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.
Market news
Product Enhancements
Product UpdateFrom 6pm on Thursday 2 February, Legal & General are making enhancements to their Lifetime Mortgage Range:
- Increasing their offer validity period from 50 to 90 days.
- Introducing new lower LTV Products : Opal, and Carbon, with lower LTVs and interest rates, available on the Optional Payment & Flexible Lifetime Mortgages on a standard and £599 fee basis together with Premier versions for both.
- Reducing Interest Rates cross the Lifetime Mortgage range, by up to 0.30%
Published: 2 February 2023
Heritage range update
Product UpdateFrom Wednesday 1 February, Pure Retirement are reintroducing the Heritage range. This will be through the new Heritage Special 1, 2, 3 products:
- Available for ages 80-85 only
- No Freedom products are being reintroduced at this time
- Mini property value £150,000
- Max loan amount £800,000
Please note the Cash Release and Further Advance products remain unchanged.
The following criteria changes will apply:
- Studio flats that exceed 30sqm and within the M25 are allowed (LTV 85% restriction applies as per flats).
- Max number of bedrooms increased from 4 to 5 as standard, 6-7 for individual consideration.
- Lodgers/Airbnb occupiers in Annexes allowed – max 2.
- Increase leasehold Ground Rent (GR) limit from 0.1% to 0.2% and combined Ground Rent/Service Charge (GR/SC) between 1.5%-2.5% can be referred for individual consideration
Published: 1 February 2023
LiveMore rebrands
General UpdateLiveMore has launched a brand refresh.
As well as a new look, their new website makes it easier to find key information such as product info, rates, and contact details for your local BDM.
You can view some of LiveMore’s key documents by clicking here
Published: 27 January 2023
Setting the Foundations workshops
Market EventsAfter qualifying, it can feel daunting taking the leap into advising lifetime mortgages. L&G want to help you in making this transition as simple and easy as possible.
By attending this workshop attendees will learn:
- Identify how to secure clients and create opportunities in the equity release market
- Describe the key considerations for an effective fact find
- Explain the difference between mainstream and lifetime mortgage processes
- Describe key factors of the conveyancing relationship and how best to manage client’s expectations by being aware of the conveyancing journey and pitfalls that may arise
- Outline the purpose of The Equity Release Council
Delegates participating in this workshop can claim up to four CPD hours toward the CII/Personal Finance Society member CPD scheme.
Check dates and register to secure your place
Published: 27 January 2023
Overview of Legal & General Home Finance
Market EventsThis one-hour webinar provides an overview of our later life mortgages and takes you through the key documents you'll need to write business with us.
Check dates and register for one of the sessions
Published: 27 January 2023
CII Equity Release Exam workshops
Market EventsFacilitated by CII accredited trainer, this one-day workshop will help you understand:
- The principles of equity release and the types of schemes available
- The suitability and affordability of the different types of equity release products
- The risks to the consumer associated with equity release
- The application of suitable equity release solutions according to the circumstances of different consumers
- How to approach the case study style exam questions
Places are limited and awarded on a first come first served basis, so you can get the most out of the interactive workshop.
Published: 27 January 2023
Product relaunch
Product UpdateFrom 24 January, more2life is relaunching Capital Choice Ultra Lite Lump Sum on the market.
Published: 24 January 2023
SVR increase
Product UpdateFrom 1 February, Hodge will be increasing the Standard Variable Rate (SVR) on all mortgage products from 6.60% to 7.10%.
Published: 20 January 2023
LiveMore product changes
Product UpdateLiveMore are excited to share some fantastic changes to their product ranges:
- 50bps rate reduction: Starting at 6.19%
- Retirement Interest Only (RIO): Minimum age is now 50 (falling from 55) opening the product up to more of your clients
- Fee assisted range returns: Includes no product fee and a free valuation (rates start at 6.34%)
Click here to view LiveMore’s product range
Published: 20 January 2023
Emerald range updates
Product UpdateOn Wednesday 18 January Pure Retirement is reducing interest rates on Cash Release and Further Advances of the Emerald product range.
Applications deadline is 23.59 on Tuesday 31 January 2023.
Published: 17 January 2023
Just lending criteria changes
Product UpdateOn Monday 16 January, Just are making some changes to their lending criteria.
Just can now accept:
- Max loan amount of up to £1,000,000
- Max loan size for Northern Ireland (NI) of £500,000
- Studio flats that exceed 30sqm and within the M25 (LTV 85% restriction applies)
- Max number of 5 bedrooms as standard
- Lodgers/Airbnb occupiers in Annexes – maximum 2
- Leasehold Ground Rent (GR) limit of up to 0.2%
Just can now consider:
- Combined Ground Rent/Service Charge (GR/SC) between 1.5%-2.5%
- 6-7 bedrooms
- Properties adjacent to commercial property, subject to valuation
Properties Just can consider if adjacent or close proximity to commercial, subject to valuation:
- Schools, Places of worship, Local sport venues (i.e. local cricket club), Healthcare premises, Care homes
Properties Just cannot consider if adjacent or close proximity to these types of commercial:
- Oil Refineries/Fracking, Prisons, Recycling units, Licensed Premises, Hotels & Hostels, Commercial Factories, Food prepared and/or sold on a commercial scale, Industrial Parks, General industrial use, Storage/Distribution
Published: 13 January 2023
The Unplaceables with Barton Law and Advise Wise
Market EventsWhen:
15 February, 10am
Join Pure Retirement BDM, Karen Banks, with guest speakers from Barton Law and Advise Wise, to discuss your hard-to-place cases. Please get in touch if you have something you would like to discuss.
Published: 13 January 2023
Emerald updates
Product UpdateOn Thursday 12 January Pure Retirement are increasing interest rates on Cash Release and Further Advances for the Emerald product range.
Applications deadline is 23.59 on 25 January.
Published: 11 January 2023
LTV changes
Product UpdateFrom Friday 6 January, Scottish Widows are making some LTV changes to their Lifetime Mortgages.
Published: 6 January 2023
A conversation with Hansen Lu, Senior Economist at Aviva - CPD webinar
Market EventsWhen:
10 January, 10am
Aviva's 1st webinar for 2023 will feature Senior Economist and former city economic forecaster, Hansen Lu. He will talk about rising interest rates, the economic outlook for 2023 and what that means for house prices. Learning objectives:
- Understand what's driving the current weakness in economic conditions
- Consider how the economy may evolve in 2023, and the likely impact on households
- Examine how the economy may influence the housing market in 2023
Published: 5 January 2023
Rate changes and deadlines table
View the tableAdvise Wise in the press
- Advise Wise appoints Daniel Edmondson as National Account Manager Published: 31 January 2023
- Advise Wise integrates state benefits calculator to the platform Published: 18 January 2023
- Advise Wise adds RIO mortgages to its sourcing Published: 22 November 2022
- Advise Wise Platform introduces a new document upload feature Published: 26 October 2022
- Advise Wise introduces ‘Solicitors Direct Instruction’ feature and new legal hub Published: 13 December 2021
Missing information?
Please email any lender/solicitor updates to our dedicated mailbox.
