Market news

Changes to Capital Select Options

From 10am on Friday 26 May, Canada Life have temporarily suspended the Capital Select Platinum Plus (Standard and Cashback) products.

Published: 26 May 2023

New Lifetime Mortgage launch

From 25 May, LiveMore have launched a new lifetime mortgage plan, from MER 7.33%

Published: 25 May 2023

Heritage Criteria Changes

From Monday 22 May, Pure Retirement:

• Allow steel frame houses and bungalows post-2000 modern method construction with an appropriate warranty or BOPAS (Build offsite Property Assurance Scheme)
• Increase acre to 10 acres, Pure will continue to allow more than 10 acres where the valuation is based on 5 acres
• Remove limits on IVA and DMPs and allow any level of IVA or DMP to be satisfied at completion using the LTM funds

Published: 22 May 2023

Prime Choice update

From Wednesday night 17 May, more2life is changing the maximum age on Prime Midi 2 & 3 for joint life cases, that will be limited to 65yrs (364 days).

• KFIs on current LTVs are available up until 23:59 Wednesday 17 May 2023
• Applications on current LTVs can be submitted up until 23:59 Wednesday 31 May 2023
• KFIs will be on the new LTVs from Thursday 18 May 2023

Published: 16 May 2023

Livemore max loan increase

From Tuesday 16 May, LiveMore is increasing the max loan on two tiers:

• Livemore 1 = £1m (currently £500k)
• Livemore 4 = £500k (currently £400k)

Published: 15 May 2023

Product changes

Effective from 24 April, Loughborough Building Society have withdrawn one of their products ALIR2/73008 and replaced it with ALIR2|73009 5 years Fixed, available to applicants who are either;

• Aged 80 on application or
• Will be 80 or over at the end of their mortgage term

Published: 24 April 2023

The new Heritage Super

Pure Retirement have added a new product on their Heritage range, Heritage Super. The product’s key information includes:

• Available to customers aged 55 to 85
• Single and joint life applications accepted
• Available on properties from £150,000
• Loan amounts of between £10,000 - £800,000
• Fixed or variable ERCs available
• 10% ERC-free repayments per year

Heritage Super follows on from their recently launched Heritage Special range, available exclusively to over-80s applicants and offering LTVs of up to 50%.

Learn more about the Heritage range

Published: 21 April 2023

Prime Choice Relaunch

Effective from Friday 21 April more2life are relaunching the Prime Choice product range.

The new Prime Midi 1-3 & Prime Extra 1-3 plans will be available from Saturday 22 April.

Published: 21 April 2023

Classic Elite changes

From Monday 24 April 2023 Pure Retirement are reducing the minimum loan amount for Classic Elite further advances from £100k to £10k.

Published: 21 April 2023

New Heritage product

Pure Retirement are introducing a new Heritage product “Heritage Super” from Monday 17 April 2023.

The LTVs range from 10% to 37% dependent on age and the product is priced at 6.40% MER.

Published: 14 April 2023

Inheritance Protection Removal

From Friday 14 April, Standard Life is removing the Inheritance Protection as a feature of the Horizon Lump Sum and Drawdown products.

This applies to all new KFIs and Offers (including re-offers) produced after the completion of tomorrow’s DPR release and includes Offers and re-offers on the existing pipeline.

Should a pipeline case reach Offer stage or need to be re-offered, it will lead to the removal of GIF from the new Offer. In this scenario, the case can only proceed without GIF if the adviser has revisited this with the customer and their advice needs.

Published: 13 April 2023

Product changes

On Thursday 13 April, Just are making some product changes across the Just for you Lifetime Mortgage range:

• Introducing 5% cashback variants on J1, J2, J2.5 and J2.5 Green
• Increasing the ISM discount to 40bps across the product range

Published: 12 April 2023

Lending criteria changes

On Tuesday 4th April, Just are making some changes to their lending criteria.

Just can now accept:

• Steel frames – modern method flats
• Steel frames – modern method houses & bungalows – built post 2000
• Up to 10 acres of land subject to no agricultural restriction
• Debt Management Plan (DMP) with no limits that is fully satisfied in full, prior to or at completion
• Individual Voluntary Agreement (IVA) with no limits that is fully satisfied in full, prior to or at completion

Just can now consider:

• Land of 10 acres or more subject to no agricultural restrictions

Published: 3 April 2023

Emerald reintroduction

From Thursday 30 March, Pure Retirement are reintroducing the Emerald range.

The range will accept applications from consumers aged 55-85, with applicants being able to access maximum LTVs of up to 46.1% depending on their age. The reintroduced product will be lumpsum only.

The range offers a 21-day post-KFI rate guarantee, allowing applicants to assess their options with the peace of mind that they’re insulated from any potential rate increases. Customers will also continue to benefit from the ability to repay up to 12% annually without incurring any early repayment charges.

The latest move comes following the recent reintroduction of the lender’s Heritage range, which re-entered the market last month as a specialist high-LTV product for the over-80s.

You can view Pure’s full product range here.

Published: 30 March 2023

Maxi Choice relaunch

Effective Wednesday 29 March, more2life is relaunching Maxi Choice Extra and Super 1 Lump Sum plans.

These plans will:

• Be Lump Sum only
• Have a maximum age of 84
• Not accept flats

Published: 28 March 2023

Change in max LTV

On Friday 24 March, LiveMore have increased the max LTV on the Fixed Term Mortgage LiveMore 2 and LiveMore 3 products, from 65% to 70% LTV.

Published: 24 March 2023

Aviva cashback feature withdrawal

From Monday 27 March 2023 Aviva will be removing the Cashback product feature – which currently provides advisers/customers the option to select cashback at £0, £500 or £1000.

Published: 23 March 2023

Emerald Cash Release and Further Advances

On Thursday 23 March, Pure Retirement are having a rate decrease on the Emerald product range for cash releases and further advances only.

The last date for new business application on the previous rates is 05/04/2023 23:59.

Published: 22 March 2023

Standard Life new plans

Standard Life Home Finance have relaunched Horizon 500, 550 & 600 and have also launched three new lower LTV plans, Horizon 240, 260 & 280, bringing the total number of Horizon lifetime mortgages to 10.

Adding these six plans to the Horizon range has broadened the variety of options available to you and your clients, with rates now from 5.74% and LTVs from 4% to 50%. The criteria for the new plans is the same as the standard criteria and includes all market-leading features currently available through any Horizon plan.

With rates starting from 5.74%, and one of the quickest turnaround times in market, explore the 5 star Defaqto rated Horizon product range today.

Published: 15 March 2023

Emerald Cash Release and Further Advance Decreases

From Wednesday 15 March, Pure Retirement are having a rate decrease on the Emerald product range for cash releases and further advances only.

The last date for new business application on the previous rates is 28/03/2023 23:59.

Published: 14 March 2023

Emerald Cash Release and Further Advance Increases

From 9 March, Pure Retirement are having a rate increase on Emerald cash release and further advances.

All new business KFIs are valid for 21 days.

Published: 7 March 2023

Horizon changes

From 3 March, Standard Life is launching three new lower LTV shelves on Horizon: Horizon 240, 260 & 280.

The criteria for the new plans will be the same as the standard criteria.

Published: 3 March 2023

Capital Choice Update

From 3 March, more2life are launching new lower LTV shelves on Capital Choice. The new plans will be Ultra Lite 1, 2 and 3.

The criteria for the new plans will be same as the standard criteria. These new plans will not have GIF from the outset.

More2life are also withdrawing Capital Choice Ultra Lite for new business.

• KFIs on current rates will be available up until 23:59 Thursday 2 March 2023
• Applications on current rates can be submitted up until 23:59 Thursday 23 March

Published: 2 March 2023

Capital Choice relaunch

From Wednesday 1 March more2life will be relaunching Capital Choice Lite, Capital Choice & Capital Choice Midi.

Capital Choice Midi will be for single life only.

The rates and LTVs on the relaunched plans will apply to new KFIs from Wednesday 1st March 2023.

Published: 28 February 2023

Emerald rate increase

On Thursday 2 March, Pure Retirement are having a rate increase on the Emerald product range for cash releases and further advances only.

All new business KFIs are valid for 21 days.

Published: 28 February 2023

New 2-year fix gives LiveMore the broadest 50-90+ fix range

On Tuesday 21 February, LiveMore is adding 2-year fixed rates to its broad range of products:

• Available on all product tiers (LiveMore 1-4)
• Choose the fee range or fee assisted (no product fee and a free valuation)
• Free to go after 2 years (ERC period is 2 years)

Click here to view LiveMore’s broad range of products

Give your BDM a call today to discuss your next 50-90+ case.

Published: 21 February 2023

LV= Lifetime Mortgage Update

From Friday 17 February, LV= are temporarily withdrawing the 1% Cashback option.

Where a KFI has been generated with cashback, DIPs must be submitted by 12:00 midday, 1 March with applications fully submitted by 12:00 Midday, 2 March.

Published: 15 February 2023

Sovereign range changes

From Wednesday 8 February Pure Retirement are making some changes to the Sovereign products which will involve separate pricing for Single Life and Joint Life plans.

Max LTVs will remain the same as the current products on both.

Published: 7 February 2023

Product Enhancements

From 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

Product changes

From 1 February, Loughborough have withdrawn one of their Term Discounted products and replaced with another.

Published: 1 February 2023

Heritage range update

From 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

Product relaunch

From 24 January, more2life is relaunching Capital Choice Ultra Lite Lump Sum on the market.

Published: 24 January 2023

SVR increase

From 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

LiveMore 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

On 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

On 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

Emerald updates

On 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

From Friday 6 January, Scottish Widows are making some LTV changes to their Lifetime Mortgages.

Published: 6 January 2023