Just an Update Monday 5th February

Just an update Monday 5th February

This week's headlines: ICYMI: Our 2024 Lenders Fayre is Coming Soon!

In case you missed our big announcement last week, our Annual Mortgage Fayre is coming soon!

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!

If you have mislaid your invitation, please click HERE to RSVP (we cannot accept email confirmations, please use the link provided)

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 strictly 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 below:

Virgin Money launch Fix & Switch Mortgages With so much uncertainty over mortgage rates, some of your clients may want to fix for longer but aren’t ready to commit for more than two years. To help with this, Virgin Money has launched its new and exclusive Fix and Switch mortgage!

Fix and Switch is unique to Virgin Money – you won’t find a fiveyear fixed, with a two-year ERC, from any other provider.

Fix and Switch is a five-year fixed rate mortgage with a difference – its ERC only lasts until the end of year two. After that, there’s no ERC. This means your customers get five-year protection against rates going up, but if they go down, they can switch to another deal after two years (which is where you come back in).

Virgin Money has launched these residential purchase products exclusively for Intermediaries: NEW 85% LTV Fix and Switch 5 Year Fixed Rate fee-saver at 5.14% with £500 cashback.

NEW 90% LTV Fix and Switch 5 Year Fixed Rate fee-saver at 5.27% with £500 cashback.

And if that’s not enough, our affordability assessment for Fix and Switch is based on a 5 year deal.

Find out more by reading their factsheet HERE

Hodge has enhanced its Professional Mortgage criteria Hodge has made significant enhancements to its professional mortgage criteria.

What's been added? has extended its list of eligible occupations to include nurses, mortgage brokers, IFAs, investment bankers, teachers, and more! will lend up to 6 x LTI. Has increased its maximum age at application to 75.

Has increased the maximum age at end of term to 80 (earned income up to the age of 80 is also considered).

Will assess interest only on an interest only basis for affordability and is available up to 75% LTV with repayment options available up to 90%.

Adding these enhancements allow for more flexibility when supporting your clients in the moments that matter.

Find out more about Hodge’s Professional Mortgages here» Hodge’s business development director, Emma Graham said this on the latest enhancements: "We’ve made these criteria changes in response to what you’ve been telling us your customers need from a professional mortgage product. By making these criteria enhancements we can help provide more complex income related mortgage solutions to a wider group of customers who were previously underserved, while also offering the same flexibility and personal customer service Hodge is known for”.

TFC Homeloans offers no additional application fees TFC has made some great enhancements on its 1APP specialist lender portal to make the broker and customer journey more efficient and cause of the efficiencies that 1APP brings to the processes, TFC Homeloans can now offer: No Additional Application Fees That means: No Up-Front Application Fees on any Products (Only standard lender application fees apply).

No Completion Fees on Standard 1st Charges (Standard lender completion fees apply if applicable).

Same Commission paid from 1APP as if going direct to the lender.

UDiP As you key in a DIP it shows in real time the lenders that will fit your clients’ circumstances with minimal questions.

You know why your case is being declined, this allows you to enter those issues without keying a full DIP or wait for an answer (1APP has lenders criteria behind each question, underwriting in real time).

This then populates.

SmartApps (One application for all lenders) When a product is selected it then transfers the data into the application section to fully complete.

It populates all TFC’s lenders applications and documents to download and upload back into the case.

If TFC change lender, it transfers the data into the new lender application and documents.

No manual applications needed.

For all TFC Homeloans’ products it only needs a case to be keyed once.

Contact your TFC team on 0330 127 0000, email marketing@tfchomeloans.com or visit www.tfchomloans.com

Check out what brokers are saying about eConveyancer!

We know how important it is to trust your clients with a conveyancer.

We also understand it is easy for us to say how great the service is from eConveyancer.

Proof of the pudding is in the eating as the saying goes, so here are a selection of recent testimonials received about the service from some of your fellow brokers.

If you are yet to try out their service, why not instruct a case this week and see for yourself? Your Area Director is on hand to assist you with any questions you may have.

Gen H announces improved adverse credit criteria The fintech lender’s criteria updates follows the introduction of Experian Boost into its credit decisioning, helping make homeownership more accessible for more people.

Between the rising cost of house prices, the relative stagnation of wages and the archaic financial hurdle that is stamp duty, aspiring homeowners have enough working against them. An accidental missed payment on an otherwise clean record shouldn’t prevent hardworking people from finding their place on the property ladder. To this end, Gen H is: Increasing its allowable default limit in the past 3 years from £100 to £300, Reducing its maximum missed payment policy to the last 2 years instead of the last 3 years, and Reducing its missed payment review period for new-build properties at 90% LTV and all other properties at 95% LTV from 3 years to just 6 months. Standard lending requirements will apply after this point.

Rare, missed payments are not fair indicators of financial irresponsibility, and these changes should enable more people to get the mortgage they need sooner.

These changes follow on from the lender’s innovative implementation of Experian Boost within its credit decisioning model. A handful of other lenders incorporate Experian Boost into their processes, but Gen H is one of just a few to take an applicant’s boosted score as their official credit score.

Since launch, a fifth of people who’ve signed up to Experian Boost are now able to get a mortgage or extend their high-LTV borrowing options with Gen H.

ICOB Sales Process Update – Decreasing Term Assurance interest rates As Mortgage rates having increased over the past two years, it is especially important to discuss and consider DTA policy rates with your clients. Our provider panel have options for your clients, from selecting an appropriate policy rate from a range at the outset, to changes to in-force policies. Where a product has a single fixed policy rate, it should not be considered for clients with a current or proposed Mortgage rate above this.

The ICOB Suitable Advice Framework (SAF) has updated guidance as follows: Section 6.1.1 Pay off Mortgage in the event of death.

Decreasing Term Assurance (DTA) Interest Rate It is not appropriate to recommend a DTA plan with a policy interest rate below that currently being applied or recommended to be applied to a Mortgage.

Where a Mortgage reversionary rate is above that of the DTA policy rate, the risks and implications must be explained to the client(s) and your discussions documented using advice file notes. Consideration should be given to the option of increasing the rate from the outset or highlighting the ability to increase it in the future (if available).

The 1st of February was “Time to Talk” day and with this in mind we want to encourage everyone to talk about how they really feel.

Sometimes it’s easier to tell people we’re “fine” than it is to say how we really feel. By talking about our mental health we can bust myths and break down a few barriers. The more conversations we have, the more stigma and barriers we break down and the better our collective mental health will be, with everyone feeling empowered to seek help when needed.

1 in 4 of us will experience mental health problems in any given year and the cost of living crisis is only making it harder to look after our mental health. But talking is free and we want everyone to feel comfortable talking about mental health whenever they like. That’s why we wanted to remind of the Individual Assistance Programme which is a confidential free helpline and there if you need to talk.

Health Assured also offers support for you and your immediate family members*, 24 hours a day, 7 days a week, 365 days a year by calling 0800 917 6470 *Health Assured define immediate family members as spouse/partners and children aged 16 to 24 in full-time education, living in the same household.