Market news

Is your client eligible for £1,000 cashback?

Standard Life Home Finance are pleased to have launched a new proposition offering your clients a free Energy Performance Certificate (EPC) when they complete on a Horizon or Horizon Interest Reward lifetime mortgage.

Plus, your clients could qualify for up to £1,000 cashback following completion, if their property receives an A or B rating for energy efficiency.

Available for a limited time only. T&Cs apply

Register now or create a KFI and offer your clients even more with Standard Life Home Finance.

Published: 22 July 2024

Hodge criteria changes to 50+ & RIO

With immediate effect, Hodge is making the following changes across their 50+ and RIO products:

• Now accept up to 100% of non-contractual income streams including bonus, commission and overtime
• Now accept one year’s trading accounts OR the latest year's if your customers have been trading two years or more regardless of their LTV - plus can also consider retained profit
• There are no minimum income requirements for experienced contractors and affordability will be assessed over 48 weeks (up from 46) for day rate contractors
• Accepted gaps between contracts have been increased to 3 months (previously 6 weeks)
• Day one fixed term and day rate contractors are now acceptable

Published: 18 July 2024

LiveMore max loan increase

LiveMore have made changes to some of their products by increasing the Maximum Loan. For both Standard and RIO, all max loans are changing on LiveMore 1 – LiveMore 3.

For LiveMore 4 and 100% Debt Consolidation, these will not be changing.

Published: 17 July 2024

Age Next Birthday terms across all Pure product ranges

Pure Retirement is now offering Age Next Birthday terms across all of their product ranges.

If the borrower (or for joint life cases, the youngest borrower) is within 50 calendar days of their next birthday, they can benefit from the LTV and interest rate available to them at their age next birthday.

This only applies to initial loans (not further advances) and will not apply where the borrower does not meet the minimum age required for the product.

Published: 16 July 2024

L&G LTV change

From Wednesday 10 July, L&G have changed LTVs on their Lifetime mortgages.

Published: 12 July 2024

Maximum Choice min loan increase

From Tuesday 9 July, more2life is increasing the min loan across all Maximum Choice plans from £10,000 to £15,000.

Published: 9 July 2024

Capital Choice min loan increase

From Thursday 4 July, more2life is increasing the minimum loan on Capital Choice plans from £10,000 to £15,000.

Published: 5 July 2024

New product range available

We’ve introduced a new product range! more2life Tailored Lifetime products are now available on the Advise Wise Platform.

Published: 25 June 2024

New criteria enhancements

Hodge have made the following changes, introducing two new criteria enhancements across their products:

• Increased the age of the first death stress for joint borrowers from age 82 to 87 on the 50+ product
• Will now accept a self-contained annexe across their product range subject to the following:
  • They’re let on a short-term basis for holiday letting
  • They’re occupied by parties related to the property owner (such as a family member)

Published: 25 June 2024

Heritage changes

From 18 June, Pure Retirement has made the following changes to the Heritage range:

• Introduced Heritage Special 2.5, available to customers aged 55-85, with LTVs of 38% at age 70
• Two cashback options for applicants from age 60:
  • 3% cashback on all Heritage Specials (1, 2, 2.5 and 3)
  • 5% cashback on Heritage Special 3
• Min property value of £70,000 (£100,000 for ex local authority) on all Heritage products (excluding Heritage Special 3)
• Further criteria considered, including: age-restricted properties, properties above or adjacent to commercial properties, thatched roofs, properties with annexes or self-contained accommodation, unsatisfied CCJs

Published: 18 June 2024

LiveMore criteria changes

From Tuesday 18 June 2024, LiveMore are making some criteria changes on their standard Capital and Interest and Interest only products:

• Changed the maximum age on all standard products to No Maximum Age and there is no maximum application age for this
• Increased the maximum term to 40 years across both Standard Capital and Interest and Standard Interest Only products

Published: 14 June 2024

LiveMore max loan and adverse limits increased

LiveMore have made some changes across their Standard Capital and Interest, Standard Interest Only, and Retirement Interest Only products:

• Increased maximum loan:
  • LiveMore 1, 2 and 3 and Up to 100% Debt Consolidation is changing from £1m to £1.25m
  • Greater maximum loans are available on referral across the range. Please speak to your BDM
• Increased maximum adverse for LiveMore 4:
  • Unsecured arrears - increasing missed payments allowable from 3 to 4
  • CCJs/defaults (satisfied) from £1500 to £2500
  • Debt Management Plans are allowed if satisfactorily maintained and over 3 years ago

Published: 5 June 2024

Just product changes

From 5 June, JUST are increasing LTV’s on their J4 range. New LTV’s range from 22% (age 55) to 49.50% (age 82).

Published: 4 June 2024

New retirement products

On Monday 3 June, Buckinghamshire Building Society have launched:

• Two RIO products, one with desktop valuation and one without
• Two later life products, one with desktop valuation and one without. These are suitable where RIO may not fit criteria, (for example repayment or part and part loans a preference, age restrictions and more)

Published: 3 June 2024

Canada Life Product Updates

From 9am Thursday 30 May, Canada Life are making the following changes:

• They are introducing new products across the Capital Select range (Ultra Lite, Ultra Lite Plus, Super Lite Plus and Lite Plus)
• LTV Change
• In addition, they are withdrawing the Lifestyle Select range from the market

If your clients want to take advantage of the currently available Lifestyle Select products, if a KFI on current terms has already been produced and your client would like to proceed, you will need to submit a linked application before 5pm on Thursday 6 June.

Published: 30 May 2024

Hodge Holiday BTL Product Withdrawals

From 5pm Friday 24 May, Hodge will be removing some Holiday BTL Mortgage 2 year fixed products and these won't be replaced.

Published: 22 May 2024

Heritage changes

From Wednesday 22 May 2024, Pure Retirement is making the following Heritage changes:

• Drawdown available on all products – min balance £500. Capped at max LTV minus initial advance, subject to a max facility of £200,000
• Min cash release from drawdown facility - £500 or whatever is remaining if less than £500

Published: 16 May 2024

LV= Criteria improvements

From Tuesday 7 May, LV= is implementing the following criteria improvements to the LV= Lifetime Mortgage – Lifestyle product:

Commercial Adjacency

Increased acceptance of properties adjacent to commercial premises: certain premises in adjacency will not be permitted such as prisons, petrol stations, industrial buildings/factories.

Above Commercial

Exceptional properties above commercial premises may be considered in high value areas where it is expected/common and where it is not on the floor directly above the commercial premises. The size and type of commercial premises will be considered alongside underwriting and surveyor review.

Relaxation of Flood Criteria

• Medium flood risk zones will now be considered
• The no flood risk period has reduced from 15 years to 5 years

In exceptional circumstances properties that have flooded in the last 5 years will also be considered subject to:

• Defences having been subsequently installed following the flood
• Not falling into a high flood risk zone on mapping
• Buildings insurance being available on normal terms
• No negative surveyor comments

Expansion of Listed Buildings Categories

Grade II* (England & Wales) and Category B (Scotland) properties can now be considered. Grade II and Category C properties also remain acceptable. Acceptance is subject to underwriting review and surveyor comments, particularly on the condition of property.

Single Skin % Increase

LV= can now consider single skin of up to 20% (previously 10%) of the overall property. The single skin element should be single storey and acceptance is subject to surveyor comments.

CCJ Limits

Unsatisfied and satisfied CCJs within the amount and timescale limits below are now permitted, subject to underwriting review. Unsatisfied CCJs must be cleared prior to completion or using the funds released. Underwriters may request further information on CCJs when evaluating a case and being within these limits is not a guarantee of acceptance.

£0-£99 - acceptable
£100-£499 - acceptable over/after 12 months
£500-£4999 - acceptable over/after 36 months
>£5000 - acceptable over/after 48 months

The date the CCJ was granted is the date used for the purposes of the timeline above.

Unadopted Roads – New Build Properties

Unadopted roads will now be permitted where a section 38 is in place confirming future council adoption.

Published: 7 May 2024

Holiday Buy to Let 5 year fixed rates withdrawal

From Thursday 9 May, Hodge is withdrawing all Holiday Buy to Let 5 year fixed rates.

Deadline for DIPs - 9am on 8 May
Deadline for app submission - 5pm on 8 May

Published: 7 May 2024

Maxi criteria changes

From Tuesday 30 April, more2life is making the following criteria changes on all Maxi Choice plans:

• The max loan amount increased from £1,500,000 to £2,000,000
• Properties with title restrictions on use, occupancy or re-sale are not acceptable

Flats

• Leasehold flats/maisonettes (85% of the LTV will be considered) are acceptable in blocks up to four storeys high with a lift. Where no lift is present, but the subject flat is located on the 1st or 2nd floor, this is acceptable subject to valuer’s comments
• Leasehold flats where the applicant also owns the freehold on a separate title and there are long leases granted on the other flat in the building. Both the leasehold and freehold title will be charged
• Leasehold flats where the flats in the block are all held on separate, long leases and the freehold is held jointly and equally by each flat. Will be considered up to two properties in the block and it should be confirmed that maintenance of the building is shared equally between the flats (no formal management company is required)

Are not acceptable:

• Leasehold flats/maisonettes in blocks greater than four storeys high
• Leasehold flats/maisonettes where the block does not have a lift and the subject flat is located on the 3rd or 4th floor
• Studio flats and basement flats

Proximity to Commercial/non-residential

Acceptable

• Properties adjacent to or in view of non-residential property can be considered, subject to valuer’s comments
• Properties adjacent to or in view of commercial property where there is no shared party wall between the properties can be considered, subject to valuer’s comments
• Properties in the vicinity of or in view of industrial property may be considered where there is strong evidence of demand

Unacceptable

• Properties above a non-residential, commercial or industrial property
• Properties adjacent (with a party wall) to a commercial property. Properties adjacent to or in view of licenced premises or food outlets
• Properties adjacent (with or without a shared party wall) to an industrial property

Flat roofs

• Flat roofs made of traditional materials (i.e. felt) are acceptable up to a maximum of 40% of the total roof area over habitable accommodation
• Flat roofs made of durable material (RBM, mastic asphalt, polymeric (FPO, TPE, EPDM, PVC), fibreglass, metal sheet -excluding corrugated metal, Zinc) are acceptable up to a maximum of 60% of the total roof area over habitable accommodation
• Roofs previously treated internally or externally with spray foam where it has been removed prior to application, subject to a report obtained from a suitably qualified professional to confirm the condition of the roof structure

Land

• Up to seven acres of land are acceptable, subject to no agricultural restrictions
• The valuation will be based on a maximum of five acres

Ground rent and service charge

• The max combined total service charge and ground rent payable is £1,000 or 1.5% of the property value

Ex-local authority

• Ex-local authority/Council houses or bungalow properties in an area predominantly in private ownership, equal to or greater than 60% and subject to satisfactory valuer’s comments are acceptable
• Ex-public sector flats or leasehold properties are not acceptable

Builders’ warranties

• The following warranties are no longer acceptable: Zurich Municipal New Build Guarantee, Principal, A Foundations 15 Certificate, Architect’s certificate

View full Maxi criteria

Published: 30 April 2024

Pure Retirement Announces a Major Refresh of its Emerald Range

Pure Retirement has refreshed its Emerald range of lifetime mortgages, designed to offer consumers greater choice.

The updated Emerald range has been redesigned to feature a drawdown facility with a minimum drawdown of £500, a shorter seven-year early repayment charge, increased LTVs up to a maximum of 47%, and the removal of arrangement fees on both initial and further advance borrowing.

Free valuations will continue to apply across the range.

Criteria improvements include:

• Maximum age increased to 90 years old (89 +364 days on completion)
• Maximum initial advance increased to £1.5m
• No maximum property value
• Lending on flats and maisonettes

Find out more

Published: 30 April 2024

Just product changes

On Thursday 25 April, Just are making changes to part of the Just for you Lifetime Mortgage range.

• Introduction of a 5% cashback option on J3
• Introduction of 1%, 2%, 3%, 4% & 5% cashback options on J4
• Introduction of 4% & 5% cashback options on J6

Published: 24 April 2024

Capital Choice Plus relaunch

From 24 April, Capital Choice Plus will relaunch for single life applicants only.

Published: 24 April 2024

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