Capital criteria changes

On 3 March 2025 more2life is implementing the following criteria changes on Capital plans:

• Residency

Remortgages within six months of the last purchase date are not acceptable. However, these are considered by exception subject to a suitability assessment. 

• Roof

Roofs previously treated internally or externally with spray foam where it has or will be removed prior to completion are acceptable subject to a report obtained from a suitably qualified professional to confirm the condition of the roof structure.

• Service charges, estate charges and ground rent

Where the road and sewer are covered under the estate charge and not adopted, these are acceptable if it complies with all of the above estate rent charge policy rules.
Shared private drainage is usually unacceptable, however where this services an estate of at least 10 properties, this can be considered subject to suitability of the arrangements in place.

• Environmental matters

Properties that have flooded in the past 15 years due to environmental causes. Properties that have a long term flood risk rating for flooding from rivers or seas/coastal of medium or high using the relevant Government long term flood risk assessment tool are unacceptable.

• Adjacent/Close proximity to commercial properties

Commercial presence within the vicinity of the property can be considered by exception where the proximity, locality and nature of the commercial unit has been assessed and factored into the impact on the property.

Standard Life Home Finance criteria change

On Monday 3 March, Standard life Home Finance is making the following changes to their lending criteria:

• Residency

Remortgages within six months of the last purchase date are not acceptable. However, these are considered by exception subject to a suitability assessment. 

• Roof

Roofs previously treated internally or externally with spray foam where it has or will be removed prior to completion are acceptable subject to a report obtained from a suitably qualified professional to confirm the condition of the roof structure.

• Service charges, estate charges and ground rent

Where the road and sewer are covered under the estate charge and not adopted, these are acceptable if it complies with all of the above estate rent charge policy rules.
Shared private drainage is usually unacceptable, however where this services an estate of at least 10 properties, this can be considered subject to suitability of the arrangements in place.

• Environmental matters

Properties that have flooded in the past 15 years due to environmental causes. Properties that have a long term flood risk rating for flooding from rivers or seas/coastal of medium or high using the relevant Government long term flood risk assessment tool are unacceptable.

• Adjacent/Close proximity to commercial properties

Commercial presence within the vicinity of the property can be considered by exception where the proximity, locality and nature of the commercial unit has been assessed and factored into the impact on the property.

Heritage LTV change

On 4 March, Pure Retirement is decreasing LTV on Special 3 joint life.

Buckinghamshire Building Society product changes

Buckinghamshire Building Society is making the following changes:

• Withdrawing the desktop options for RIO and retirement products RE61, RI34 and RI40.
• Changing their SVR from 8.59% down to 8.39% effective 1 March.

Scottish Widows products withdrawal

After careful consideration Scottish Widows have made the decision to withdraw their current Lifetime Mortgage product from sale to new customers with effect from 28 February. After 27 February they will no longer be accepting new mortgage applications on their Lifetime Mortgage – Lump Sum and Future Release.

For existing mortgage customers, Scottish Widows will continue to offer further drawdowns, further advances and maintain all other existing services, including ongoing support to existing mortgage customers wishing to move home and there is no change in how you can support your clients in these transactions with Scottish Widows.

Any applications in progress or submitted up to and including 27 February will be able to proceed to offer and completion as normal.

Please contact your Business Development Manager with any queries.

Hodge criteria change

With immediate effect Hodge is offering up to 6 x loan-to-income for customers earning £75,000 or more. This ehhancement will help ease the challenge around affordability and follows on from thier recent changes to foreign national criteria where Hodge increased the max LTV up to 90% and removed any min income requirements.

LiveMore Max LTV change

On Friday 7 February, LiveMore are reducing the maximum LTV on LiveMore 2 Capital & Interest products, from 85% to 80%.

Hodge Criteria Changes

Hodge is making the following criteria changes:

LTI

• Maximum LTI is 5.5x for Hodge Resi Retire (50+) and RIO
• Maximum LTI is 6x for LTV <80% on Hodge Resi products
• Maximum LTI is 5.5x for LTV >80% on Hodge Resi products

Changes for Foreign nationals only:

• Max LTV - 90%
• Time in the UK - 2 years
• Credit Conduct - Must have 2 years UK credit history with a valid CII score.
• VISAs
  • Global talent (formerly Tier1)
  • Skilled worker (formerly tier2)
  • Health & care worker Visa (formerly Tier2)
  • Spousal - joint cases only
• Employment - For skilled worker Visa, applicant must be in permanent employment.Global talent Visa, applicant must be able to evidence 18 months work history
• Time remaining on VISA - None required
• Occupations - No specific requirement
• Min Income - No Minimum income

more2life Tailored Lifetime change

On 1 February, more2life is reducing the minimum age from 60 to 55 on Tailored lifetime C5, C6 and C8.

LiveMore product changes

From Thursday 30 January LiveMore are :

• Changing the maximum loan size on LiveMore 1 (LM1) products. This is reducing from £2.5million to £1.5million.
• Increasing the maximum loan size on LiveMore 2 (LM2) products, which will now be £2.5million.
• Introducing a new 60% LTV range on LiveMore 2 across the Standard Range only.
• Decreasing the LTV on LiveMore 3 and up to 100% Debt Consolidation Ranges. This will now be capped at 75% LTV.

more2life Apex updates

On Friday 24 January more2life has temporarily withdrawn Apex and Apex Interest Reward.
Applications on current rates can be submitted (providing the KFI was created before the above date) up until 23:59 Friday 14 February 2025

Aviva Lifestyle Max product update

Due to market conditions Aviva have taken the decision to pause quoting for New Business on their Lifestyle Max product.

This means quotations for this product will be unavailable with immediate effect. The Lifestyle Flexible Option contract remains in place and is unchanged.

Aviva's Lifestyle Max change to property value

With immediate effect Aviva is no longer accepting properties valued over £1million across all locations on their lifestyle Max lifetime mortgage option.

Any pipeline cases will progress as normal, subject to their usual underwriting criteria being met.

The Lifestyle Flexible Option lifetime mortgage has not changed.

LiveMore launches new Lifetime mortgage range

LiveMore has revamped its Lifetime mortgage range, which now has four products:

• Standard
• 5 Year ERC
• 6 month Offer
• Property+

The new products include:

• Drawdown on all products
• Competitive LTVs up to 49.75%
• ERCs - Five-year ERC product, or 8 years
• Day 1 downsize protection
• Offer period – new six month offer product or 3 months
• No product fees
• Free Valuations (up to £2m valuation)
• ERCs waived - if redeemed or sell due to borrower passing away or moving into long-term care (in 3yrs)

Property considerations that have moved from Property+ into our Standard range:

• Properties above, below and near to commercial
• Grade 2 Listed
• Pylons
• Annexes (non-commercial)
• Solar Panels with UK Finance compliant lease
• Running a business from the property (must have no commercial signage or structural changes)

Pure Retirement Heritage product changes

On Friday 10 January, Pure Retirement is making the following changes to the Heritage range:

1. Supreme price point (including cashback versions) withdrawn from sale.
2. Freedom 20 and 40 price points withdrawn from sale.
3. Interest Servicing discounts now range from 0.30% to 0.65%.
4. Special 2, 2.5 and 3 will now have separate LTVs by single life and joint life, with single lives offering market leading LTVs (44% age 70, max 58.4%).
5. The number of cashback options have been reduced significantly, with no cashback available on Special 3.

L&G product update

From 6pm on Thursday 9 January, Legal & General are reducing LTVs on their products.

More2life Tailored LTV and cashback changes

From 2 January night, more2life is making the following changes on Tailored Lifetime and Tailored Enhanced plans:

C6: removal of 3%, 4% & 5% cashbacks, LTVs split into Single & Joint Life

• Single Life LTV increase
• Joint Life LTV decrease for ages 60 – 73 inclusive
• Joint Life LTV increase for ages 74 - 84 inclusive
• Max LTV 55.40%
   

C7: removal of 2%, 3%, 4% & 5% cashbacks, LTVs split into Single & Joint Life

• Single Life LTV increase
• Joint Life LTV increase for ages 55 - 58 and 76 - 84 inclusive
• Joint Life LTV decrease for ages 60 - 75 inclusive
• No change to age 59 Joint Life LTV
• Max LTV 55.90%
   

C8: removal of all cashback options, LTVs split into Single & Joint Life

• Single Life LTV increase
• Joint Life LTV decrease for ages 60 – 75 inclusive
• Joint Life LTV increase for ages 76 – 84 inclusive
• Max LTV 58.40%
  
  

Enhanced: Rate decrease, removal of all cashback options, LTVs split into Single & Joint Life

• Single Life LTV increase
• Joint Life LTV increase for ages 55-58 and 77 – 85 inclusive (PA1)
• Joint Life LTV decrease for ages 59 – 76 (PA1)
• Max LTV 58.40%