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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.

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Pure Retirement Classic rate decrease

Rate Change

From Friday 14 May, Pure Retirement is reducing interest rates on Classic Max, Max Plus and Super Max. New rates from 3.14%MER. All the other products remain unchanged.

Published: 14th May 2021

L&G product update

Product Update

From 6pm on Thursday 13 May, L&G is reducing the minumum age on its Violet product variants, from 60 to 55, on both Flexible and Optional Pauyment options. These new ages are available on the same terms as the current Violet products in the range and your customer(s) must meet the following criteria:

  • Must take at least 80% of the maximum available to them as an initial advance; and
  • Must proceed with a physical valuation.

To take advantage of these changes, generate a KFI after 6pm on Thursday 13 May. If you already received an offer and would like L&G to to reoffer for the new ages, generate a new KFI for your client from L&G KFI portal.

Published: 13th May 2021

Pure Classic Flex Pricing Lunch event

Market Events

When: 19 May, 10am

Topic: Classic Flex Pricing launch

Join Pure’s National Account Manager Hattie, for the Classic Flexible Pricing Launch event, where she will be discussing the new changes to Pure’s classic range.

Register now

Published: 12th May 2021

Pure Retirement Heritage rate reduction

Rate Change

From Tuesday 11 May, Pure Retirement is reducing interest rates on Heritage Plus, Heritage Max and Heritage Max Plus products. New rates from 3.69%MER.

Published: 11th May 2021

LV= live webinar

Market Events

When: 11 May, 10am

Topic: Conveyancing process of Lifetime Mortgages

Join LV= on their next live webinar. Enact will also be co-presenting on the Webinar and will be providing valuable insight into the conveyancing process as well as sharing best practice and top tips for getting cases to completion. Register your place

Published: 10th May 2021

Pure Retirement Classic rate decrease

Rate Change

From Saturday 8 May, Pure Retirement is decreasing interest rates on Classic Supreme products. New rates from 3.93%MER.

Published: 8th May 2021

Pure Retirement Sovereign rate decrease

Rate Change

Pure Retirement is decreasing interest rates on the Sovereign A and A Elite products. Products B-F will remain unchanged. New rates from 2.75%MER.

Published: 7th May 2021

Canada Life rate change

Rate Change

From Thursday 6 May, Canada Life is reducing interest rates on Capital Select Gold Plus Standard, Flexible and Cashback. New rates from 4.30%MER.

Canada Life is also increasing LTVs by up to 1% on:

  • Capital Select Gold Plus Standard, Flexible & Cashback
  • Capital Select Platinum Standard, Flexible & Cashback
  • Capital Select Platinum Plus Standard, Flexible & Cashback

Published: 6th May 2021

Just rate decrease

Rate Change

On Thursday 6 May, Just is decreasing interest rates on J3 and J6 series. New rates from 3.96%MER.

Published: 6th May 2021

Pure Retirement May’s Unplaceables event

Market Events

When: 12 May, 10am

Hosted by Oure Retirement BDMs with Jane Hanlon from Advise Wise and Matt Taylor from Equilaw.

To discuss one of your cases, please email marketing@pureretirement.co.uk.

Book your place

Published: 30th April 2021

Pure Retirement Update with Chris Fitch

Market Events

When: 26 May,10am

Join Pure Retirement update with Vulnerability Lead at Money Advice Trust, Chris Fitch, as he discusses “What are our customers vulnerable to?”.

Register now

Published: 30th April 2021

Pure Classic rate decrease

Rate Change

From Saturday 24 April Pure Retirement is decreasing interest rates on Classic Super Lite, Super Lite Plus, Max, Super Max and Super Max Plus. New rates from 2.76% MER.

Published: 24th April 2021

Mortgage Lender Benchmark survey

Market Events

Smart Money People is back with their sixth bi-annual Mortgage Lender Benchmark survey, and they’d love you to leave feedback on the last five lenders you have tried to place applications with, whether successful or not.

It’ll take no more than 15 minutes to complete, and to say thank you, they’ll send you a £10 Amazon voucher within two working days. As an extra thank you, they’ll also enter you into a prize draw to win an Amazon voucher worth £100 (T&C’s).

Take the survey

Smart Money People won’t share any personally identifiable information with any lenders or technology providers, so you can feel free to share all your honest thoughts on how lenders are really doing. The independent nature of our research is really important and wouldn’t be possible without you. Your feedback will again play an important role in shaping the intermediary mortgage market.

Published: 23rd April 2021

Aviva rate change

Rate Change

From Friday 23 April Aviva is changing interest rates on both Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. There are no changes to the interest rates on additional borrowing and reserved release.

Application based on current rates will be accepted until 6 May.

Published: 23rd April 2021

Pure Retirement Classic rate change

Rate Change

From Friday 16 April, Pure Retirement is decreasing interest rates on Classic Midi, Midi Plus, Max, Supreme Max, Supreme Max Plus, Supreme, Supreme Plus. New rates from 3.09%MER.

Pure Retirement is also increasing interest rates on Classic Lite and Elite Lite. New rates from 2.91%MER.

Published: 16th April 2021

L&G live webinar

Market Events

Topic: Closing the gender gap: value of advice for fairer financial futures

When: Thursday 29 April, 10- 10.45am

In the latest episode of ‘In conversation with…’, L&G panel of experts will discuss how advisers can play a critical role in finding financial fairness for women in later life.

Register now

Published: 16th April 2021

L&G rate change

Rate Change

From Wednesday 14 April 6pm, Legal & General is reducing interest rates across its lifetime mortgage range by up to 0.18%.

  • For pipeline cases, if you have not yet submitted an application you can generate a new KFI after 6pm on Wednesday 14 April.
  • If you have submitted an application but have not yet received an Offer of Loan, 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 or request a new offer via Apply Online.

Published: 14th April 2021

Just rate change

Rate Change

From 14 April Just is:

  • Increasing interest rates on J1 and J2 series. New rates from 3.34%MER
  • Decreasing interest rates on J3 and J4 series. New rates from 4.07%MER

Application deadline for any pipeline quotes is Wednesday 28 April. Any applications received after this date will be on the new interest rates.

Published: 10th April 2021

LV= rate decrease

Rate Change

From Tuesday 13 April, LV= is decreasing interest rates on Drawdown + and Lump Sum +. New rates from 2.99%MER.

LV= is also removing the price differential on its cashback product variants in this rate change, and also removing the end date for cashback.

LV= reserve the right to withdraw cashback product variants in the future.

Please note that both cashback and non-cashback variants will remain displayed in LV= portal, with the same interest rates; so you will need to ensure you select the correct product.

Published: 10th April 2021

Pure Classic rate increase

Rate Change

From 13 April, Pure Retirement is increasing interest rates on Classic Super LITE, Super LITE Plus, Elite Super LITE and Elite Super LITE Plus products. New rates from 2.88%MER.

To benefit from current rates:

  • Request KFis by 23.59 on Monday 12 April
  • Submit the application on the old rates by 23.59 Monday 26 April.

Published: 10th April 2021

Pure Classic rate decrease

Rate Change

From 10 April, Pure Retirement is decreasing interest rates on Classic Lite Plus, Max, Max Plus, Super Max, Super Max plus, Supreme and Supreme Plus products.

New rates from 3.04%MER.

Published: 10th April 2021

Pure Retirement April events

Market Events
  • 14 April - The Unplaceables webinar
  • 15 April - Digital Roadshow: Financial Reporter
  • 21 April - Update with My Care Consultant
  • 28 April - An introduction to Unbiased

Book your place

Published: 10th April 2021

Just product update

Product Update

From 9 April, Just is making changes to the J6 LTV series and the monthly payment option.

For J6 Just is:

  • Reducing the minimum age to 55
  • Reducing the minimum property value to £100,000
  • Introducing the option of a cash facility (as per other J series)
  • Introducing the monthly payment option (as per other J series)

For the monthly payment option:

  • Just is amending the level of reduction for those customers servicing >25.01% of the monthly interest amount from 0.20% to 0.05%.
  • From Friday 9 April for those customers servicing >25.01% of the monthly interest amount there will be a reduction of 0.05% to the roll-up interest rate.

Deadline for pipeline cases:
For those quotes in the pipeline servicing >25.01% interest and receiving a discount of 0.20% to the roll-up interest rate, applications must be received by Friday 23 April in order to hold the rate.

As of Friday 9 April, all new quotes will be on the new terms.

Published: 9th April 2021

Pure Heritage rate decrease

Rate Change

From 9 April, Pure Retirement is decreasing interest rates on Plus, Max & Max Plus products, on both GILT and Fixed ERC, within the Heritage and Freedom 40 ranges.
New rates from 3.69%MER.

Heritage Standard and Midi will remain unchanged.

Published: 9th April 2021

Aviva rate change

Rate Change

From 8 April, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.

For pipeline cases, the deadline to submit the application based on previous rates is 21 April 2021.

No changes to the interest rates on additional borrowing and reserve release.

Published: 8th April 2021

Hodge product update

Product Update

From 29 March Hodge is increasing maximum LTV to 75% across its entire later life mortgage range.

Published: 29th March 2021

L&G rate change

Rate Change

From Tuesday 30 March L&G is changing interest rates:

  • Black, Pink and Orange products will increase by up to 0.08%
  • The remainder of L&G lifetime mortgage range will be reduced by up to 0.18%

To secure the current interest rates:

  • Generate the KFI by 6pm on 30 March 2021
  • Submit the application by 5pm on 8 April 2021
  • The valuation needs to be carried out by 30 April 2021
  • All supporting documentation required must be submitted by 11 May 2021
  • The case needs to be offered by 24 May 2021
  • Completion will need to take place within the 50 day offer validity period.

Published: 29th March 2021

Hodge survey

Market Events

Hodge is currently reviewing its mortgage contract variation process, and would love to hear your feedback.

Complete this short survey and as a thank you for taking part, Hodge will enter you into a prize draw to win a £100 Amazon voucher.

Take the survey

Published: 26th March 2021

Pure Retirement Classic rate change

Rate Change

From Friday 26 March, Pure Retirement is decreasing interest rates on the Classic range. New rates from 2.78%MER.

Published: 26th March 2021

LV= rate change

Rate Change

From Thursday 25 March LV= is decreasing interest rates on Lifetime Mortgage Drawdown+ and Lump Sum+. New rates from 2.99%MER.

Published: 25th March 2021

JUST rate change

Rate Change

As of Friday 26 March JUST is increasing interest rates on J1, J2 ,J2.5 and Green LTV series. New rates from 3.24%MER.

Deadline to submit the application for any pipeline quotes is 9 April.

Published: 24th March 2021

Aviva rate change

Rate Change

From Wednesday 24 March 2021 Aviva interest rates will increase or remain the same on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.

Deadline for application based on previous rates is 8 April 2021. If the property valuation is outside 10% of the estimate, please include a new quote. If the property valuation is within 10% of the estimate, please include the original quote.

Published: 24th March 2021

Aviva flexibility increase

Process Update

Aviva is increasing the time that they will accept a new business and additional borrowing application to secure an interest rate. This is an increase to Aviva’s existing process of 1 week.

With immediate effect Aviva will allow a 2-week (14 days) period to receive an application following change to an interest rate.

Published: 24th March 2021

Pure Retirement new products

Product Update

Pure is introducing two new products to their Classic range on Friday 19 March.

These products are called Classic Supreme and Classic Supreme Plus, with rates from 4.27%MER.

  • They have higher LTVs than previously available on Classic, with a maximum LTV of 54%!
  • They are available for lump sum only.

Published: 19th March 2021

Just rate increase

Rate Change

From 18 March Just is increasing interest rates on J3 LTV series.

New rates from 4.17%MER

Applications for any pipeline quotes need to be submitted before close of business on 1 April. Any applications received after this date will be on the new interest rates.

Published: 16th March 2021

Canada Life rate increase

Rate Change

From 10am on 18 March, Canada Life is increasing interest rates on Lifestyle Lite and Lifestyle Gold. New rates from 2.92%MER.

The new interest rates will also apply to additional borrowing. All other Lifestyle Option interest rates remain unchanged.

To take advantage of existing product terms

  • Generate a KFI before 9am on Thursday 18 March
  • Submit the application before 5pm on Wednesday 31 March.

Published: 16th March 2021

Pure Retirement Heritage rate increase

Rate Change

From Thursday 18 March, Pure etirement is increasing interest rates on Heritage Plus, Max and Max Plus.

This rate increase applies to both GILT and Fixed ERC products, along with the corresponding Heritage Freedom 40 products. The Heritage Drawdown and Midi products remain unchanged.

  • The deadline for KFIs on the current rates is 23:59 Wednesday 17 March 2021
  • The deadline for applications on the current rates is 23:59 Wednesday 31 March 2021.

Published: 16th March 2021

Pure Retirement Classic rate reduction

Rate Change

Pure Retirement is reducing interest rates on Classic Midi, Max and Max Plus from Monday 15 March. New rates from 3.13%MER.

All other Classic products will remain unchanged.

Published: 15th March 2021

Advice Wise webinar

Market Events

Topic: Lender spotlight: L&G underwriting criteria

When: Thursday 18 March, 11am

The webinar will be hosted by Craig Faulkiner, our Head of Distribution, joined by Jo Wilson, Key Account Manager at L&G Home Finance.

Register now

Published: 12th March 2021

Pure Retirement Sovereign rate increase

Rate Change

From Monday 15 March Pure Retirement is increasing interest rates on the Sovereign Product range. New rates from 2.80%MER.

This rate increase also applies to the Sovereign Elite range products. Sovereign products D – F remain unchanged.

To Take advantage of current rates you need to:

  • Request a KFI by Sunday 14 March
  • Submit the application by Sunday 28 March

Published: 12th March 2021

Canada Life Capital Select Options changes

Rate Change

From 10am on Monday 15 March, Canada Life is increasing LTVs on:

  • Capital Select Super Lite (+3%)
  • Capital Select Lite (+2%)
  • Capital Select Gold and Gold Plus (+0.5%)

Canada Life is also decreasing interest rates on Capital Select Platinum and increasing interest rates on:

  • Capital Select Super Lite
  • Capital Select Lite
  • Capital Select Gold
  • Capital Select Gold Plus
  • Capital Select Platinum Plus

The new interest rates will also apply to additional borrowing.
To take advantage of the existing product terms, you will need to:

  • Generate a KFI before 10am on Monday 15 March.
  • Submit the application before 5pm on Monday 29 March

Published: 11th March 2021

Aviva rate change

Rate Change

From Wednesday 10 March Aviva is making changes to interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.

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

Applications for quotes with previous rates will be accepted until Tuesday 16 March.

Published: 10th March 2021

Later Life Lending survey

Industry News

BestAdvice is seeking the views of later life advisers and mortgage brokers for its second Later Life Lending Report, following the success of its inaugural report in 2020. There is a questionnaire which takes less than five minutes to complete and BestAdvice will hold a prize draw, with one respondent receiving £100 in Amazon vouchers.

The cut-off date is 18 March 2021.

Take the survey now

Published: 9th March 2021

L&G rate change

Rate Change

From Monday 8 March at 6pm L&G is increasing interest rates on all lifetime mortgage products by up to 0.23%.

To secure the lower rate for your client(s).

  • Generate a KFI on the Advise Wise Platform by 6pm on 8 March 2021
  • Submit the application by 5pm on 15 March 2021
  • The valuation needs to be carried out by 9 April 2021
  • All supporting documentation required must be with us by 19 April 2021
  • The case needs to be offered by 3 May 2021
  • Completion will need to take place within the 50 day offer validity period.

Current rates for cases submitted outside of the above deadlines will not be honoured.

For any pipeline cases already at offer stage which require a re-offer you will need to generate a new KFI and request a re-offer through Apply Online, prior to 6pm on 8 March, as cases will be offered on the prevailing rates at the time you submit the re-offer request.

Published: 8th March 2021

Just rate change

Rate Change

From Monday 8 March Just is increasing interest rates on J1, J2, J2.5, Green, J3 and J4 LTV series as well as decreasing interest rates on our J6 LTV series.

Just is also increasing the maximum loan from £800,000 to £1,000,000 for the J1, J2, J2.5, Green and J3 LTV series for properties located in England, Scotland and Wales.

Published: 8th March 2021

Pure and Advise Wise “Unplaceables” webinar

Market Events

When: 10 March 10am

Join Pure Retirement and Advise Wise for another “Unplaceables” Zoom webinar. Hosted by Pure BDM Jane Forshaw, joined by Jane Hanlon, Mortgage Club Manager at Advise Wise and Matt Taylor from Equilaw.

If you would like any of your cases discussing during the Unplaceables, please email marketing@pureretirement.co.uk

Register now

Published: 8th March 2021

Avise Wise webinar

Market Events

Topic: Placing tricky properties just got easier

When: Thursday 11 March, 11am

The webinar will be hosted by Craig Faulkiner, Head of Distribution at Advise Wise and will cover the new underwriting feature, recently introduced on the Advise Wise Platform.

We’ll show you how to input optional property criteria and how this automatically filters your product results. You’ll also be able to suggest what criteria we should add next.

Register now

Published: 4th March 2021

Pure Retirement Heritage rate increase

Rate Change

From Friday 5 March Pure Retirement is increasing interest rates on the Heritage Core Range. New rates from 3.69%MER.

This rate increase applies to both GILT and Fixed ERC products, along with the corresponding Heritage Freedom 40 products.

The deadline for submission of application on current rates is 00.01 Friday 19 March

Published: 4th March 2021

Canada Life Webinar

Market Events

Topic: Exploring the competency framework

When: Tuesday 16 March, 10-11am

This webinar will explore the purpose of this new framework, how to use it, and how it can add value to you and your firm. The panel will also discuss how the framework can support existing training, as well as how it can be used to benchmark knowledge and skills.

The panel of experts

Les Pick, head of sales, Home Finance, will be joined by:

  • Andrew Kerry, Financial Solutions Manager, StepChange
  • Donna Bathgate, Chief Operating Officer, Equity Release Council
  • James Sudworth, Adviser, The Equity Release Experts
  • Jon Dunckley, Managing Director, Fortica Ltd

Register now

Published: 4th March 2021

LV= rate change

Rate Change

With effect from Thursday 4 March LV= is increasing interest rates on Lifetime mortgage Drawdown+ and Lifetime Mortgage Lump Sum+.

Published: 4th March 2021

LV= Lifetime Mortgage changes

Product Update

With effect from the 4 March LV= will make the following changes to all new business products:

  • Removing the 12 month waiting period
  • Minimum repayment reduced from £250 to £50
  • Clients can now make unlimited repayments totalling up to 10% of total advances, without incurring an ERC
  • Early repayment charge period runs from the completion date of the original loan, rather than the date of each withdrawal

Published: 4th March 2021

Canada Life rate increase

Rate Change

From Tuesday 2 March Canada Life is increasing interest rates on Lifestyle Lite and Gold including Flexible variants. New rates from 2.69%MER. The new interest rates will also apply to additional borrowing.

Published: 2nd March 2021

Pure Retirement events

Market Events
  • 17 March - Pure Update with Jacqueline Berry from My Care Consultant
  • 24 March - Marketing Skills Workshop
  • 31 March - Cyber Crime event with Eddie Lamb from Hiscox Insurance
Book your place

Published: 26th February 2021

Pure Classic rate change

Rate Change

From Tuesday 2 March Pure Retirement is increasing interest rates on Classic range.
New rates from 2.85%MER.

Published: 25th February 2021

Aviva webinar

Market Events

Topic: “Navigating the complexity of flexibility”

Three sessions available, hosted by Neil Uttley, National Sales Manager

Published: 25th February 2021

New competency framework

Industry News

Developed collaboratively by the Equity Release Council, Canada Life and specialists from across the sector, the framework has been designed to support financial advisers in their professional development and support best practice in the equity release and later life lending market.

The framework consists of six in-depth modules, and each module explores a different area of the market:

  • Know your industry
  • Know your market
  • Know your client
  • Know your soft skills
  • Know your products
  • Know your process

Learn more

Published: 24th February 2021

Pure Sovereign rate change

Rate Change

From Wednesday 24 February Pure is increasing rates on Sovereign and Sovereign Elite ranges (LTV bands A,B,C).
New rates from 2.47%MER
To secure the current interest rates:

  • Generate a KFI by Tuesday 23 February
  • Submit the application by Tuesday 9 March 2021

Published: 24th February 2021

Pure Heritage LTV change

Product Update

With effect from Wednesday 24 February Pure is making some max LTV increases to the following two Heritage product tiers:

  • Heritage Plus
  • Heritage Max Plus

The max LTV increases will apply to both Plus and Max Plus GILT and Fixed ERC products, along with the corresponding Heritage Freedom 40 products.
There will be no changes to any of the current Heritage rates.

Published: 24th February 2021

Just product changes

Product Update

Just is increasing the LTV’s on the J3 LTV series between ages 55 to 74 and from ages 79 to 84 and introducing a new cashback variant on the J2 LTV series from Wednesday 24 February.

  • 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 below 25% of the monthly interest there will be no reduction
    • If servicing 25.01% + of the monthly interest amount there will be a 0.20% reduction
  • All cashback is capped at £20,000

Published: 24th February 2021

L&G rate increase

Rate Change

On Wednesday 24 February at 6pm L&G are increasing interest rates by up to 0.35% across all lifetime mortgage products.

To secure the current interest rates:

  • You must generate the KFI by 6pm on 24 February 2021
  • You must submit the application by 5pm on 3 March 2021
  • The valuation needs to be carried out by 26 March 2021
  • All supporting documentation required must be with us by 7 April 2021
  • The case needs to be offered by 21 April 2021
  • Completion will need to take place within the 50 day offer validity period.

Current rates for cases submitted outside of the above deadlines will not be honoured.

For any pipeline cases already at offer stage which require a re-offer you will need to generate a new KFI and request a re-offer through Apply Online, prior to 6pm on 24 February, as cases will be offered on the prevailing rates at the time you submit the re-offer request.

Published: 23rd February 2021

New ERC Social Care Report

Industry News

The New Social Care Report, supported by Pure and My Care Consultant, is now available.

The new report features insights on the role of property wealth in supporting a broader, sustainable care funding solution.

  • 60% of over-50s fearful of having to move into residential care homes
  • Half have not thought about how to pay for future care needs
  • Only 12% of the over-50s have made any plans or provisions
  • 4.1m people have had to sell an elderly relative’s home to pay for care needs

The report is free and can be found on the Equity Release Council website.

Download the report

Published: 18th February 2021

LV= introduces 1% cashback option

Product Update

From 18 February LV= is introducing a 1% cashback option to its Lifetime Mortgages, initially as a 2 month limited special deal.

These cashback products are in addition to the existing product offering.

The below products will all benefit from this option;

  • Lifetime Mortgage Lump Sum+ (on loans above £50,000)
  • Lifetime Mortgage Drawdown+ Lite
  • Lifetime Mortgage Drawdown+ Standard 1-2-3
  • Lifetime Mortgage Drawdown+ Max
  • Lifetime Mortgage Drawdown+ Platinum
  • Lifetime Mortgage Drawdown+ Platinum+

The Cashback products are restricted to a Full Valuation.

Published: 18th February 2021

Mortgage Strategy Awards

Market Events Mortgage Strategy Awards 2021 logo

Nominations for the Mortgage Strategy Awards 2021 are now open and it would be a privilege if Advise Wise could secure your vote this year in the following categories:

  • Best Technology Provider
  • Best Mortgage Club
  • Best Specialist Distributor
Vote now

Published: 17th February 2021

OneFamily webinars series

Market Events

Monday 1 March

  • 11am – OneFamily 0ver 50’s Protection Cover - Proposition Overview
  • 3pm - OneFamily Lifetime Mortgage Portal Training – Case Submission

Tuesday 2 March

  • 10:30am – Ray McCarthy – Air Sourcing Showcase + Q&A
  • 1.30pm – OneFamily Lifetime Mortgages - Proposition Overview

Thursday 4 March

  • 11am – Matthew Taylor – Equilaw - (A Customer’s Perspective) - Q&A
  • 1pm - Leasehold/Retirement Properties – Navigating the complex nature of leasehold tenure

Reserve your seat!

Published: 17th February 2021

Canada Life webinar

Market Events

‘Navigating the legal journey’

When: 25 February 10-11am

Les Pick, head of sales, Home Finance, will be joined by:

  • Alex Price, Senior Operations Manager, Eversheds Sutherland
  • Alun Griffith, Senior Associate, Eversheds Sutherland
  • Lucy Batten, Associate Solicitor & Technical Supervisor, Equilaw
  • Matthew Taylor, Senior Business Relationship Manager, Equilaw

The panel will cover a range of topics, including:

  • How to manage client expectations
  • The advantages of working with a specialist solicitor
  • What to look out for in a leasehold property case
  • What to look our for in a purchase/new build case
  • Common areas of misunderstanding in the legal process

Register

Published: 16th February 2021

Canada Life rage change

Rate Change

From Monday 15 February Canada Life is increasing interest rates on Lifestyle Life including Flexible variants. New rates from 2.55%MER.

The new interest rates will also apply to additional borrowing. Applications on the current terms will be accepted until Friday 26 February, providing a quote is generated prior to the rate change on Monday 15 February.

Published: 15th February 2021

Aviva rate change

Rate Change

Aviva is increasing interest rates from 12 February on both the Lifestyle Lump Sum Max and Lifestyle Flexible option, on new business only.

Deadline for Personal Quote Summary with previous rate is 18 February.
There are no changes to the interest rates on reserve release.

Published: 12th February 2021

Pure Retirement Sovereign rate change

Rate Change

From Wednesday 10 February, Pure Retirement is increasing interest rates on Sovereign products A and B and the Sovereign Elite range, by 7 bps MER.

Sovereign products C, D, E and F remain unchanged.

Published: 10th February 2021

OneFamily webinars series

Market Events

Monday 22 February

  • 11am - Craig Faulkiner – Advise wise Sourcing Showcase + Q&A
  • 3pm - OneFamily Lifetime Mortgages - Proposition Overview.

Tuesday 23 February

  • 10:30am – OneFamily 0ver 50’s Protection Cover - Proposition Overview
  • 1.30pm - OneFamily Lifetime Mortgage Portal Training – Case Submission

Thursday 25 February

  • 11am – Matthew Taylor – Equilaw - (A Customer’s Perspective) - Q&A
  • 1pm - Leasehold/Retirement Properties – Navigating the complex nature of leasehold tenure

Reserve your seat!

Published: 10th February 2021

Hodge sells its Life Assurance arm to RGA

Industry News

Hodge announces that it has entered into an agreement to sell 100% of the share capital in its subsidiary Hodge Life Assurance Company Limited to Reinsurance Group of America, Incorporated. The transaction is subject to regulatory approval.

From 19 February 2021 at 5pm Hodge will withdraw its products from the market and will cease to sell annuities and equity release mortgages. Hodge will continue to sell all other existing products including RIO and holiday let mortgages and remain committed to the later life and specialist lending market.

An appropriate amount of time will be allowed for existing quotes and applications to proceed through to completion.

Published: 4th February 2021

Pure Product Update with Advise Wise

Market Events

When: 24 February 10am

A live update from Pure Retirement and Advise Wise

Sign up now

Published: 3rd February 2021

LV= criteria webinar

Market Events

When: 24 February 2pm

Chris Smith and Georgina Oxton at LV= are hosting a live webinar covering:

  • An overview of the LV= lending criteria from a property and client suitability perspective
  • How LV= lending criteria is applied on the LV= smarter portal and how LV= teams can support you during the application process
  • An overview of the improvements made to LV= lending criteria and future plans

Register for the webinar

Published: 3rd February 2021

Pure and Advise Wise “Unplaceables” webinar

Market Events

When: 10 February 10am

Join Pure Retirement and Advise Wise for another “Unplaceables” Zoom webinar. Hosted by Pure BDMs Anna Thompson and Jane Forshaw, joined by Jane Hanlon, Mortgage Club Manager at Advise Wise and Peter Barton from Ashfords.

This webinar is all about hard to place cases, and we want to discuss your real life cases during the session. If you would like one of your cases discussing, please email marketing@pureretirement.co.uk.

Sign up

Published: 3rd February 2021

Pure Retirement Classic rate change

Rate Change

From Tuesday 2 February Pure Retirement is increasing the interest rates on Super Lite, Super Lite Plus, Elite Super Lite and Elite Super Lite Plus.

Deadlines for the rate increases are as follows:

  • KFIs on the old rates are available up until 23:59 Monday 1 February
  • KFIs on the new rates from 00:01 Tuesday 2 February
  • Applications on the old rates can be submitted (as long as the KFI is submitted before the above date) up until 23:59 Monday 15 February

Published: 2nd February 2021

Pure Retirement Heritage rate change

Rate Change

From Tuesday 2 February Pure Retirement is decreasing rates on its Heritage Core range. New rates from 3.59%MER.

This rate reduction applies to both GILT and Fixed ERC products, along with the corresponding Heritage Freedom 40 products.

Published: 2nd February 2021

Just rate change

Rate Change

Just is reducing interest rates from 2 February across the entire Just for you range.

  • The cash facility and interest serving options are not available on the J6 LTV series
  • 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 below 25% of the monthly interest there will be no reduction
    • If servicing 25.01% + of the monthly interest amount there will be a 0.20% reduction
  • All cashback is capped at £20,000

Published: 2nd February 2021

Canada Life rate change

Rate Change

From 1 February Canada Life is reducing interest rates on Capital Select: Platinum, Platinum Flexible and Platinum Cashback. New rates from 4.69%MER.

Canada Life is also increasing LTVs across all Capital Select Options, by up to 2.5%.

Published: 1st February 2021

LV= rate change

Rate Change

Form 29 January, LV= is reducing interest rates on Lifetime Mortgage Drawdown+ and Lump Sum. New rates from 2.52%MER.

Published: 29th January 2021

Pure Retirement Classic product changes

Product Update

From Friday 29 January Pre Retirement is making the Super Max and Super Max Plus products available to borrowers aged 55 – 64.

These products will continue to be lump sum only, and the rates will be the same as the products’ prevailing rates at the time these changes go live on Friday. For cash releases and further advances, these changes will be live by Friday 12 February 2021.

Published: 29th January 2021

Advise Wise introduces a new collection of resources

General Update

A brand new resources collection is available for you on your Advise Wise account! Lots of selected contents, conveniently grouped in categories and easy to access when you need it.

View the new resources from the dashboard on your Advise Wise account.

Published: 29th January 2021

Pure Retirement rate change

Rate Change

From Friday 29 January, Pure Retirement is reducing the interest rate on Super Max and Super Max Plus. New rates from 3.36%MER.

Published: 29th January 2021

Advise Wise launches new webinar series with the ERC

Market Events

When: 5 weekly live sessions on Thursday 11am, from 4 February to 4 March

“Good Practice Checklist explained, in collaboration with the Equity Release Council”

With this FREE webinar series you’ll have the chance to get a better understanding of the ‘24 points Adviser Checklist’, which is available exclusively to members of the Equity Release Council, and ask questions directly to the Council.

With:

  • Craig Faulkiner, Head of Distribution at Advise Wise
  • Sue Read, Risk, Policy and Compliance Manager at ERC
  • Lorraine Cox, Business Development/Member Relations Manager at ERC
  • Jane Hanlon, Mortgage Club Manager at Advise Wise

Register for the webinar series

Published: 28th January 2021

Canada life product updates

Product Update

From 10am Thursday 28 January, Canada Life is:

1. Removing the completion fees on:

  • Capital Select Options
  • Second Home Options
  • Over 55 Buy-to-Let Options

View updated charges her

2. Withdrawing Interest Select Options for new business.

If you’ve already generated a KFI for your clients and would like to submit an application, you can do it before 5pm on Friday 26 February. If your clients already have an Interest Select lifetime mortgage, their product is unaffected.

If new client’s would like to service the interest on their mortgage, you can still do this by setting up a standing order on the Capital Select Options. If you would like to know how much interest will be added to the loan each month or year, please contact Canada Life Customer Services team who will be able to help.

Published: 28th January 2021

L&G rates change

Rate Change

From 28 January 6pm L&G is reducing interest rates by up to 0.34% across all its products, with the exception of Black and Pink.

Published: 28th January 2021

Pure Retirement Classic rate change

Rate Change

From 25 January Pure Retirement is decreasing interest rates on some of the Classic products: Midi plus, Max, Max plus, Super max, Super max Plus.

New rates from 2.76%MER.

Published: 25th January 2021

LV= product changes

Product Change

From 22 January LV= is making the following changes to the Lump Sum+ and Drawdown + Lending Policy:

  • Maximum acreage is reducing from 15 to 5.
  • Residency requirement changing to: “Applicants must be resident in the UK and provide an address history covering the last 36 months. All applicants must have a permanent right to reside in the UK.”

Published: 22nd January 2021

Aviva rate change

Rate Change

From 22 January Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.

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

Published: 22nd January 2021

Just rate change

Rate Change

From 21 January Just is reducing interest rates on J1, J2, J2.5, Green, J3 and J4 LTV series. New rates from 3.04%MER.

Published: 21st January 2021

ERC webinar

Market Events

When: Wednesday 27 January 10am

Have your say on plans to expand the scope of the Council’s standards.

The Council is set to broaden its scope to enable it to represent, promote and set the standards for the entire later life mortgages market. The Council is engaging in a conversation with members and stakeholders aimed at enhancing the Council’s standards and protections to cover a wider range of products.

This webinar is an opportunity for members to hear the latest developments and have their say. Members are also being urged to fill in a short survey to express their initial views on the plans.

Register for the webinar

Take part in the survey

Published: 21st January 2021

Canada Life Resilence toolkit webinar

Market Events

When: Thursday 28 January, 10-10.45am

In this webinar, John Kendall, Senior Rehabilitation Consultant, Canada Life, will explore the following in more detail:

  • How resilience can boost your mental wellbeing
  • The 5 steps to build more resilience
  • Framework to manage stress better
  • Self-help tools and techniques to help prevent poor mental health

Register now

Published: 21st January 2021

Pure Retirement Heritage rate change

Rate Change

Pure Retirement is reducing interest rates on its Heritage Core range from 20 January.

New Rates from 3.67%MER.

This rate reduction applies to Heritage Drawdown, Midi, Plus, Max & Max Plus, both GILT and Fixed ERC products, along with Heritage Freedom 40 products.

Published: 20th January 2021

L&G reintroduces Violet cashback

Product Update

From 20 January L&G is reintroducing the Violet - 2% Cashback product, available on both the Flexible and Optional Payment ranges. The product will be priced at 4.97% MER and offers great value for money for those customers wishing to maximise the amount they can borrow.

Violet – 2% Cashback is available on the same terms as the other Violet products in the range and your customer(s) must meet the following criteria:

  • Aged 60 and over;
  • Must take at least 80% of the maximum available to them as an initial advance; and
  • Must proceed with a physical valuation.

Published: 20th January 2021

Direct debit facility available on Pure’s Classic range

Product Update

Pure Retirement is now offering a direct debit facility across its Classic range, as a continuation of its work to adapt to your customers’ needs and allowing them to manage their plans flexibly.

Find out more on the Classic range.

Published: 18th January 2021

Canada Life rate change

Rate Change

From Monday 18 January Canada Life is reducing interest rates on Lifestyle Lite and Gold, including flexible variants. New rates from 2.44%MER.

The new rates apply also to additional borrowing.

Published: 18th January 2021

Pure Retirement Classic rate change

Rate Change

From Thursday 14 January Pure Retirement is reducing interest rates on Classic products: Lite Plus, Midi, Midi Plus, Max, Max Plus, Super Max.

New rates from 2.53%MER.

Published: 14th January 2021

Just rate change

Rate Change

Just is reducing interest rates on the J6 LTV series from 13 January. New rates from 5.31%MER.

  • The cash facility and interest serving options are not available on the J6 LTV series
  • All cashback is capped at £20,000

Published: 13th January 2021

Pure Retirement Sovereign rate change

Rate Change

From Wednesday 13 January Pure Retirement is decreasing interest rates on LTV bands A, B and C on both Sovereign Standard and Sovereign Elite range. New rates from 2.34%MER.
Sovereign products D, E and F remain unchanged.

Published: 13th January 2021

L&G rate change

Rate Change

L&G is reducing interest rates by up to 0.26% on its entire product range, from 6pm on Wednesday 13 January.

Published: 13th January 2021

Mortgage Solution’s Later Life Lending Event

Market Events

When: Tuesday 26 January 8.30am-2pm

The Later Life Lending Event is a forum bringing together the key providers of later life lending solutions including banks, building societies and equity release providers.

More information and register

Published: 13th January 2021

Aviva rate change

Rate Change

From Tuesday 12 January Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
There are no changes to the interest rates on additional borrowing and on reserve release.

Published: 12th January 2021

Pure Retirement wellbeing activities

Market Events

Pure Retirement is running a Pure Wellness campaign for the next 8 weeks, to help with your wellbeing during the new lockdown.

Join the Pure Wellness Strava group.

Joining the group allows you to record your activities on the weekly leader board.

From Monday 11 January Pure will be giving out weekly ‘wellness’ prizes for different achievements including ‘most improved’, ‘biggest distance’ and ‘most consistent’.

Weekly PT sessions

Every Thursday at 5.15pm-6pm Pure will be hosting a Zoom fitness and wellness session, for all abilities and fitness levels.

  • 14 January – Daniel Edmondson – Fitness for all abilities using CrossFit exercises
  • 21 January – Instagram @malafit__ Mala FIT PT – Bodyweight Workout.
  • 28 January – Instagram @jamesthompson_tennis - James Thompson – Workout using tennis exercises and techniques.
  • 4 February – Instagram @hamerton_fitness - Hamerton Fitness – HIIT Class.
  • 11 February – Daniel Edmondson – Fitness for all abilities using CrossFit exercises.
  • 18 February – Instagram @malafit - Mala FIT PT – Bodyweight Workout.
  • 25 February – Instagram @jamesthompson_tennis - James Thompson – Workout using tennis exercises and techniques.
  • 4 March – Instagram @hamerton_fitness - Hamerton Fitness – HIIT.

Book your session now

Published: 7th January 2021

Just rate change

Rate Change

Just is decreasing interest rates on J1, J2, J2.5, Green, J3 and J4 LTV series from Thursday 7 January. New rates from 3.07% MER.

  • The cash facility and interest serving options are not available on the J6 LTV series
  • 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 below 25% of the monthly interest there will be no reduction
    • If servicing 25.01% + of the monthly interest amount there will be a 0.20% reduction
  • All cashback is capped at £20,000

Published: 7th January 2021

Pure Retirement Heritage rate change

Rate Change

Pure Retirement is reducing rates on some of the Heritage products from Wednesday 6 January. New rates from:

  • Heritage Midi – 3.80%MER
  • Heritage Plus – 3.85%ER
  • Heritage Max – 4.01%MER
  • Heritage Max Plus – 4.43%MER

This rate reduction applies to both GILT and Fixed ERC products, along with the corresponding Heritage Freedom 40 products.

Published: 6th January 2021

Lockdown 3 - market update

COVID-19

Following the lockdown announcement, most lenders, solicitors and surveyors will approach lockdown 3 business as usual as much as it’s feasible, with no substantial changes or disruption.
Solicitors and surveyors are classed as key workers and can continue to visit clients and properties where it’s safe to do so.

However, for some clients this may not be possible and in these instances all parties are committed to offering alternative arrangements. We’d recommend you to contact them directly to understand whether this will have an impact on the service and product they can offer.

Published: 5th January 2021

LV= new national lockdown update

COVID-19

Physical valuations can continue in the current lockdown and this should be the route for the vast majority of customers, unless they have covid-related concerns.
Desktop valuations continue to be available (but come with reduced LTVs and restricted lending criteria) and should only be used where customers are unable to have a physical valuation due to covid-related concerns. Please note that for desktop cases LV= will need to conduct a physical valuation, preferably prior to completion.

There is no change operationally as a result of the announcements last night, it is very much business as usual.

Published: 5th January 2021

Pure and Advise Wise “Unplaceables” webinar

Market Events

When: 13 January 10-13am

Join Pure Retirement and Advise Wise for the first “Unplaceables” Zoom webinar of the year!
Hosted by Pure BDMs Anna Thompson and Jane Forshaw, joined by Jane Hanlon, Mortgage Club Manager at Advise Wise and Matthew Taylor, Relationship Manager at Equilaw
This webinar is all about hard to place cases, and we want to discuss your real life cases during the session. If you would like one of your cases discussing, please email marketing@pureretirement.co.uk.

Sign up

Published: 5th January 2021

Pure re-introduces Classic Elite products

Product Update

Pure Retirement is re-introducing Classic Elite products to the market from Monday 4 January.
Here are the criteria differences for the Elite products:

  • Minimum loan size - £100k
  • Maximum loan size - £1.85m
  • Minimum property value - £2,000,001
  • Maximum property value - £5m
  • England only
  • Lump sum only

Published: 4th January 2021

Pure Retirement rate change

Rate Change

Pure Retirement is reducing rates on Classic Super Lite - Max products.
New rates from 2.34%MER.

Published: 4th January 2021

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