Market news

LV= product changes

From 20 May, LV= is making changes to its Lifetime Mortgage Lending Criteria:

• Will increase its maximum flat roof percentage from 50% to 100%, where a durable material (asphalt, metal sheet, EPDM, GRP etc.) is in place and the roof is in good condition. The maximum percentage where the flat roof is constructed from felt has increased from 30% to 50%. Ex-local authority properties are subject to a 50% maximum flat roof, regardless of the construction material used.

• Non-residential properties may be permitted where adjacent or in close proximity to the subject property and subject to a satisfactory valuation.

  For properties in close proximity to commercial premises, LV= will consider these subject to surveyor comments. Properties adjacent to or above commercial premises or in close proximity to a large-scale industrial site are not accepted.

  Answer the question on LV= portal asking whether the subject property is within 50m of commercial premises and provide any relevant additional details in the notes section on the decision page. This will then be reviewed before the valuation is instructed.

Published: 16 May 2022

L&G product changes

On Friday 6 May at 9am, L&G is reducing the minimum OPR payment from £500 to £50.

Published: 6 May 2022

New plan options on Horizon

From Wednesday 27 April, Standard Life is adding two new plan options 780 and 800 to the Horizon Plan.

Published: 27 April 2022

LV= lending policy changes

With effect from Wednesday 6 April, LV= is making the following changes to its Lifetime Mortgage Lending Criteria:

• Will look at properties with up to 15 acres by exception.
• Will be able to consider annexes where family reside in the annexe on a full-time basis.
• Could accept aso customers with less than 36 month UK residency history
• Will no longer accept flats/apartments in a building with more than 4 storeys and no lift.

Published: 30 March 2022

L&G Premier product change

On Wednesday 30 March at 6pm L&G is reducing the minimum property value for Premier products from £1m to £750,000.

This change will be across Premier Flexible and OPLM variants and Premier Black and Yellow LTV tiers.

Published: 30 March 2022

Scottish Widows product updates

On Monday 28 March, Scottish Widows is making the following changes to its Lifetime Mortgage product range:

• New high loan to value (LTV) products for Lump Sum
• New product for Future Release
• Changes to max LTV by age and product
• Rate increase across all products

Published: 22 March 2022

Canada Life product update

From Thursday 24 March, Canada Life is simplifying its product range, removing the following product options:

• Over 55 Buy-to-Let Lifestyle Option
• Second Home Lifestyle Options

The 55 Buy-to-Let Voluntary Select Option and Second Home Voluntary Select Option will continue to be available to customers.

For any pipeline cases

• Generate an illustration before 8am Thursday 24 March.
• Submit the application before 5pm on Thursday 7 April.

Published: 22 March 2022

Heritage criteria changes

From Monday 21 March, Pure Retirement is expanding the criteria on the Heritage range, accepting:

• 100% flat roof properties (doesn’t apply to the Heritage Super Max Plus plans)
• properties with shared septic tanks

Pure Retirement is also applying an additional restriction to the Heritage Super Max Plus plans, not accepting properties in significant risk of flooding areas with active flood mitigation management in place and insurance in place to cover the flood risk.

Published: 21 March 2022

Withdrawal of more2life Capital Cashback Plans

From Thursday 17 March, more2life is withdrawing for all new business Capital Choice Cashback plans:

• Capital Choice With Cashback
• Capital Choice Plus With Cashback

Applications on the current rates can be submitted up until Thursday 31 March 23:59.

Published: 18 March 2022

more2life Flexi Choice criteria changes

From Monday 14 March, more2life is making some changes to the Flexi Choice criteria to now include:

• Up to 100% flat roof
• Up to 3 satisfied or unsatisfied CCJ’s

And more relaxed criteria regarding:

• Proximity to commercial
• Septic tanks
• Unadopted roads
• Ex-local authority/council houses & bungalows
• Laing Easyform & Cross wall construction

Plus, the following builder’s warranties are no longer accepted:

• Zurich Municipal New Build Guarantee
• Principal
• A Foundation 15 Certificate

Published: 14 March 2022

Pure Retirement Classic Criteria changes

From Tuesday 15 March, Pure Retirement is making some changes to the Classic criteria to now include:

• Up to 100% flat roof
• Up to 3 satisfied or unsatisfied CCJ’s

And more relaxed criteria regarding:

• Max number of storeys for flats
• Unadopted roads
• Laing Easyform construction
• Cross wall construction
• Septic tanks

Published: 14 March 2022

Heritage product update

From Wednesday 2 March, Pure Retirement is making some changes to the Heritage range:

• Introducing a new LTV tier product – Heritage Super Max Plus
• Introducing new fees package (cashback) product options for Heritage Max Plus and Super Max tiers
• Making some LTV adjustments at selected ages for Heritage Max, Max plus, Super Max
• Withdrawing the Heritage Plus LTV tier
• Increasing interest rates on all Heritage products

Published: 1 March 2022

Heritage Renovate withdrawal

With effect from Tuesday 1 February 2022 the Heritage Renovate range will be withdrawn from new business.

Any pipeline cases currently at application stage will continue to be honoured.

Submission Dates:

• You can request Renovate KFIs until 23:59 Monday 31 January 2022
• Submit Renovate applications by 23:59 Monday 14 February 2022

Published: 27 January 2022

Aviva variable ERC change

From 24 January, Aviva is launching a new Variable Gilt Index Early Repayment Charge (ERC), which replaces the current Individual Gilt ERC for all new business customers who choose this option, rather than a Fixed Percentage ERC.

Aviva has updated its gilt ERC so that all new borrowing uses the FTSE 15 year Actuarial Gilt Index as a single reference point.

For further information and FAQs on Variable Gilt Index ERC please visit Aviva webpage.

Published: 24 January 2022

Heritage Criteria change

From 21 January Pure Retirement has implemented the following changes to the Heritage range:

• Properties with private drainage where the septic tank is shared by no more than 2 properties, and a formal agreement is in place for maintenance and access can be considered.
  • All cases will be referred to funder for individual consideration.
  • The tank can be outside of the curtilage of the subject property, but formal agreements need to be in place for maintenance and access.
• Charging orders can now be considered in line with the CCJ criteria, up to a value of £20,000.
  • Orders between £10,000 - £20,000 will require funder approval.
  • The charge must be repaid on completion.

Published: 21 January 2022

Criteria changes

From Monday 17 January, Just is making some changes to its lending criteria:

• Limiting the LTV on flats and maisonettes to 85% of the product LTV
• Blocks of flats with 100% flat roof standard construction are acceptable
• Properties with private drainage where the septic tank is shared by no more than 2 properties and a formal agreements is in place for maintenance and access can be referred for individual consideration
• Northern Ireland listed properties can be referred for individual consideration for B1 & B2 categories. Categories A & B+ cannot be considered.
• Charging orders can be considered in line with our CCJ criteria
• Properties with restricted ownership covenants cannot be considered

For pipeline quotes impacted by the above, applications will be accepted up to Monday 31 January.

All applications are subject to approval and all properties are subject to a satisfactory valuation report.

The updated version of Just Lending Criteria Guide is available on justadviser.com.

Published: 17 January 2022

m2l launched Maxi Choice Extra

From Friday 7 January, more2life will be offering a new Maxi Choice plan – Maximum Choice Extra.

This plan will offer both Lump Sum and Drawdown options and will offer the standard Maximum Choice Features. It will have the same criteria as the Maximum Choice Super range but flas will not be accepted. Rates from 3.93%MER.

Published: 7 January 2022