Market news

Standard Life Home Finance Horizon 650 launch

On 24 April, Standard Life Home Finance is launching a new Horizon 650 plan.

KFIs will be available on the new plan from 23:59 on Wednesday 24 April 2024. This will be available to single life applicants only and will not be available on Horizon Interest Reward.

Published: 23 April 2024

Apex changes

From 24 April, the maximum age will reduce on Apex Ultra 3 & 4 to age 70yrs (currently 75yrs).

Published: 23 April 2024

LiveMore changes and new products

From 25 April, LiveMore is making the following changes:

• Reversion margin increasing from 3.25% to 3.50% (total reversion is moving from 8.47% to 8.72%)
• Launching New 100% Debt Consolidation products, with the same criteria as LiveMore 3 products but with 100% of the loan allowed to be debt consolidation
• The core LiveMore 3 products now allow 50% of the loan to be debt consolidation

Published: 22 April 2024

Pure Retirement increases LTVs on its Classic range

Pure Retirement have continued to develop their Classic lifetime mortgages by increasing LTVs to 48% on the standard range, underlining the range’s flexibility and opening it up to more borrowers looking to access the equity in their homes.

• An applicant aged 70 can access LTVs up to 38%
• Applicants from age 80 can access LTVs up to 48%

The changes will be applicable on both new initial advances and further advance borrowing.

Additionally, existing Classic customers benefit with the removal of the arrangement fee on new further advances and can also access further advances up to the age of 90 for the youngest borrower, providing completion occurs on or before age 89 years +364 days.

These latest changes follow a recent package of enhancements from the lender, which means their Classic lifetime mortgages have no upfront fees, with no arrangement fee and free valuations.

Take a look at these recent updates on Pure Retirement’s website here.

Published: 15 April 2024

Just criteria changes

On Friday 12 April, Just are making changes to part of the Just for you Lifetime Mortgage range:

• Increasing LTVs on J3 & J4 products
• Increasing Interest Servicing Discount for J3 & J4 products
• Removing of J1 5% cashback option

Published: 10 April 2024

Horizon 620 available for Joint Life applicants

Horizon 620 will become available for Joint Life applicants from Tuesday 9 April 2024.

Published: 5 April 2024

Professional Mortgage criteria change

Hodge have made a slight change to Professional Mortgage criteria. They now accept “sale of property” as a repayment strategy on interest only professional mortgages.

Published: 15 March 2024

Standard Life Home Finance broadens their Horizon Interest Reward proposition

Standard Life Home Finance have added a new 25% interest-served option.

You can save your clients thousands in compound interest when they opt to service 25%, 50%, 75% or 100% of the interest over an agreed term and Standard Life Home Finance will reward them with a discounted interest rate for the duration of their lifetime mortgage.

Read more here or register with Standard Life Home Finance to broaden your advice offering with Horizon Interest Reward.

Published: 12 March 2024

New Horizon plan

On Saturday 2 March, Standard Life Home Finance is launching a new Horizon plan, Horizon 530, which will also be available on Horizon Interest Reward.

Published: 1 March 2024

Scottish Widows new products

On 1 March, Scottish Widows is re-introducing LS10 and launching the new LS11 product.

Published: 27 February 2024

LiveMore increase to 100% debt consolidation

LiveMore have made a criteria change to allow 100% of the loan to be for debt consolidation purposes.

This only impacts LiveMore 3, which is available on RIO, Standard Interest Only and Standard C&I.

The debt consolidation criteria on other tiers (LiveMore 1, 2 and 4) is not changing.

Published: 20 February 2024

Maxi Choice Changes

From 17 February, more2life is making the following Maxi Choice changes:

• Maxi Super 1 and Super 2 will be relaunched
• The max age on all Maxi plans will be increasing from 84yrs to 89yrs + 364days
• The max loan will be increasing from £950k to £1.5m and the maximum property value will be uncapped (no max)
• Drawdown plans will also be relaunched

Published: 16 February 2024

Classic changes

Pure Retirement are making changes to their Classic product range:

• Now arrangement fee free

Pure Retirement are removing the £500 arrangement fee on Classic products for both new initial loans and new further advances.

All pipeline cases with a £500 arrangement fee product will be honoured.

• Offer validity increased to 90 days

Offers are valid for 42 days as standard and Pure Retirement have now the ability to extend purchase cases to 90 days.

• Maximum age increased for further advances

Existing customers can now access further advances up to age 90* for the youngest borrower.

*(Completion must be on or before age 89+364 days for the youngest borrower).

Published: 13 February 2024

Flexi change

From 20:00 Monday 12 February, the Flexi Choice and Flexi Premier fee paid plans will no longer be available for new cases;

• Any current KFIs will be valid for 21 days from the date produced
• Flexi Choice and Flexi Choice Premier Fee Free plans are unaffected and will still be available

Published: 12 February 2024

Heritage changes

On Monday 12 February, Pure Retirement are making the following changes to the Heritage Range:

On Heritage Special 3:

• Minimum age reduction to 60
• LTV changes
• Available to both Single & Joint Life

Pure Retirement are also removing the product fee from the range excluding the Freedom products.

Published: 8 February 2024

LiveMore Max loan change

LiveMore have changed the max loan on their lifetime mortgages to £750k.

Published: 31 January 2024

Standard Life Home Finance launches Horizon Interest Reward

This new innovation allows you to offer your clients a discounted rate of up to 0.45% while still offering the same market-leading features that Horizon is known for. By making set monthly interest payments, Standard Life Home Finance reward your clients with a discounted rate, allowing them to save themselves thousands in compound interest over the duration of their lifetime mortgage.

Explore more here

Published: 29 January 2024

L&G Pricing structure changes

L&G are moving over to Individual Pricing for their Lifetime Mortgages with effect from 6pm on Friday 26 January. L&G portal will be unavailable from this time until the morning of Monday 29 January.

L&G Payment Term LTM and RIOs will remain on the existing “colour banded” pricing but L&G are making some changes to current rates and LTVs at the same time.

New pricing approach:

• From Monday 29 January 2024, L&G rates will be more tailored and therefore all the details you provide during the application process could influence rate
• The name of the Flexible LTM has changed to Interest Roll up Lifetime Mortgage (IRLM). Product features remain the same, including the ability to manage the roll up by making Optional Partial Repayments without paying an ERC. Only the name is changing

L&G Payment Term Lifetime Mortgage (PTLM) and Retirement Interest Only (RIO) products will continue on the existing pricing approach, with the following changes:

• Temporarily withdrawing the Payment Term Lifetime Mortgage Green variants
• Payment Term Lifetime Mortgage cases against flats or properties above £600k may be subject to a reduction in value before applying the LTV

Published: 26 January 2024

APEX changes

More2life is making the following changes on the Apex product range:

• Increasing the LTVs on Apex Ultra 4
• Launching a new LTV tier: Apex Super 2

Published: 25 January 2024

Horizon 200 and 220 launch

Standard Life has launched two new Horizon plans: Horizon 200 and 220.

• The minimum age on both plans will be 60 years
• The new plans will be available from Thursday 18 January 2024

Published: 18 January 2024

Plus product range

On Friday 26 January, LV= is reintroducing the 1% cashback offering on their Plus product range.

The lending criteria matches that of the existing Plus range products.

Published: 18 January 2024

Lifestyle range changes

From Friday 19 January, the LTV’s will change on the Lifestyle range. Across various borrowing levels and age points, some LTVs will be increasing, and some will be decreasing.

For any KFI produced where the LTV is being decreased, the deadline for full submission of applications on the higher LTV is midday 2 February.

Cases that have already completed or are in the pipeline should be unaffected by the change. Any future additional borrowing requests would be made against the LTV available at that time.

Published: 16 January 2024

L&G product changes

On Monday 8 January at 6pm, L&G are reintroducing their Flexible and Optional Payment Turquoise and Teal Lifetime Mortgages, with the following restrictions:

• Available for Single Lives aged 70 and over
• Available for Joint Lives aged 80 and over

Published: 8 January 2024

Lengthened offer validity period on Classic products

Pure Retirement is extending the offer validity period for Classic purchase cases to 90 days.

Existing yet relevant Classic product features:

• Flexible pricing model with 21-day KFI rate guarantee
• Optional repayments via Direct Debit possible
• LTVs of up to 46%

Published: 8 January 2024

Changes to Capital Select Options

On Monday 8 January, Canada Life is increasing LTVs on Gold Plus, Platinum and the Platinum Plus product. The Platinum Plus product is now available again to customers aged 60 – 90 years old.

Published: 8 January 2024

Horizon changes

From 5 January, Standard Life is implementing the following Horizon changes:

• Relaunch of Horizon 600, available to both Single Life and Joint Life
• Relaunch of Horizon 620, available to only Single Life
• Existing Joint and Single Life cases on Horizon 600 and 620 will have access to further advances
• Further Advances on Horizon 620 will be available on Single Life cases only and will not be available to existing Joint Life cases

KFIs will be available on the relaunched plans from Friday 5 January 2024.

Published: 4 January 2024

L&G product changes

On Wednesday 3 January at 6pm, L&G are making the following product changes:

• Removing restrictions on Flexible and Optional Payment Green product variants, to now be open to all ages
• Introducing new Payment Term Lifetime Mortgage Green product variants

Published: 4 January 2024

Capital Choice Midi relaunch

From 3 January, more2life is re-launching Capital Choice Midi and it will be available to both Single Life and Joint Life.

Published: 3 January 2024

Apex changes

more2life is launching Apex Series 9 on Tuesday 2 January, as a result the Series 8 plans have been withdrawn for any new business.

The Series 9 changes consist of:

• Rate decreases to Apex Plus, Super, Ultra 2 & 3
• LTV changes to Apex Super
• An increase in the maximum age on Apex Ultra 3 to 75

There are no changes to Apex Ultra Series 9

Additionally, a new higher LTV plan will be available – Apex Ultra 4.

The transitional rules for Series 8 cases are:

• KFIs on the current Series 8 plans are no longer available
• Applications on the current Series 8 plans can be submitted up until 22 January 2024
• KFIs are available on Series 9 plans from 2 January 2024

Published: 2 January 2024