Coronavirus News Feed LIVELast Updated: 12.01pm on 26 May 2020

We want to keep later life advisers informed of lender and solicitor updates due to COVID-19. That’s why we’ve launched the market’s first live feed to help advisers keep up-to-date.

LV= moves back to physical valuations

Process Change

LV= is re-introducing physical valuations from Wednesday 27 May.
Initially this will be for pipeline business where applications have already been received.

Physical valuations will be in-line with the latest government advice. LV= won’t be able to instruct a physical valuation if any of the following apply:

  1. The customer or anyone living in the property is self-isolating due to COVID-19
  2. The customer or anyone living in the property is shielding and is one of the 1.5m people who received a letter from the government and is considered to be in the clinically extremely vulnerable category
  3. The customer’s property is located in Scotland or Wales
  4. The customer is uncomfortable for a valuation to be undertaken at this time
  5. The adviser is aware of any other reason why a valuation should not be undertaken

LV= will commence working through the pipeline cases (inclusive of additional borrowing / further advances ) and will engage the relevant adviser / administrator who has submitted the case to confirm if they can proceed with a physical valuation.

Published: 12.01pm on 26 May 2020

Just moves back to full physical valuations in England

Process Change

With effect from 18 May, Just is moving back to full physical valuations in England where it’s safe to do so for both clients and surveyors. Physical inspections can be carried out in the following circumstances:

  • where the residents are not self-isolating or showing symptoms of coronavirus;
  • where social distancing guidance can be followed; or
  • where the client is happy to wait outside while the surveyor inspects the interior.

Surveyors will be provided with personal protection equipment (PPE) and are required to follow social distancing rules to ensure the mutual safety of clients and themselves. When making the appointment with the client an assessment will be carried out to establish clear and safe inspection procedures.

New applications for properties in England will be instructed with a full valuation. Where it’s not safe to carry out a full valuation and where the property fits Just lending criteria, a desktop valuation will be carried out. In these cases, a property questionnaire and photos will be required.

See Just acceptable properties guide for full valuations.

See Just acceptable properties guide for desktop valuations.

Published: 5.20pm on 21 May 2020

Pure Retirement is moving back to physical valuations

Process Change

Pure Retirement is taking steps towards moving back to physical valuations.

From today, Thursday 21 May 2020, Pure Retirement is bringing in the ability for physical and external valuations to take place on Classic products in England.

The process for new applications will be if a desktop valuation can be completed it will still go ahead, should it not be suitable then Pure Retirement will look to complete a physical “internal” valuation (conducted in a safe way with surveyor wearing PPE) if the client doesn’t want the internal valuation then there is the option for an external valuation.

For pipeline applications where a desktop valuation has been unable to be completed (if meets desktop criteria), Pure Retirement will use the physical valuation process.

The current desktop LTV’s, criteria and interest rates will remain unchanged.

Here is the full process for Classic valuations.

Published: 2.15pm on 21 May 2020

Canada Life adopts a dual approach to valuations

General Update

Canada Life adopts a dual approach to valuations. This means that:

  • Onsite valuations will be instructed across all product lines
  • If an onsite valuation can't be completed, a remote valuation will be instructed

Onsite valuations are currently only available in England, as lockdown measures are still in place across Scotland and Wales. Where an onsite valuation is conducted, Canada Life standard lending criteria will apply.

If a remote valuation is instructed, Canada Life remote valuation lending policy will continue to be in place. If a remote valuation can't be completed, the case will be placed on hold.

You can view Canada Life guides on:

If your customer doesn’t want to proceed with an onsite valuation at the moment, their application will be kept on hold.

Published: 4.12pm on 20 May 2020

Pure is progressing plans to return to physical valuations

Product Update

Following the latest government guidelines, Pure is progressing through plans to return to physical valuations with the safety of customers remaining front of mind.

Risk assessments will be used to tailor the processes in line with customer circumstances and case by case requirements.

Activity will progress further wk commencing 18th May and continue to build momentum, delivering solutions for cases in the pipeline as well as new business applications.

Further updates will be released as soon as further developments come into effect.

Desktop Valuation Products remain available for all product ranges:
Heritage, Sovereign and Classic

Published: 3.05pm on 14 May 2020

Just supports higher property values and NI properties

Product Update

From 13 May Just extends the desktop valuation approach to Northern Ireland, with an internal inspection of the property required once it will be possible to recommence physical valuations.

Just also increases the maximum property values as detailed below:

  • Greater London - £2m
  • Outside Greater London - £1m

Published: 9.40am on 13 May 2020

LV= can complete cases with no face-to-face advice

General Update

LV= is now able to complete cases where non face-to-face legal advice has been given, subject to the ERC guidance being adhered to.

Published: 2.10pm on 11 May 2020

OneFamily temporary hardship grant

General Update

OneFamily have recently launched a new Temporary Hardship Grant in response to the coronavirus crisis. OneFamily customers who have been financially impacted by the pandemic can apply for up to £250 to help with essential costs such as bills, food and home-schooling equipment. Customers can find out more and apply here

Published: 11.50am on 7 May 2020

L&G financial support to advisers

General Update

L&G provided a number of resources to support you as you are getting to grips with running your business alongside the Covid-19 pandemic.

Tony Wickenden, Managing Director of Technical Connections presented on the topic of Government financial support. The webinar is available on playback via our Adviser Academy.

View the Government Support Matrix showing the support available(this has also been added to the above webinar). On Monday of this week, the Government unveiled additional ‘bounceback loans’ that are available and the Financial Times ran a specific Q&A on the topic at midday yesterday if you are interested to find out more.

Published: 9.15am on 7 May 2020

Advise Wise webinar with Just

General Update

Advise Wise Upskill webinar this week will be hosted on Thursday 7 May at 11am, with guest speaker Matt Latham, Specialist Account Director at Just.

The live session will cover how Just is adapting to operate in the current environment, an insight into Just products being offered on the market and the launch of a new Advise Wise exclusive product.

Register now for free to reserve your seat for Thursday 7 May at 11am.

Published: 4.05pm on 5 May 2020

Product Update

Canada Life extends desktop valuations to all products

From Tuesday 5 May Canada Life is introducing remote valuations on the rest of its product options: Capital Select Options, Interest Select Options, Over 55 Buy-to-Let Options and Second Home Options.

The remote valuations on this set of products will be subject to:

  • An application based on the current interest rates, LTVs and product availability
  • Temporary modifications to lending criteria
  • A retention of 10% (minimum £5,000) being applied to the total loan amount (including the cash reserve facility, if applicable)
  • A satisfactory on site valuation within 6 months of completion, which is free of charge
  • Canada Life’s valuation partner being able to access the data needed in order to provide an accurate current market value and re-instatement value

You can read a guide to Canada Life temporary modifications.

You can also view Canada Life guides on:

Published: 10.32am on 5 May 2020

Product Update

Canada life useful links

Canada Life quick links to the new Lifestyle Options remote valuation documents:

You can also visit Canada Life Coronavirus Support Hub, which provides the most up to date information about their service and support.

Published: 9.35am on 4 May 2020

Product Update

Aviva launches remote valuations across it’s products

Aviva launches remote valuations for certain initial loan applications and additional borrowing across its equity release products. Aviva also made a number of changes to their business practices:

  • A remote valuation facility to underwrite valuations and reports, that won’t be shared with customers.
  • A new quote capability which automatically gives a 10% reduction.
  • A signature-free application process, including enhanced medical applications and a new declaration section.
  • No AMRA or GP checks.
  • A small number of extra questions, to help determine the condition of a property.
  • An extra letter included with the offer, confirming Aviva may need physical valuation following completion and emphasising the need for building insurance.
  • Offers for additional borrowing applications can be sent via email.
  • Adopted the remodelled Equity Release Council remote legal advice rule amendment.

Read more on Aviva’s guide to desktop valuations and their updated lending criteria.

Published: 12.25pm on 29 April 2020

General Update

The BIG Equity Release Quiz to support The Red Cross

Advise Wise and Pure Retirement will host the BIG Equity Release Quiz 2020 on Wednesday 6 May at 11am, in support of The British Red Cross and their amazing work during the Coronavirus pandemic.

The quiz is free to attend and the organiser will donate £5 for every participant who plays. You can also support The British Red Cross, by making a donation on JustGiving.

Register now for free to reserve your place for Wednesday 6 May at 11am.

Published: 9.24am on 29 April 2020

General Update

Advise Wise webinar with the Equity Release Council

Advise Wise Upskill webinar this week will be hosted on Thursday 30 April at 11am, with guest speaker Jim Boyd, CEO at the Equity Release Council.

The live session will cover how the Council is adapting to working and how it's supporting the market during the lockdown and what will be the focus going forward.

Register now for free to reserve your seat for Thursday 30 April at 11am.

Published: 3.15pm on 28 April 2020

Product Update

Aviva launches remote valuations process on Wednesday

From 29 April Aviva will offer Remote Valuations for certain initial loan applications and Additional Borrowing for Lifestyle Flexible Option and Lifestyle Lump Sum Max.

A 10% reduction to the property value will be automatically applied to the calculation. To retrieve a correct quote, please use the full estimated or actual property value.

Full details on remote valuations will be announced on Wednesday 29 April.

Published: 2.32pm on 27 April 2020

Product Update

Hodge lifts some temporary restrictions on its products

With immediate effect Hodge is removing the 'like for like' restriction across its remortgage proposition, allowing customers to remortgage and capital raise across all later life products up to 60% LTV.

Hodge is now accepting purchase applications across all later life products up to 60% LTV.

Hodge honours its Early Repayment Promise feature, which gives customers the freedom to sell their property without incurring early repayment charges - giving some comfort to those looking to re-mortgage now, but wanting the flexibility to move home at a later date.

Published: 11.57am on 27 April 2020

Product Update

LV= increases the limit on total flat roof area

With immediate effect LV= increases the limit on total flat roof area from 15% to 30%, for desktop valuation cases. Details can be found on the updated eligibility spreadsheet.

For cases declined for flat roof percentage over the last couple of days that can now fit within the new 30% limit, the completed eligibility spreadsheet should be re-submitted to equityrelease.sales@lv.com and ensure the reason for referral is clear in the email.

Published: 10.03am on 24 April 2020

Product Update

OneFamily announces process and criteria changes

OneFamily has released an update on its process and criteria changes, including support for desktop valuations.

OneFamily can progress cases on the following basis:

  • Desktop Valuations (small retention held until full valuation can be carried out)
  • No wet signature needed on application forms
  • Non face to face contact from solicitors
  • Further Advances without retention held back

All process and criteria details can be found on this PDF.

Published: 4.45pm on 23 April 2020

General Update

Advise Wise webinar on customer’s property valuation

Advise Wise Upskill webinar this week will be hosted on Thursday 23 April at 11am with Neil McKenzie from Hodge and Jane Hanlon from Advise Wise.

The live session will cover the valuation process of your customer’s property and a roundup of the changes in lenders’ processes.

Register now for free to reserve your seat for Thursday 23 April at 11am.

Published: 4.40pm on 22 April 2020

Product Update

Pure launches desktop valuations with leading low rates

Pure Retirement is launching desktop valuations on their Classic Superlite, Super Lite Plus, Lite and Lite Plus (LTVs 1- 4) with market leading rates. These rates will go live at 00:01 on Thursday 23 April.

There are a number of criteria changes for desktop valuations which override the existing Classic criteria. Full details can be found on this PDF.

Classic Products Midi Plus, Max, Max Plus, Super Max, Super Max Plus and Elite (LTVs 5-10) are being withdrawn from sale for new business on 23:59 22 April.

Applications on the current interest rates can be received up until 4pm on 24 April for LTVs 5 to 10, however for each case on LTVs 6 to 10, a full physical valuation is required.

We are proud to announce that you can now place your Classic business through the Advise Wise Mortgage Club. Members can call 0333 050 6446 to find out more.

Published: 3.35pm on 21 April 2020

Product Update

Legal & General increases interest rates on all products

L&G is increasing interest rates by between 0.10% to 0.26% across all its products from 22 April, as detailed on this schedule.

To obtain a KFI for products at current rates, the KFI needs to be generated before 6pm on Wednesday 22 April 2020.

The pipeline dates for receipt of valuation / supporting documentation and last offer date have been extended by two weeks to the usual allowed, to provide for more flexible timelines for managing pipeline cases.

Published: 4.12pm on 20 April 2020

Product Update

LV=announces desktop valuations for Lump Sum +

LV=introduces desktop valuations for Lump Sum + Lifetime Mortgages from 22 April.

Any cases previously underwritten but without a submitted application will need to be reviewed against the new lending criteria to proceed on a desktop valuation basis.

LV=will review all applications received without a completed physical valuation against the new lending criteria and will be in contact to confirm the options available.

For applications received which are unsuitable for a desktop valuation, LV=will honour the quoted interest rate for an initial period of 6 months and will place the application on hold until a physical valuation will be possible. If an offer hasn’t been issued within 6 months, LV=will review the situation at that point.

Published: 2.12pm on 20 April 2020

General Update

HM Land Registry update

HM Land Registry is prioritising the services which are most essential to allow property transactions to continue, including searches of the index map, official copies and official searches. All service updates can be checked here.

Cancellations have been suspended until further notice. Once normal service will be resumed, warnings of cancellation will be sent again, giving you four weeks to reply to the request for information (requisitions).

HM Land Registry has temporarily revised its rejection policy for applications where identity evidence is not provided. They will now raise a requisition, so that the application does not lose its priority.

Business e-services customers can check the progress of an application through the portal and the website has guides that may answer your question.

Published: 7.43pm on 17 April 2020

Product Update

more2life launches desktop valuations for Capital Choice

More2life has introduced semi-automated valuations to the Capital Choice product range, from Friday 17 April. A full valuation is still required when practical to do so.

All lending criteria changes, applicable retentions and pipeline rules can be viewed here.

Published: 6.12pm on 17 April 2020 Source: more2life.co.uk

Product Update

Aviva announces reduction in loan to values (LTVs)

From Thursday 16 April, Aviva is reducing loan to values on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business and additional borrowing.

Applications for new business and additional borrowing received up to and including 6 May will be processed using the current LTV table. However, if the property valuation is outside 10% of the estimate, you need a new personal quote summary from the 16 April.

All applications received from 7 May will be processed using the new LTV table.

All additional borrowing illustrations produced on or after 16 April will automatically be processed using the new LTV table. All additional borrowing applications received on or after 7 May will need to be submitted based on a quote produced on or after 16 April.

Published: 7.38am on 16 April 2020

Product Update

Aviva releases update on remote valuations

Aviva has been working hard to overcome a range of issues regarding the challenges of carrying out physical valuations given the social distancing restrictions due to COVID-19.

As physical valuations are currently not possible, Aviva is confident they will be able to offer remote valuations across their products for both Initial and Additional Borrowing for the Lifestyle Flexible Option and Lifestyle Lump Sum Max products, subject to certain criteria about the property being met.

Full details of Aviva's Lending Criteria and application form requirements will be shared in a further update. However, you can find Aviva's anticipated key changes in their updated FAQs.

Published: 10.12am on 15 April 2020

General Update

Advise Wise launches live webinar series this Thursday

To help advisers keep up to speed on the market changes cause by coronavirus, Advise Wise has launched live webinars with expert guest speakers from across the industry.

The first live webinar will be hosted on Thursday 16 April at 11am with Peter Barton as guest speaker from Ashfords and will focus on the changing legal process and the impact on your customers due to the evolving coronavirus crisis.

Register now for free to reserve your seat for Thursday 16 April at 11am.

Published: 5.47pm on 14 April 2020

Product Update

Hodge withdraws Extended LTV equity release products

With effect from close of business on Thursday 16 April Hodge will be temporarily withdrawing its extended LTV equity release products across Lump Sum and Flexible Lifetime Mortgages.

However, the standard Lump Sum and Flexible Lifetime Mortgages will remain on sale for re-mortgages and purchases complete with an automated valuation.

Published: 4.35pm on 14 April 2020

Product Update

Canada Life announces changes to its product range

With effect from 10am on Tuesday 14th April, Canada Life is changing the interest rates and LTVs across their Lifestyle Options and Capital Select Options.

Full details of the interest rate and LTV changes can be viewed on these links for the Lifestyle Options and Capital Select Options.

They're also temporarily closing Lifestyle Gold Plus, Lifestyle Platinum, all Voluntary Select Options and all Prestige Options to new business.

From Tuesday 14th April, they will introduce remote valuations on the Lifestyle Options. The remote valuations on our Lifestyle Options will be subject to:

  • A new KFI and application, based on new interest rates, LTVs and product availability
  • A satisfactory on site valuation within 6 months of completion, which is free of charge
  • Temporary modifications to lending criteria

Canada Life is still working in partnership with their other funders to confirm their approach for the remainder of their product ranges, including Capital Select Options.

Advise Wise will provide an update to you as soon as it is released.

Published: 5.00pm on 9 April 2020

General Update

Advise Wise launches case replacement hotline

Due to unprecedented demand, Advise Wise Mortgage Club has launched a new dedicated case replacement hotline to help advisers re-place cases that have been impacted due to Coronavirus.

Advisors can simply call 0333 050 6446 and an expert from the Advise Wise Mortgage Club will help find the best product for the client.

Published: 12.45pm on 8 April 2020

Product Update

Just announce product changes across J2, J3 & J4 series

Just is increasing interest rates on J3 and J4 LTV series and decreasing LTVs on the J2 LTV series from 8 April. You can see all updated rates on Advise Wise platform.

Published: 1.45pm on 8 April 2020

Product Update

Pure launches new desktop valuation products

Pure Retirement has launched their new desktop valuation product ranges on both the Heritage and Sovereign plans. These have gone live today, 8th April 2020.

The new products have different rates and LTVs to the standard ranges, as well as some changes to criteria.

Heritage: Rates starting from 3.91% Gilt based ERCs and 3.96% for Fixed rate ERC’s.

Sovereign: Rates starting from 2.79% for Lump sum, and Draw downs starting at 2.84%.

Full details of the changes can be found on this PDF. You can also download further details for the Heritage Desktop Range and Sovereign Desktop Range.

Note: All existing Heritage and Sovereign products will be closed to new KFIs from today, 8th April 2020. Applications on existing non-desktop KFIs must be submitted by 4pm on Friday 10th April. These will be put on hold until a physical valuation can be carried out.

Published: 9.57am on 8 April 2020

Product Update

Legal & General releases updated product guides

L&G has released updated PDF guides following its product changes on 6 April 2020.

Legal & General has also released updated product criteria PDF's for Flexible LTM, Optional Payment LTM and Income LTM plans.

There are two new customer facing documents, a revised Valuations Explained leaflet and a Declaration of Property Condition that customers need to sign at legal stage.

Published: 9.45am on 8 April 2020

Product Update

Desktop valuations soon for Pure Heritage & Sovereign

Pure Retirement has announced it will move to desktop valuations this week for both Heritage and Sovereign ranges. Advise Wise will keep you posted on further details.

If you have a case in the pipeline, Pure Retirement will get in touch to discuss your available options.

Face-to-face legal requirements with solicitors have now also been adapted in line with the recent announcement from the Equity Release Council, enabling Pure Retirement cases to progress to completion.

Published: 8.13pm on 6 April 2020

Product Update

Legal & General announces desktop valuation support

Desktop valuations are now available for all Legal & General products. L&G has also published Desktop Valuation Guidelines with all details for advisors.

KFIs for flats or properties valued between £2M-£4M are no longer available but the L&G KFI portal is still producing them. L&G will contact you to confirm these KFI are not valid, if you do inadvertently request such a KFI.

Update on L&G pipeline: From Monday 6th April, L&G is working through all existing applications where a property valuation has not yet happened.

Published: 7.45pm on 6 April 2020

General Update

Advise Wise supports retentions and desktop valuations

Advise Wise now supports retentions and desktop valuations as product filtering options. These improvements are available via Quick Quote and a full product search.

With the new filters, you can view only products that support desktop valuations and hide products with a retention on the released amount.

Published: 5.45pm on 6 April 2020

Product Update

Desktop valuations for more2life Tailored & Prime Choice

It has been announced that more2life now accepts desktop valuations on their Tailored Lite, Tailored Plus and Prime products.

A helpful PDF outlining more2life's new valuation process has also been released here.

For full details on retentions, criteria changes and the desktop valuation process, visit more 2 life's newsroom.

Published: 5.14pm on 6 April 2020 Source: more2life.co.uk

Product Update

Just is making changes to it's J3-J5 lifetime mortgages

Initial advances on the Just J3-J5 LTV series will be subject to a 10% reduction to the published LTV scales. The remaining 10% will be held within an unused cash facility.

The unused cash facility will be temporarily suspended until a full physical inspection valuation has been conducted confirming the property value and that the property meets Just's updated lending criteria.

The J1 and J2 LTV series remain available at the previously published LTV scales.

Published: 4.05pm on 4 April 2020

Product Update

Just introduces updated lending criteria for all products

Just has implemented some temporary lending criteria changes in respect to property criteria, LTV limits and valuations, applicable to acceptable properties criteria.

An updated Acceptable Properties Guide will be available shortly, in the meantime you can view the updated lending criteria changes here.

Just will continue with both pipeline and new applications using a remote desktop valuation. Where an application does not meet the updated criteria, it will be held until a full physical inspection can be carried out.

Published: 4.05pm on 4 April 2020

Process change

more2life introduce changes to Maximum Choice plans

From the 2 April, more2life will accept desktop valuations on all Maximum Choice Plans, subject to criteria changes and a 10% retention on the maximum loan amount available.

A desktop valuation will allow cases to move to offer and then completion but the money released will be subject to a 10% retention. A full physical valuation is still required on all properties when practical.

Additionally, criteria changes to the Maximum Choice plans include: No flats, thatched rooves not permitted and No flat rooves over habitable parts of the property permitted.

Published: 3.05pm on 4 April 2020 Source: more2life.co.uk

General Update

ER Council release face-to-face solicitor guidance

The Equity Release Council has agreed to temporarily revise Rule 8 of the Rules and Guidance (“the Rules”) to enable cases to complete without a physical face-to-face meeting with a solicitor.

This is a short-term amendment to the Rules and will only apply during HM Government’s requirement to “Stay at Home”. Once this has been lifted, there will be a further update from the Equity Release Council.

The council have published the final guidance notes, together with a full suite of amended Solicitors Certificates for England and Wales, Northern Ireland, and Scotland and a process map on their website.

Published: 7.05pm on 3 April 2020

Product Update

Legal & General desktop valuations from 6 April

As of 6 April L&G will be moving to desktop valuations for all its lifetime mortgage plans.

Key points:

  • A desktop valuation will be completed by an independent valuer using publicly available information to assess the value of a client’s home.
  • L&G will use 95% of the desktop valuation to calculate the amount they can lend to your client.
  • L&G is asking advisers to temporarily reduce your estimate by 5% when you submit an application.
  • Not all properties are suitable for a desktop valuation. L&G will advise if your client’s property is unsuitable.
  • L&G will arrange for a physical valuation ASAP. This will not change the amount that your client has borrowed from us.

This will apply to all existing applications without a property valuation. Additional information will be released on Monday 6 April.

Published: 5.28pm on 3 April 2020

General Update

Registers of Scotland (RoS) investigating emergency bill

Registers of Scotland (RoS) is investigating the possibility of emergency legislation following their recent closure. You can see all the latest details here.

You can also view the emergency bill on Scottish Parliament website.

Published: 10.45am on 3 April 2020

General Update

Pure's valuations and face-to-face requirement update

Pure Retirement is finalising solutions today for the ongoing issues with valuations and face-to-face legal requirements. There will be a further update early next week to share all the details.

Advise Wise will keep you posted on any further updates.

Published: 10.14am on 3 April 2020

Product Change

LV= increase rates on Lump Sum+ Lifetime Mortgage

LV= will be increasing rates on the Lump Sum+ Lifetime Mortgage from 3rd April 2020.

For applications to be secured on the previous rate, LV= will need to have the application in by the 17th April 2020.

Published: 09.12am on 3 April 2020

Process Change

Equity Release Council legal panel met yesterday

Yesterday the Equity Release Council legal panel met and has agreed a way for solicitors to continue to provide face-to-face home visit, subject to approval by the ERC Board.

These changes will need to be adopted in turn by lenders. Advise Wise will keep you posted on any updates.

Published: 11.34am on 2 April 2020

Process Change

Aviva launches signature free application form

Aviva has introduced a signature free application form for you to use with customers for both new business, and additional borrowing.

Aviva's signature free process will remove the need for you to obtain a customer signature, reducing the time needed before submitting the application.

You can find the new signature free application forms in Aviva's document library.

Published: 3.26pm on 1 April 2020

Process Change

Aviva implements a questionnaire for flats

Aviva has produced a flat query questionnaire to include the questions they need to know before they can deal with any flat queries/KFI’s.

If you are able to provide the answers to these questions when submitting queries/KFI’s this will help assist in returning answers as quickly as possible.

You can download the new flat query questionnaire here. This change has been implemented into the Advise Wise KFI Request process.

Published: 3.26pm on 1 April 2020

Product Change

Hodge is to stop accepting new purchase applications

Due to the "challenges brought about by Covid-19 and the Government’s recent announcement about house purchases" Hodge is the latest lender to stop accepting new purchase applications.

Hodge is extending remote valuations up to 60% LTV across all products, with a maximum valuation of £1m in London and the M25, and £750,000 elsewhere.

Hodge has also withdrawn its portfolio buy-to-let range, reduced the maximum LTV to 60% on all products, and is restricting remortgages to like-for-like transactions only.

Published: 13.00pm on 1 April 2020

Product Change

Pure Retirement increases rates on Classic products

Pure Retirement increases rates on all Classic products from 31 March at 00:01am.

  • KFIs on new rates available from 31 March
  • For New Initial Advances and Further Advances, applications on current rates can be received up to 4pm on 3 April
  • Each case still requires a physical valuation that at the moment is not possible

Published: 10.51am on 30 March 2020

Product Change

L&G is making changes to its entire product range

From the 30 of March at 6pm interest rates will increase by up to 45bps for Legal & General plans and limited edition Violet Lifetime Mortgage products will be withdrawn. Changes will apply to all KFIs generated from 6 pm on Monday 30 March.

To secure the current interest rates:

  • Generate a KFI by 6pm on Monday 30 March
  • Submit the application by 5pm on 6 April
  • Valuation needs to be carried out by 6 May
  • Supply all supporting documentation by 11 May
  • Case needs to be offered by 18 May
  • Completion needs to take place within the 50 day offer validity period

Published: 11:51am on 27 March 2020