just an update Monday 27th November

Just an update Monday 27th November

This week's headlines:

ICYMI: Join One Savings bank for an exclusive Webinar on reading Self Employed Accounts!

One savings bank is delighted to offer all Just Mortgages brokers an exclusive, informative webinar, on how they interpret and assess Self Employed Accounts. Hear how from a lenders perspective income calculations and decisions are made based on the information provided.

Date: Friday 1st December Time: 11:00am (45 minutes) When it is time simply click on the link HERE

ICYMI: Join HSBC UK for an economy webinar HSBC is bringing you another detailed update on the current mortgage market. Join Tracie Burton, Senior Corporate Account Manager, and HSBC’s Group Economist for their latest views on the global and UK economy. They will also be touching on the recent Autumn Statement and the impact this will have on the market.

To register for one of the webinars, please click on your preferred option below and enter your details. All webinars will last approximately 45 minutes.

Monday 27 November – 14:00 Friday 8 December – 10:30

Halifax makes Product Transfer application improvements Following your feedback, Halifax has made it easier for you to manage product transfer applications by adding ‘save and resume’ functionality, so that you can retrieve an illustration keyed on the same day and proceed without needing to cancel and rekey from the start.

Halifax has also simplified and improved the look of the following screens to make the process easier for you: Sub accounts to transfer Product selection Review the quote /customer confirmation Application decision.

This will be available to all intermediaries by the end of the week.

When the improved functionality has been delivered, you’ll notice the changes on eligible applications once you pass the Fact Find screen. There are no changes for some PT applications which require budget or full affordability assessment by our support team.

To use the ‘save and resume’ functionality you must resume the application the same day the illustration is produced, and when exiting the application the following message will indicate if the application can be resumed - ‘If you leave now, you can resume and submit the application later’.

Also, Halifax recently updated how your PT applications show on your Halifax Intermediaries Online - My Applications page. The individual ‘tiles’ will show a simpler status so it is clear when the PT is due to start. When at ‘Full offer produced’ or ‘Completed’ status, the ‘Effective date of transfer’ will show when the product transfer will automatically take effect.

Find out more at www.halifax-intermediaries.co.uk

Virgin Money is always on the lookout for ways to make their service even better for your clients. So, here’s a look at the biggest improvements they've made to help with this.

Changing things for the better For Buy To Lets with Clydesdale Bank, there’s no minimum income or rental cover.

Virgin Money can look at income from foster caring under their usual self-employed policy.

They can accept the Forces Help to Buy loan as a mortgage deposit.

They've also improved their affordability calculations, meaning for most clients, they can now lend more than before.

Get in touch with your Business Development Manager for any queries you may have.

Gen H launches with Experian Score Boost Fintech mortgage lender, and the latest addition to our lender panel, Gen H has announced they’ll include Experian’s Score Boost data in their credit decisioning to help more aspiring homeowners find their place on the property ladder, sooner.

Many aspiring homeowners are locked out of homeownership by credit scores that don’t meet a lender’s credit threshold. Experian Boost takes into account recurring expenses like Netflix, Spotify or council tax – payments which don’t usually count toward your credit score – as proof of responsible money management to help build users’ credit.

Gen H is one of a few residential mortgage lenders in the market to use this boosted data in their lending decisioning processes. This means more customers below the minimum credit threshold could be able to increase their score enough to buy a home where they couldn’t before.

Customers can sign up with Experian for free to proactively report their regular payments via open banking. And there’s no downside for customers because Score Boost won't adversely impact your score.

This partnership expands on Gen H’s already radical innovations in the mortgage market. The lender has created smarter, more flexible options for affordability and deposit support, allowing more customers and their families to unlock financial support where they may not have been able to before. This commitment to tech-led innovation for the benefit of customers is central to the lender’s mission.

Find out more»

First time buyer mortgage lending forecasted to increase by 16% in 2024 With house prices falling and lenders reducing rates we're starting to see light at the end of the tunnel for first time buyers. Coventry Building Society’s most recent First Time Buyer Economy report highlighted that 330,000 First Time Buyer transactions are expected in 2024, suggesting a positive shift in the market.

Read the report

Zurich to leave Paymentshield panel Zurich will be leaving Paymentshield’s Home Insurance panel and will no longer be offering quotes for renewals from Monday 27 November 2023 and new business quotes from Thursday 28 December 2023.

After 28th December Paymentshield will no longer be offering any new business quotes with Zurich and all applications for policies underwritten

by Zurich must also be submitted by this date.

Pipeline quotes will be valid until the 28 December Any quotes previously obtained with Zurich will be valid up to midnight on 28 December. Any Zurich quotes not submitted by this date will expire. Once the quote has expired, if a client wants to proceed with their application for a Paymentshield policy, they will need to be provided with a new quote from an alternative insurer.

Pending policies will be valid until the 28 December All pending policies will expire at midnight on 28 December if not submitted before this date. We recommend checking with any impacted clients in good time to see if they want to proceed with the policy. Once expired, if a client wants to proceed with their application for a Paymentshield policy they will need to be provided with a new quote from an alternative insurer.

Login to Adviser Hub to check the details of any pipeline quotes or pending policies currently with Zurich.

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