Private pension accepted as repayment security based on projected lump sum*.

TSB’s affordability calculator has also been updated to accept interest only lending enquiries. The actual loan amount available is subject to usual underwriting requirements, and a successful credit search. *Subject to criteria. See TSB’s website for more information.

Interest only mortgages | TSB Intermediaries

Leeds Building Society introduces 'Reach Mortgages' Leeds Building Society is trying to put home ownership in reach of more people with the launch of its new Reach Mortgage range. The products offer eligible customers a range of mortgages if their credit score means they don’t qualify to apply for one of Leeds Building Society's standard mortgage products. This means Leeds can potentially help those who may otherwise face barriers reaching their dream of owning a home.

All you need to do is simply submit your Decision in Principle (DIP) in the usual way and the DIP outcome will confirm if your client is eligible for a product from Leeds Building Society’s standard mortgage range, or its new Reach Mortgage range.

As will all lenders that 'cascade' products and offer bespoke pricing based on client circumstances, if a client is eligible for the Reach Mortgage range, it’s important you reassess the suitability of these products and any advice you have given your client against other options in the market. The products are on Mortgage Brain and identifiable as "Reach".

Find out more about Leeds Building Society’s Reach mortgage range here

Skipton now offer 95% LTV on New Build Flats As part of Skipton’s commitment to helping first-time buyers and supporting more of your clients onto the property ladder, they’ve made changes to their lending policy for New Build flats.

Skipton can now accept applications up to 95% LTV for New Build flats.

Clients now have access to Skipton’s New Build products up to 95% LTV on both houses and flats.

New Build Mortgages

Metro Bank makes enhancements to lending policy and requirements To help simplify both its residential and Buy to Let applications, Metro Bank has made the following positive changes to its policy and packaging requirements. Policy enhancements include: Self-employed Introduction of Accountants Certificate for cases under £1 million Minimum time trading reduced to 2 years (2 years figures needed) Employed No minimum time required in current role (1 payslip needed from current role and 1 from previous role) Minimum time in employment reduced to 6 months for both primary and secondary jobs For full details please refer to Metro Bank’s Lending Criteria Guide.

Metro Bank has also simplified its packaging requirements for employed, selfemployed and contractor cases. Download Metro Bank’s updated Packaging Guides.

Gen H introduces sub-5% rates across all 5-year products below 80% LTV Gen H has announced another round of rate reductions ahead of the festive break, cutting their entire product range by up to 25 bps.

Highlights from the latest round of rate cuts include: All homebuying bundle and standard 5-year rates up to 80% LTV are sub-5% 60%, 70%, and 75% LTV rates reduced by up to 20 bps 80% LTV reduced by up to 25 bps This is the lender’s 6th round of reductions in Q4, reflecting Gen H’s commitment to offering the lowest rates they can. For brokers, the lender recently rolled out automated packaging with Google Cloud, which uses AI to categorise and analyse documents for brokers, making the mortgage application process simpler and faster than ever.

For clients, Gen H recently incorporated Experian Score Boost data into their credit decisioning, helping aspiring homeowners who fall just below the credit threshold or have a thin credit file to finally get a mortgage.

Meanwhile, Gen H’s proprietary income booster feature continues to help aspiring buyers realise their dreams of homeownership. Income boosters are liable for the mortgage and undergo the same checks as owners, but don’t need to contribute a penny to the payments as long as the mortgage is in good standing. This unlocks family support for those without access to a lump sum of cash.