Market news logo

Welcome to Advise Wise Market News, the news feed where you can find the latest from the later life market, including rate changes, product and process updates and market events.

Filter posts

Market news

OneFamily onsite valuations update

COVID-19

OneFamily position in Wales:

Connells, OneFamily’s Surveying partner, will continue to undertake onsite valuations through the short lockdown period where it is safe to do so, and the property occupier is happy and comfortable to allow access.

Given estate agencies will be closed over the period, in the case of vacant properties the physical inspection will be reliant upon keys or attended access being available.

Where occupiers are not comfortable to allow access and wish to defer, these inspections will be rescheduled from 9 November onwards.

Government Tiering System:

Following the Government’s Covid-19 Tiering System, onsite valuations will continue as they have been, in accordance with Connell’s guidance document and shown on OneFamily Covid-19 Hub Page.

Published: 26th October 2020

Hodge product fee process change

Product Update

Hodge is making an amendment to the product fee process on all Hodge products.

Currently the applicant can pay their product fee:

  • in advance,
  • add product fee to loan
  • deduct product fee from loan.

As of Monday 26 October, Hodge will be removing the ‘deduct from loan’ option.

Published: 26th October 2020

Lender update from Canada Life

Market Events

In this webinar hosted by Craig Faulkiner, Les Pick from Canada Life gives an overview of Canada Life USPs and key criteria they can accept.

Published: 26th October 2020

Pure Retirement rate change

Rate Change

Pure is reducing interest rates on the Heritage range from Saturday 24 October. New rates from 3.85%MER.

The rate reduction applies to both GILT based and Fixed ERC products, along with the Heritage Freedom 40 products (Plus, Max, Max Plus).

Published: 24th October 2020

Lenders’ updates on Welsh valuations

COVID-19

Canada Life - Physical inspections remain available, however the surveyor will assess individual risk and agree with the client if a visit can be made

Hodge - Physical inspections remain available, however the surveyor will assess individual risk and agree with the client if a visit can be made

Just - Physical inspections remain available, however the surveyor will assess individual risk and agree with the client if a visit can be made. Just can also consider desktop valuations in exceptional circumstances

L&G - Physical inspections remain available, however the surveyor will assess individual risk and agree with the client if a visit can be made

LV= - Physical inspections remain available, however the surveyor will assess individual risk and agree with the client if a visit can be made. Advisers should ensure the correct product is selected and, in case of desktop valuations, a physical inspection would still be required prior completion.

Pure Retirement - Valuations for Welsh properties will be booked for week commencing 9 November.

Published: 23rd October 2020

Hodge Property referrals update

Process Update

To get faster answers to advisers property related queries, Hodge won’t process any property referrals or criteria queries via email and is amending the property referral process as follows:

  • If an enquiry is submitted via email, the adviser will be directed to Hodge online information
  • Should this information not answer the advisers query, they should call the lending support team
  • If the lending support team cannot answer the query themselves on the phone, as the property feature is a ‘refer’ category that requires an underwriters input, the BDM will submit a formal referral to Hodge property underwriters to process (typically a 48hr turnaround)
    Check Hodge Property Eligibility Guide
    Check Hodge property criteria

Published: 23rd October 2020

Aviva ‘Early repayment charges’ webinar

Market Events

When:

The webinar will cover:

  • The types of early repayment charges and how they operate
  • The early repayment charge exemptions that can apply
  • The relevance of those to customer circumstances
  • The information you could gather to demonstrate suitability of advice in this area
  • Challenging common customer intentions

You will earn 30-minutes CPD.

Published: 22nd October 2020

Pure Retirement rate change

Rate Change

Pure Retirement is decreasing interest rates on Classic Midi, Max and Max Plus products. New rates from 2.49%MER.
All other products will remain unchanged.

Published: 21st October 2020

L&G product changes

Product Update

From Tuesday 20 October L&G is aligning the underwriting criteria on Flexible & Optional Payment Black product variant to the rest of its range.

  • Minimum property value will be reduced to £100,000
  • Maximum property value will be reduced from £4,000,000 to £2,000,000*
  • Minimum loan amount will be reduced from £100,000 to £10,000
  • Maximum loan amount will be reduced from £2,000,000 to £750,000*

Any Applications submitted on the Black product from KFIs generated after the 20 October will also receive a higher rate of commission, again aligned to the rest of the products in the range.

*As with the other Flexible and Optional payment product variants, L&G welcomes large loan enquiries over £750,000 / £2 million property value.

For more information and the new interest rates check the product summaries:

For pipeline cases

If you haven’t yet submitted an application, the easiest way to take advantage of these new interest rates is to generate a new KFI.

If you have submitted an application but haven’t yet received an offer, and these new interest rates are lower, L&G will automatically offer on these new rates for acceptable cases.

If you’ve already received an offer and would like L&G to re-offer on one of these new rates, generate a new KFI.

Club members commissions increased to 2.85% on Black Flexible and Optional Payment LTMs. Max commission is capped at £10K, with any balance rebated to client.

Published: 20th October 2020

L&G interest change

Rate Change

On Tuesday 20 October at 6pm L&G is reducing interest rates by up to 0.12% across Teal, Navy, Indigo and Violet product variants.

Published: 20th October 2020

LV= Equity Release Underwriting Masterclass

Market Events

When: 5 November, 10am

During the session you will hear from LV= Property Underwriting and Sales experts and learn more about the end to end journey on their new smarter portal.
During the session you’ll also hear:

  • LV=’s lending criteria and underwriting approach for lifetime mortgages.
  • The routes to engage with LV=’s underwriting team regarding a lifetime mortgage application, both on and off portal.
  • Learn more about the LV= Equity Release proposition

CPD will also be made available to attendees shortly after the webinar.

Register here.

Published: 20th October 2020

Hodge rate change on Holiday Let

Rate Change

On Tuesday 20 October 2020 Hodge will be increasing the rates on 75% LTV Holiday Let mortgage products.

The new rates from Tuesday will be:

  • Holiday Let 2 Year Fixed £995 fee will increase from 3.65% to 3.85%
  • Holiday Let 2 Year Fixed £0 fee will increase from 3.80% to 4.05%
  • Holiday Let 5 Year Fixed £995 fee will increase from 4.05% to 4.25%
  • Holiday Let 5 Year Fixed £0 fee will increase from 4.20% to 4.40%

All applications approved on or after this date will be subject to the new increased rate.

Published: 20th October 2020

L&G updates Sustainability Criteria

Process Update

Legal & General Home Finance can now consider the following scenarios/properties with immediate effect:

  • Annexes with a separate Council Tax banding to the main property (but still sharing all services);
  • Properties with Japanese Knotweed within 7 metres of the boundary but more than 7 metres away from habitable spaces;
  • Properties with up to 15% single skin. Where this includes bathroom or kitchen providing there is only 1 wall of single skin;
  • Properties with some element of commercial use providing they meet the criteria detailed in the link below;
  • Properties which are in close proximity to a commercial business – greater clarity has been provided on what may and may not be acceptable depending on the planning use Class of the business the property is close to.

In addition:

L&G has added to the list of warranty providers for properties up to 10 years old;

  • They have provided greater clarity on definition of New Build properties, and
  • Whilst they still require the youngest applicant to be no older than 90 when they apply, completion can now take place within 6 months of their 91st birthday

Updated Suitability Criteria can be found here.

Published: 16th October 2020

L&G extend OPLM customers payment holiday

Process Update

L&G are extending payment holiday for their existing OPLM customers until 28 February 2021. This will allow customers to miss payments without contributing towards the 6 allowed missed payment limit on the product. All customers who have already taken advantage of the payment holiday will be informed of the extension and provided with the choice of continuing with their current payment holiday or to re-start their Monthly Interest Payments if they are in a position to do so.

Published: 16th October 2020

Aviva rate change

Rate Change

Aviva is increasing interest rates on 16 October on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.

Published: 16th October 2020

Just cashbacks change

Product Update

From Friday 16 October Just is amending the maximum cashback cap to £20,000 across all Just For You cashback variants.

For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates.

There are two tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:

  • If servicing >0.01% of the monthly interest amount there will be a 0.00% reduction
  • If servicing 25.01% + of the monthly interest amount there will be a 0.20% reduction

All new quotes from this day will be subject to the new cashback limits. Applications for any existing quotes need to be submitted before the 30 October.

Published: 16th October 2020

Let us know how we did

General Update

Supporting advisers is at the core of what we do and we'd love to hear what our members think of the Platform and the Mortgage Club.

We’d appreciate it if you could complete a short (3 minute) survey, for your chance to win a £25 Amazon voucher! Plus, we’ll plant a tree for each survey completed!

Take the survey

Published: 12th October 2020

Pure rate change

Rate Change

From 8 October Pure Retirement is decreasing interest rates on Classic Super Lite, Lite, Lite Plus and Midi. New rates from 2.22%MER.

Super Max, Super Max Plus and Elite Range will all remain unavailable for New Applications and Further Advances.

Published: 8th October 2020

LV rate change

Rate Change

From 8 October LV= is decreasing interest rates on the Lifetime Mortgage Drawdown+. New rates from 2.41%MER.

Published: 8th October 2020

LV lending policy change

Process Update

From 8 October LV= is making changes to the lending policy for Lump Sum + and Drawdown+.

  • Acceptable timber frame to change from post-1960 to post-1970
  • Ground rent must not exceed 0.2%
  • Maximum storeys reduced from 7 to 6
  • Annual service charges and ground rent increase from 1.5% to 2.5% (subject to ground rent not exceeding 0.2%)
  • Flying freehold to increase from 10% to 15%
  • Sheltered/Age restricted properties no longer permitted

Please note, that the application deadline for any cases quoted on the previous lending criteria up to close of business on 7 October will be 21 October.
View the revised Lending Policy and the Lending Policy Guide for full details

Published: 8th October 2020

Aviva rate change

Rate Change

Aviva is changing interest rates from Wednesday 7 October, on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.

Published: 7th October 2020

OneFamily LTV changes

Product Update

From Wednesday 7 October 2020 OneFamily is reducing the LTVs of Lite and Standard products by 1.5% and 3% respectively.
All new business and additional borrowing applications submitted from Wednesday 7 October will be subject to the new LTVs.

OeFamily is also re-introducing onsite valuations on all lifetime mortgage products. Desktop valuations may be used where a customer is isolating or cannot comply with Connells’ risk assessment requirements. Where a desktop valuation is used, a retention may be applied until an onsite valuation has verified the property value. A retention of up to 15% of lending may be applied to Standard LTV cases and 10% to Lite and Super LTV cases.

Published: 7th October 2020

Equity Release Awards 2020 logo

Kindly sponsored by

OneFamily logo

Three free prize draws from 1 October 2020

General Update

To celebrate our first year, over the next three months from 1 October, we’re running three individual prize draws for your chance to win great prizes just by using Advise Wise!

You’ll get a free entry, for every KFI requested through the Advise Wise Platform or Mortgage Club. T&C apply*.

Enter the prize draw

Canada Life rate changes

Rate Change

With effect from 10am on Tuesday 6 October, Canada Life is reducing the interest rates on:

  • Capital Select range, new rates from 2.95% MER
  • Lifestyle range, new rates from 2.55% MER
  • Prestige range, new rates from 5.17% MER

Canada Life is also increasing the LTVs on all Capital Select Options.

You can find all key documents on Canada Life website:

Home Finance product overview

Charges overview

Additional borrowing interest rates

Published: 6th October 2020

Pure Retirement & Advise Wise The Unplaceables event

Market Events

When: 14 October 10.00-11.00am

Live webinar with:

  • Anna Thompson, BDM at Pure Retirement
  • Jane Hanlon, Mortgage Club Manager at Advise Wise
  • Peter Barton, Head of Equity Release at Ashfords

This webinar is all about hard to place cases, and we want to discuss your real life cases during the session.

Register Now

If you would like one of your cases discussing, please email marketing@pureretirement.co.uk.

Published: 5th October 2020

Just introduces cashbacks to the J2.5 LTV series

Product Update

As from Friday 2 October Just will be introducing a 2% and 5% cashback variant to the J2.5 LTV Series.
Please note:

  • For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates
  • There are two tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
    • If servicing >0.01% of the monthly interest amount: 0.00% reduction
    • If servicing 25.01% + of the monthly interest amount: 0.20% reduction
  • All cashback is capped at £10,000 for J1-J5
  • J6 cashback is uncapped

Published: 2nd October 2020

LV= criteria changes

Process Update

With effect from 1 October LV= will no longer be accepting age restricted/sheltered accommodation properties on either our Lump Sum+ or Drawdown+ Lifetime Mortgages.

For any existing Flexible Lifetime Mortgage or Drawdown+ Lifetime Mortgages which have already completed, the drawdown facility will continue to be available subject to the T&Cs of the relevant plan. LV= will accept new Drawdown+ applications in respect of age-restricted/sheltered accommodation up to and including 30 September, and those drawdown facilities will continue to be made available subject to the current T&Cs.

With effect from 1 October LV= will also be unable to consider any non-contractual further advances on any age restricted/sheltered accommodation property. In addition an existing policyholder won’t be allowed to port their mortgage across to an age restricted/sheltered accommodation property.

Published: 1st October 2020

Lender update with Pure Retirement

Market Events

Watch the latest updates from Pure Retirement in a webinar hosted by Craig Faulkiner, with Jane Foreshaw from Pure.

Published: 28th September 2020

Pure’s Classic min property value change

Product Update

From Friday 25 September Pure Retirement is reducing the minimum property value on the Classic range from £150k to £125k.

The minimum property value for ex-local authority properties will remain at £150k.

Published: 25th September 2020

Pure’s Sovereign rate change

Rate Change

From Friday 25 September Pure Retirement is reducing interest rates to Sovereign Core and Sovereign Elite range on products A, B and C.
New rates from 2.25% MER.
Products D,E and F will remain unchanged on the Sovereign Core range.

Published: 25th September 2020

Pure retirement rate change

Rate Change

From 24 September Pure Retirement is reducing interest rates to the Classic range.
New rates from:

  • Super lite - 2.23% MER
  • Super Lite Plus - 2.24% MER
  • Lite - 2.27% MER

Published: 24th September 2020

Pure Retirement ‘Back to School’ series

Market Events

Webinar with e.surv and Silver Travel Advisor

When: 30 September at 10-11am

Richard Sexton, Business Development Director at e.surv will be discussing “Valuations moving forward”
Debie Marshall, Founder at Silver Travel Advisor will be discussing “Habits of the over 50’s”

Register Now

Published: 24th September 2020

Aviva rate change

Rate Change

From Wednesday 23 September 2020, Aviva is making changes to the interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.

Published: 23rd September 2020

The ERC’s Autumn 2020 Market Report

Industry News

The Equity Release Council has released the Autumn 2020 Market Report; here’s the key findings.

  • Equity release market continues to evolve with average interest rates reaching historic lows
  • Average rates for equity release products reached record lows of 4.11% in July 2020, with over half of products offering a rate of 4% or lower, and a fifth offering rates below 3%
  • Equity release rates fell further than other personal borrowing products such as mortgages, personal loans, credit cards and overdrafts, over both a one and two-year period
  • Product choice for consumers was up 29% from July 2019 and by 88% since the start of 2019, despite a 5% reduction in product numbers from 401 to 379 between January and July 2020
  • Impact of Covid-19 felt in Q2, as the first half of 2020 saw an overall 14% drop in customer activity from the same period last year and a 15% drop in new plans agreed
  • Recent ONS data shows more than one in three (37%) people aged 65+ are worried they will not be able to maintain their living standards in retirement
  • The ONS data also shows more than a third (39%) of baby boomers (aged 65+) believe property would make the most of their money in retirement

Download the full report

Published: 21st September 2020

Aviva launches new adviser website

General Update

Aviva has launched a new adviser website, connect.avivab2b.co.uk.

You can log in using your ten digit Online Account Number (OAN) and password. If you use Unipass, login as usual as it will have this information stored.

If you have any problems logging in, you can contact Aviva’s Online Support Team via email ECSD@aviva.com.

Published: 21st September 2020

Pure Retirement SEO Masterclass and ERC webinar

Market Events

When: 23 September, 10-11am

Pure Retirement will host the third in the series of Back to School Webinars, joined by:

  • Martha Phillips, Director at Source Marketing Agency
  • Chris Pond, from the Equity Release Council.

Register now

Published: 18th September 2020

Pure Retirement rate change

Rate Change

Pure Retirement is reducing interest rates on the Classic range from 16 September. New rates from:

  • Super Lite Plus –2.27% MER
  • Lite Plus – 2.38% MER
  • Midi – 2.54% MER
  • Max Plus – 3.15% MER

Published: 16th September 2020

LV= rate change

Rate Change

From Tuesday 15 September LV= is decreasing the rates on Drawdown+ Lifetime Mortgage. New rates from 2.46% MER.

The zero application fee deal remains in place for all applications.

Rates for the Lump Sum+ Lifetime Mortgage remain unchanged.

Published: 15th September 2020

Hodge relaunches Holiday Let

Product Update

Hodge is re-launching its Holiday Let range on Monday 14 September with its full complement of products.

Find out more

Published: 14th September 2020

Pure Retirement webinar ‘The Unplaceables’

Market Events

When: 16 September, 10-11am

Jane Forshaw and Daniel Edmondson at Pure Retirement will host the second in the series of Back to School Webinars ‘The Unplaceables’, joined by:

  • Matthew Taylor, Senior Business Relationship Manager, at Equilaw
  • Jane Hanlon, Mortgage Club Manager at Advise Wise

Register now

Published: 10th September 2020

Equity Release Awards 2020 logo

Mortgage Solutions Equity Release Awards 2020

General Update

It would be a privilege if Advise Wise could secure your vote this year.

Please vote for Advise Wise as Best Distributor for Development & Support.

Vote now

L&G launches RIO

Product Update

Legal and General Home Finance is launching a new Retirement Interest Only Mortgage (RIO) on the 9 September.

RIO is an interest-only mortgage with a fixed interest rate for life. If a client’s existing interest-only mortgage is coming to an end, they could use the RIO to pay the outstanding balance and stay in the home they love. Some may choose to borrow extra cash to buy a new home - or just do more of the things they love in retirement.

You can find more about RIO on L&G’s dedicated page, which includes useful tools and support resources for advisers.

Published: 9th September 2020

Just rate changes

Rate Change

As from Wednesday 9 September Just is decreasing the interest rates on J2, J2.5, J3, J4, J6 and Green LTV series. Just is also introducing Cashback on J6 LTV series. New rates from:

  • J2 - 3.18%MER
  • J2.5 - 3.64%MER
  • Green - 3.54%MER
  • J3 - 4.25%MER
  • J4 - 5.08%MER
  • J6 - 5.40%MER

Published: 9th September 2020

Pure Retirement Heritage range rate change

Rate Change

On Saturday 5 September Pure Retirement is reducing rates on part of the Heritage range:

  • Heritage Plus - new rates from 3.95%MER
  • Heritage Max - new rates from 4.11%MER
  • Heritage Max Plus - new rates from 4.65%MER
  • Heritage Freedom 40 products - new rates from 4.25%MER

The rate reduction applies to both GILT based and Fixed ERC products, along with the Heritage Freedom 40 products (Plus, Max, Max Plus).

Published: 5th September 2020

Aviva rate change

Rate Change

From Friday 4 September interest rates on both Lifestyle Lump Sum Max and Lifestyle Flexible Option will increase or remain the same, on new business only.

  • For new business applications received between 4 - 10 September, the offer issued will be based on the Personal Quote Summary (PQS) received, as per normal Flex Tool rules.
  • All new business applications received from Friday 11 September will be processed using the new interest rate.
  • If the property valuation is outside 10% of the estimate, please include a new PQS using Flex Tool version 04.09.20.
  • If the property valuation is within 10% of the estimate, please include the original PQS.
  • Where terms have been offered and the customer wishes to make an alteration to the loan, the new offer will be based on Flex Tool version 04.09.20
  • From Friday 4 September, Aviva will only accept a PQS dated 01.09.20 & 04.09.20.

There are no changes to the interest rates on reserve release.

Published: 4th September 2020

Pure Retirement - Classic rate change

Rate Change

Pure retirement is reducing interest rates on all Classic products from Friday 4 September. New rates from 2.26%MER.

Published: 4th September 2020

Just rate change

Rate Change

As from Thursday 3 September Just will be decreasing the interest rates on J5 LTV series, while increasing interest rates on J1 LTV series for customers aged 70 and above.

  • For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates (in order to then calculate the AER rates, you need to add the 0.05% increase to the MER first)
  • There are two tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
    • If servicing >0.01% of the monthly interest amount there will be a 0.00% reduction
    • If servicing 25.01% + of the monthly interest amount there will be a 0.20% reduction
  • All cashback is capped at £10,000

Published: 3rd September 2020

ERC appoints first legal representative to its Board

Industry News

The Equity Release Council has broadened its industry representation by appointing the first legal member to serve on its main Board.

Claire Barker, Managing Director at Equilaw Ltd and Director at Thomas Legal Group, has taken up her new post as a co-opted board member for 2020/21, following a competitive selection process among the Council’s legal membership.
Claire’s appointment will ensure the property law sector has a seat at the highest level of the Council as a representative body.

Published: 3rd September 2020

L&G rate change

Rate Change

On Wednesday 2nd September at 6pm L&G is reducing interest rates by up to 0.20% across all products.
You can find more info and the new rates in the product summaries

Published: 2nd September 2020

Canada life rebrand

General Update

Canada Life introduces a refreshed brand to the market; changes start with a new look, new logo and brand new website. All designed to make it more accessible, transparent and easy to deal with.

Check the new website www.canadalife.co.uk

Published: 2nd September 2020

Hodge “Let’s chat lending” webinars

Market Events

When: 24 September at 11am

20 minutes webinar with a member of Hodge senior underwriting team and Emma Graham, Sales director.

The topic of the webinar is affordability criteria and brokers will get an understanding of the thinking behind Hodge underwriting approach and what Hodge needs from brokers and their customers to turn their application into a decision.

Find out more and sign up

Published: 2nd September 2020

Aviva product enhancements

Product Update

From Tuesday 1 September Aviva is making the following changes:

For new Business on Lifestyle Lump Sum Max & Lifestyle Flexible Option:

  • The introduction of a new 14 week guaranteed re-offer period following an initial 14 week guaranteed offer period, providing you with a total guaranteed offer period of 28 weeks.
  • Extending the validity of the valuation report to 28 weeks bringing this in line with the new 28 week guaranteed offer period.
  • The introduction of Edition 7 Terms & Conditions (T&Cs) to support the new re-offer and valuation changes.
  • Increasing LTV rates used to determine the maximum a customer can borrow.

For additional Borrowing on Lifestyle Lump Sum Max, Lifestyle Flexible Option and products closed to new business:

  • Increasing LTV rates used to determine the maximum a customer can borrow
  • New LTVs will also apply to Moving Property, Change of Ownership and Sale of Land to calculate whether a part repayment is required.

Published: 1st September 2020

LV= rate change

Rate Change

LV= is reducing interest rates on both Lump Sum+ and Drawdown+ from Wednesday 26 August.

LV= is also removing the Application fee of £695 from its Lifetime Mortgage Drawdown+ product.

Published: 26th August 2020

Pure Back to School September Webinar Series

Market Events

Pure Retirement has launched a series of weekly webinars throughout September, with a wide range of guest speakers.

  • 9/9 - Persuasion skills in a virtual world
  • 16/9 - The Unplaceables webinar
  • 23/9 - SEO Masterclass
  • 30/9 - Valuations after Covid and Habits of the over 50’s

Reserve your spot

Published: 26th August 2020

Pure’s FAQ Sessions

Market Events

The first instalment of Pure’s FAQ Sessions is live! Pure Retirement’s BDM for the North, Daniel Edmondson, is kicking off the series as he explains digital applications in a short clip.

The FAQ Sessions will be posted fortnightly.

Published: 25th August 2020

Just introduces J6, its highest standard LTV’s

Product Update

Just launches a new LTV neries, J6 from Monday 24 August.
J6 offers Just’s highest LTV’s on a non-enhanced basis allowing customers access to one of the highest releases available in the current LTM market.

Key features:

  • Available on lump sum basis only
  • Available to 65-95 age range
  • Min property value £150000
  • Interest rate from 5.85% MER
  • No cash facility and no monthly payment options

Full details on Just At a Glance Guide

Published: 24th August 2020

Just changes J4 and J5 LTV’s

Product Update

On Monday 24 August, Just is making slight reductions at four ages on J4 and J5 LTV’s on a single life basis only.

The LTVs applicable to J5 will also be reducing. You can run a product search on Advise Wise Platform to understand the maximum loan amount available based upon their medical and lifestyle conditions.

Published: 24th August 2020

Just changes its monthly payment option

Product Update

From Monday 24 August Just is changing its monthly payment option, simplifying its current tiers of reduction to the roll up interest rate for those who wish to pay some or all of their monthly interest.

  • Servicing less than 25% of the monthly interest amount - no reduction to the standard roll-up interest rate
  • Servicing >25.01% of the monthly interest amount - 0.20% reduction to the roll-up interest rate

Check the full breakdown of the rates.

For those quotes in the pipeline servicing between 75.01%-100% interest and receiving a discount of 0.30% to the roll-up interest rate, applications must be received by Monday 7 September in order to hold the rate.

Published: 24th August 2020

Pure Retirement launches postcode tool

General Update

Pure Retirement has launched a new postcode finder tool, aimed at making it easier for advisers to find their regional sales representative.

Published: 20th August 2020

2020 Women’s Recognition Awards Finalists Announced

General Update

The finalists for the 2020's Women’s Recognition Awards have been announced.

Jane Hanlon, our Mortgage Club Manager, has been named a finalist in the Woman in Later Life Lending category. To view all the FRWRA finalists, click here.

Congratulations to Jane for this well deserved achievement!

Tune in to the Women's Recognition Awards Twitter page on Thursday 27th August at 1pm where they will reveal the winners!

Published: 20th August 2020

Live webinar with Advise Wise and LV=

Market Events

When: Tuesday 25 August, 10.00-11.00am

This live webinar is co-hosted by:

Craig Faulkiner – Head of Distribution at Advise Wise
Chris Smyth – National BDM at LV=

The webinar will cover LV= quote system and an overview on the newly launched Drawdown+ product and provides 1 hour of unstructured CPD.

Sign up to the webinar

Published: 19th August 2020

OneFamily live webinars

Market Events

OneFamily is running free webinars in August on Underwriting, its Lifetime Mortgage proposition and its portal training.

To check all events dates and register click here.

Published: 19th August 2020

Canada Life Capital Select Options live webinar

Market Events

When: Thursday 20 August, 11am-12pm

Hosted by Les Pick, Head of Sales, Home Finance, the webinar explores the Capital Select options product range, the flexible underwriting approach and Canada life customer service.

The webinar provides 1 hour of unstructured CPD.

Sign up to the webinar

Published: 19th August 2020

Legal & General product changes

Product Update

L&G is changing LTV's on Black to Green Flexible and Optional Payment Lifetime Mortgages from Thursday 20 August at 6pm. There will be no changes to the LTVs for the rest of the range.

Check the product summaries below for more info:

Published: 19th August 2020

Hodge updates property criteria

Process Update

Hodge has released its updated property eligibility criteria. View the quick reference guide here.

Published: 18th August 2020

Pure Retirement rate change

Rate Change

From 12 August, Pure Retirement are reducing rates on the following products:

  • Classic Super Lite New rates from 2.28%
  • Super Lite Plus New rates from 2.30%
  • Lite New rates from 2.33%
  • Lite Plus New rates from 2.45%
  • Max New rates from 2.87%

Pure Retirement are also re-opening their Max Plus product.

Published: 12th August 2020

LV= rate change

Rate Change

LV= is reducing the rates on the Lump Sum+ Lifetime Mortgage from 12 August. New rates from 2.58% MER.

Published: 12th August 2020

Hodge criteria change

Process Update

Hodge is making changes to its acceptable property criteria, due to go live on 10 August.

Check out all the criteria changes

Published: 10th August 2020

Aviva rate change

Rate Change

From Monday 10th August interest rates will decrease or remain the same for Aviva products.

Additional borrowing interest rates are decreasing by 0.20% on the Lifestyle Flexible Option, Lifestyle Lump Sum Max and all products closed to new business.

Published: 10th August 2020

New Just webinar series on retirement advice

Market Events

Just is introducing a brand new webinar series with a host of expert guests, giving you in-depth knowledge and insight to key retirement advice principles.

Find out more and register

Published: 7th August 2020

Just rate change

Rate Change

Just is decreasing interest rates on J2, J2.5, Green, J3 and J4 LTV series from 6 August. New rates from 3.29% MER.

Published: 6th August 2020

LV= launches new adviser online portal

Process Update

LV= launches a new adviser online portal; a simple to use and intuitive online experience that provides 24/7 access, full application progress tracking, safe storage of all clients’ documents and instant access to literature documents.

Find out more
Register to the portal

Published: 5th August 2020

LV= launches Lifetime Mortgage Drawdown+ products

Product Update

LV= launches its Lifetime Mortgage Drawdown+ products from 5 August, with rates from 2.65% MER.

View the lending policy

Published: 5th August 2020

FCA best practice guidance to protect vulnerable consumers

Industry News

The FCA has set out new best practice guidance for firms to do more to protect vulnerable consumers.

Find out more

Published: 4th August 2020

Pure Retirement “Unplaceables” Zoom webinar

Market Events

When: 12 August 10.00-11.30am

Hosted by BDM Anna Thompson, with:

Craig Faulkiner – Head of Distribution at Advise Wise
Hattie Tales – National Account Manager at Pure Retirement

This webinar is all about hard to place cases, and the aim is to discuss your real life cases during the session. Please get in touch if you have a case you would like to discuss.

Sign up to the webinar

If you would like one of your cases discussing, email marketing@pureretirement.co.uk.

Published: 4th August 2020

Pure Retirement rate change on Heritage range

Rate Change

Pure Retirement is reducing interest rates on its Heritage Core Range and Heritage Freedom 40 products, both GILT based and Fixed ERC products.
New rates from 3.45% MER.

Published: 4th August 2020

Pure Retirement rate change on Classic range

Rate Change

Pure Retirement has reduced interest rates to the Classic range, from Saturday 1 August. New rates from 2.30% MER.

Published: 1st August 2020

L&G interest rate change

Rate Change

Legal & General Home Finance is decreasing interest rates by up to 0.18% across all of its products from 6pm 30 July. New rates from 2.37% MER.

Published: 30th July 2020

Hodge Tech Series - The Changing Threat Landscape

Market Events

When: 5th August 2020, 10.00 - 11.00am

Speakers:
Damon Rands - Founder, Wolfberry Cyber
Professor Pete Burnap - Professor of Data Science & Cybersecurity, School of Computer Science and Informatics, Cardiff University

In this session you will hear from leading experts in the field of cyber security and data science to better understand why the ‘traditional network’ no longer exists. And how working from home, returning to the office and the use of fear affects the safety of businesses online infrastructure.You will also hear about the use of AI in helping prevent cyber attacks and risk.

This session is certified by the CIPD and will provide 1 hour of CPD credits to all attendees.
Find out more and Register

Published: 29th July 2020

ERC : Q2 2020 equity release market statistics

Industry News

The Equity Release Council released Q2 2020 equity release market statistics.
In summary, the figures show:

  • £698m of property wealth was accessed by older homeowners in Q2 2020, down by 34% from the previous quarter.
  • The number of new equity release plans agreed between April and June also declined by 34% from 11,079 in Q1 2020 to 7,341.
  • May was the quietest month for new plans before initial signs of recovery followed in June as lockdown conditions began to ease.

Published: 28th July 2020

Pure Retirement webinar - Facebook Masterclass

Market Events

When: 29 July, 10am

Hosted by Jane Forshaw, BDM at Pure Retirement, with guests:

  • Marths Phillips, Director at PR Agency Source
  • Robert Bowes, UK Product Manager at Iress
  • Nicola Malone from Premier Equity Release Club

To sign up for this webinar, please email marketing@purertirement.co.uk

Published: 24th July 2020

Physical valuations in Leicester area

Process Update

e.surv will be re-commencing physical valuations in the Leicester area with effect from this Friday 24 July.

Published: 23rd July 2020

Pure Retirement rate change

Rate Change

Pure Retirement is increasing interest rates on Sovereign F product from 23 July.
New rates from 5.52% MER.

Pure Retirement is also decreasing interest rates on Classic Midi, Midi Plus and Max products from 23 July. New rates from 2.69% MER.

Published: 23rd July 2020

LV= rate change

Rate Change

LV= is reducing the rates on the Lump Sum+ Lifetime Mortgage from 22 July. New rates from 2.60% MER.

Published: 22nd July 2020

Pure Retirement re-introduces Sovereign Elite products

Product Update

Pure Retirement re-introduces Sovereign Elite products from 22 July, with rates from 2.85% MER.

Pure Retirement is also introducing a criteria change:

  • Maximum loan size is now £1 million
  • Referrals are accepted for loan sizes of £1million–2 million

Published: 22nd July 2020

Financial Reporter virtual roadshows

Market Events

Hear straight from the lenders. Earn CPD. Stay connected - all without leaving your desk.

“Life after lockdown series” - Upcoming digital events:

Published: 21st July 2020

Canada Life rate changes

Rate Change

Canada Life is reducing the interest rates on all Capital Select Options and Lifestyle Lite and Gold Options, from 21 July.

New rates for Capital Select Options from 3.05% MER and for Lifestyle Lite and Gold Options from 2.65% MER.

Canada Life is also increasing the LTVs on all Capital Select Options.

Published: 21st July 2020

Pure Retirement rate change

Rate Change

Pure Retirement is also reducing rates on the Classic range, from 21 July. New rates from 2.32% MER.

Published: 20th July 2020

Just introduces Just For You Green Lifetime Mortgage

Product Update

Just introduces the Just For You Green Lifetime Mortgage from Monday 20 July.

This innovative product provides customers with a lower interest rate if their property has a valid Energy Performance Certificate (EPC) rating of A or B. It’s available on the new J2.5 LTV series and has the same loan-to-values as J2.5 but reduces the standard interest rate by 0.10%.

The EPC must be submitted at the application stage and Just will contribute £50 to the cost of a certificate. To check whether the property has a valid EPC and find details of a Domestic Energy Assessor to obtain an EPC, please refer to the EPC register.

Published: 20th July 2020

Aviva rate change

Rate Change

Aviva is changing interest rates on Lifestyle Lump Sum Max and Lifestyle Flexible Option from 20 July.

Published: 16th July 2020

Pure Retirement rate change

Rate Change

Pure Retirement is reducing interest rates on Sovereign Range on products A,B and C from 16 July. New rates from 2.35% MER.

Products D,E and F will remain unchanged.

Published: 16th July 2020

Financial Reporter women's recognition awards

General Update

The Advise Wise team has put Jane Hanlon forward for "Woman in Later Life Lending" in the Financial Reporter women's recognition awards, for the amazing work she is doing in running Advise Wise Mortgage Club and supporting advisers.

You can write a brief nomination for Jane, too!

Published: 15th July 2020

Power of 8 event

Market Events

When: 23 July, 10.00am

Hosted by Hattie Tales at Pure Retirement, with Dan Berrisford at Leek United Building Society, Daniel Edmondson at Pure Retirement,

Samm Piper at Legal & General and Jane Hanlon at Advise Wise.

Sign up here

Published: 13th July 2020

LV= changes to lending policy

Process Update

LV= is changing its lending criteria for Lump Sum Plus Lifetime Mortgage, effective from 8 July.

  • The Minimum property value is £100k.
  • Second homes are no longer acceptable. The property must be the applicant's main residence.
  • Leasehold properties are acceptable if the remaining lease is equal to or greater than 175 minus the age of the youngest borrower.

Published: 8th July 2020

Pure Retirement rate change

Rate Change

Pure Retirement is decreasing interest rates on all Classic products (Super lite through to Max) from 9 July. New rates from 2.36% MER.

Classic Max Plus, Super Max, Super Max Plus and Elite Range will all remain unavailable for New Applications and Further Advances

Published: 8th July 2020

Pure Retirement “The Unplaceables” webinar

Market Events

15 July 10.00-11.30am

Hosted by BDMs Jane Forshaw and Anna Thompson, with guests Jane Hanlon - Mortgage Club Manager at Advise Wise and Brendan Gilligan - Head of Products at Pure Retirement.

The webinar is all about hard to place cases.

To register email marketing@pureretirement.co.uk

Published: 8th July 2020

Just rate change

Rate Change

Just is decreasing interest rates from 10 July on J1, J2, J2.5, J3 and J5 LTV series from Friday 10 July. New Rates from 2.80% MER.

Published: 8th July 2020

Canada Life product changes

Product Update

Canada Life is reintroducing Lifestyle Gold Plus and Prestige Options from Tuesday 7 July.

Canada Life is also increasing the interest rates on Lifestyle and Lifestyle GOld and increasing the LTVs on Lifestyle Lite and Lifestyle Gold.

Published: 7th July 2020

Pure Retirement rate change

Rate Change

Pure Retirement is reducing interest rates on the full Heritage range, including Freedom 40, from Wednesday 8 July.

New rates from 3.53%MER.

Published: 7th July 2020

ERC live Q&A webinar with Clive Betts MP

Market Events

When: Tuesday July 14, at 10:30am.

Council chairman and former MP, David Burrowes, will be the host for a live interview with Clive Betts, Chair of the housing, communities and local government select committee.

The pair will discuss the role of the select committee in relation to equity release as well as the challenges facing the housing market.

Register now

Published: 7th July 2020

Aviva local lockdowns update

Process Update

For areas with localised lockdown, Aviva will continue to accept physical valuation applications which will be placed ‘on hold’ in readiness for the restriction to be lifted.

If the customer wishes to proceed with a remote valuation then the Adviser will be required to provide Aviva with a new Personal Quote Summary.

In response to the extended localised lockdown in Leicester, e.Surv has suspended all physical property inspections in any impacted postcodes with immediate effect, and until further notice.

From 6 July e.Surv is able to resume physical inspections in England where the occupier(s) is shielding and is willing/able to wait outside of the property at the time of inspection.

Published: 6th July 2020

L&G rate change

Rate Change

L&G is reducing interest rates on all products except for the Violet variant, from 7 July. New rates from 2.40% MER.

Published: 6th July 2020

LV= withdraws flexible Lifetime Mortgage

Product Update

LV= removed its Flexible Lifetime Mortgage product for new business as of the 30 June 2020. The cut-off date for new applications to be sent in is the 14 of July. LV= will honour any applications that have been submitted but have not yet completed, however they must complete by the end of September 2020.

Published: 6th July 2020

Pure Retirement reduces rates on Classic range

Rate Change

Pure Retirement is reducing interest rates on the Classic range from 4 July.

New rates: Lite plans from 2.52% MER, Midi plans from 2.83% MER and Midi Plus plans from 3.02% MER.

Published: 3rd July 2020

Hodge changes criteria on listed buildings

Process Update

Hodge has changed some of the criteria on its Equity Release range and it will no longer accept any listed building on any of its products.

Published: 3rd July 2020

Changes to Pure Retirement Sovereign range

Product Update

Pure Retirement is reintroducing the full Sovereign Range (A,B,C,D,E, and F products) and removing the current AA, BB and CC products from Friday 3 July.

New rates across the full Sovereign range from 2.42% MER.

All applications on the AA, BB and CC products will need to be submitted by 4.30pm Thursday 16 July.

Published: 3rd July 2020

ERC expands advisers checklist

General Update

The Equity Release Council expands the adviser checklist from 12 to 24 points, including an extra focus on vulnerable and remortgaging customers as well as those consolidating debt.

This updated checklist captures the most important points to cover from FCA regulations and Equity Release Council Standards.

Published: 1st July 2020

Hodge returns to physical valuations in Wales & Scotland

Process Update

Hodge is now able to do physical valuations in Wales and Scotland, following the same procedures adopted for England.

Across its later life lending interest only range, Hodge has also:

  • Removed the LTI restriction of 4.5 x income for like-for-like re-mortgages, taking it back up to 6 x income.
  • Re-introduced the consideration of earned income up to the age of 80 for affordability.
  • Re-introduced 70% LTV, up to a maximum loan of £1m and property value of £2m.

Published: 29th June 2020

Canada Life onsite valuations in Scotland and Wales

Process Update

Canada Life recommences onsite valuations in Wales with immediate effect and in Scotland on 29 June.

Canada Life will be extending our dual approach to valuations:

  • Onsite valuations will be instructed in England, Scotland and Wales, across all product lines
  • If an onsite valuation can’t be completed, a remote valuation will be instructed. For example, if your customer is not comfortable with an onsite valuation being conducted

Published: 29th June 2020

LV= resumes physical valuations in Scotland & Wales

Process Update

As of Monday 29 June LV= will be able to instruct physical valuations in both Scotland and Wales.

This is for pipeline cases already submitted as well as new business applications. LV= will commence with instructing the pipeline cases from Monday 29 and should have every case instructed by Friday 3 July.

Published: 29th June 2020

Just launches new J2.5 product variant

Product Update

As of Monday 29 June, Just is launching a new product variant, J2.5.

  • It shares the same criteria as J3
  • Interest rate from 4.13% MER
  • Min advance £10,000
  • For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates (in order to then calculate the AER rates, you need to add the 0.05% increase to the MER first)
  • There are four tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
    Monthly interest Rate reduction
    >0.01% 0.01%
    >25.01% 0.10%
    >50.01% 0.15%
    >75.01% 0.30%

This new product is available to source and request a KFI via Advise Wise immediately.

Published: 29th June 2020

Virtual Power of 8 event on Thursday 2 July at 10am

Market Events

Industry Panel Debate covering all the recent hot topics, with...

  • Jane Benjamin Director of Mortgages at Sesame Bankhall Group
  • Craig Hall Head of Broker Relationships at Legal & General
  • Jeremy Duncombe Deputy Chair of IMLA
  • Phil Bailey Sales Director at Twenty7Tec Group
  • David Burrowes Chairman at Equity Release Council

To register email Paul Lewis or Nadine Edwards.

Published: 29th June 2020

ERC webinar on cloud based solutions and security

Market Events

The Equity Release Council's IT expert, Jamie Lakes, will set out what ERC members need to know about cloud based solutions and online security in the era of COVID-19 and increased remote working.

Register now to reserve your seat for Thursday 2 July at 11am.

Published: 26th June 2020

Pure Retirement valuations update for Scotland & Wales

Process Update

Pure Retirement goes back to full valuations in England, Scotland and Wales for all 3 product ranges: Heritage, Sovereign and Classic full physical valuations are now available in Scotland and Wales as well as in England.

Pure Retirement will still be able to conduct a desktop valuation when an internal inspection is not deemed appropriate by the customer or surveyor.

View Pure Retirement's full valuation process

Published: 24th June 2020

Pure Retirement reduce rates on its Classic range

Rate Change

Pure Retirement is changing interest rates on its Classic range from midnight on 24 June. New rates from 2.38% MER.

Pure Retirement is also making the Classic Midi, Classic Midi plus and Classic Max products available again.

Published: 24th June 2020

Aviva decrease rates on both Lifestyle products

Rate Change

Aviva is decreasing interest rates on both Lifestyle Lump Sum Max and Lifestyle Flexible Option on new business only, from 26th of June.

There are no changes to the interest rates on reserve releases.

Published: 24th June 2020

Equity Release Council publish checklist for advisers

Process Update

The Equity Release Council has published a Checklist for Advisers, to provide direction when advising customers on equity release. It covers the most significant points to consider in the advice process and when you’re assessing the customer’s suitability.

Published: 19th June 2020

New industry guidance published by the FCA

Industry News

The FCA has published key findings from their review into equity release, with actions for firms and guidance for customers.

Although the FCA found equity release to be working well for many consumers, they raised areas of concern.

The FCA findings highlight the importance of understanding your client. They have recommended:

  • Getting to know your client so you can obtain sufficient information;
  • Ensure advice is personalised for each individual clients circumstances;
  • Collect and retain evidence to support the suitability of your advice.

Read the full FCA review

Published: 17th June 2020

Advise Wise in the press

Highlights from our expert

Photo of Jane Hanlon

Does your client need a short term lifetime mortgage? Real innovation with a 40% overpayment rule per year that avoids penalties, so you can borrow today and pay back over the next 3 years. A real door opener to Accountants and Solicitors with short term funding with a view to repay; this will solve so many options without having the rigidness of a bridge. Take the flexibility of the NEW Pure Heritage Freedom 40 with all the guarantees of a lifetime mortgage that gives complete peace of mind.

Missing information?

Please email any lender/solicitor updates to our dedicated mailbox.

lenders@advisewise.com