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 rate change
Rate ChangeFrom 12 August, Pure Retirement are reducing rates on the following products:
- Classic Super Lite New rates from 2.28%
- Super Lite Plus New rates from 2.30%
- Lite New rates from 2.33%
- Lite Plus New rates from 2.45%
- Max New rates from 2.87%
Pure Retirement are also re-opening their Max Plus product.
Published: 12 August 2020
LV= rate change
Rate ChangeLV= is reducing the rates on the Lump Sum+ Lifetime Mortgage from 12 August. New rates from 2.58% MER.
Published: 12 August 2020
Hodge criteria change
Process UpdateHodge is making changes to its acceptable property criteria, due to go live on 10 August.
Check out all the criteria changes
Published: 10 August 2020
Aviva rate change
Rate ChangeFrom Monday 10th August interest rates will decrease or remain the same for Aviva products.
Additional borrowing interest rates are decreasing by 0.20% on the Lifestyle Flexible Option, Lifestyle Lump Sum Max and all products closed to new business.
Published: 10 August 2020
New Just webinar series on retirement advice
Market EventsJust is introducing a brand new webinar series with a host of expert guests, giving you in-depth knowledge and insight to key retirement advice principles.
Published: 7 August 2020
LV= launches new adviser online portal
Process UpdateLV= launches a new adviser online portal; a simple to use and intuitive online experience that provides 24/7 access, full application progress tracking, safe storage of all clients’ documents and instant access to literature documents.
Find out more
Register to the portal
Published: 5 August 2020
Just rate change
Rate ChangeJust is decreasing interest rates on J2, J2.5, Green, J3 and J4 LTV series from 6 August. New rates from 3.29% MER.
Published: 6 August 2020
LV= launches new adviser online portal
Process UpdateLV= launches a new adviser online portal; a simple to use and intuitive online experience that provides 24/7 access, full application progress tracking, safe storage of all clients’ documents and instant access to literature documents.
Find out more
Register to the portal
Published: 5 August 2020
LV= launches Lifetime Mortgage Drawdown+ products
Product UpdateLV= launches its Lifetime Mortgage Drawdown+ products from 5 August, with rates from 2.65% MER.
Published: 5 August 2020
FCA best practice guidance to protect vulnerable consumers
Industry NewsThe FCA has set out new best practice guidance for firms to do more to protect vulnerable consumers.
Published: 4 August 2020
Pure Retirement “Unplaceables” Zoom webinar
Market EventsWhen: 12 August 10.00-11.30am
Hosted by BDM Anna Thompson, with:
Craig Faulkiner – Head of Distribution at Advise Wise
Hattie Tales – National Account Manager at Pure Retirement
This webinar is all about hard to place cases, and the aim is to discuss your real life cases during the session. Please get in touch if you have a case you would like to discuss.
If you would like one of your cases discussing, email marketing@pureretirement.co.uk.
Published: 4 August 2020
Pure Retirement rate change on Heritage range
Rate ChangePure Retirement is reducing interest rates on its Heritage Core Range and Heritage Freedom 40 products, both GILT based and Fixed ERC products. New rates from 3.45% MER.
Published: 4 August 2020
Pure Retirement rate change on Classic range
Rate ChangePure Retirement has reduced interest rates to the Classic range, from Saturday 1 August. New rates from 2.30% MER.
Published: 1 August 2020
L&G interest rate change
Rate ChangeLegal & General Home Finance is decreasing interest rates by up to 0.18% across all of its products from 6pm 30 July. New rates from 2.37% MER.
Published: 30 July 2020
Hodge Tech Series - The Changing Threat Landscape
Market EventsWhen: 5th August 2020, 10.00 - 11.00am
Speakers:
Damon Rands - Founder, Wolfberry Cyber
Professor Pete Burnap - Professor of Data Science & Cybersecurity, School of Computer Science and Informatics, Cardiff University
In this session you will hear from leading experts in the field of cyber security and data science to better understand why the ‘traditional network’ no longer exists. And how working from home, returning to the office and the use of fear affects the safety of businesses online infrastructure.You will also hear about the use of AI in helping prevent cyber attacks and risk.
This session is certified by the CIPD and will provide 1 hour of CPD credits to all attendees.
Find out more and Register
Published: 29 July 2020
ERC : Q2 2020 equity release market statistics
Industry NewsThe Equity Release Council released Q2 2020 equity release market statistics.
In summary, the figures show:
- £698m of property wealth was accessed by older homeowners in Q2 2020, down by 34% from the previous quarter.
- The number of new equity release plans agreed between April and June also declined by 34% from 11,079 in Q1 2020 to 7,341.
- May was the quietest month for new plans before initial signs of recovery followed in June as lockdown conditions began to ease.
Published: 28 July 2020
Pure Retirement webinar - Facebook Masterclass
Market EventsWhen: 29 July, 10am
Hosted by Jane Forshaw, BDM at Pure Retirement, with guests:
- Marths Phillips, Director at PR Agency Source
- Robert Bowes, UK Product Manager at Iress
- Nicola Malone from Premier Equity Release Club
To sign up for this webinar, please email marketing@purertirement.co.uk
Published: 24 July 2020
Physical valuations in Leicester area
Process Updatee.surv will be re-commencing physical valuations in the Leicester area with effect from this Friday 24 July.
Published: 23 July 2020
Pure Retirement rate change
Rate ChangePure Retirement is increasing interest rates on Sovereign F product from 23 July.
New rates from 5.52% MER.
Pure Retirement is also decreasing interest rates on Classic Midi, Midi Plus and Max products from 23 July. New rates from 2.69% MER.
Published: 23 July 2020
LV= rate change
Rate ChangeLV= is reducing the rates on the Lump Sum+ Lifetime Mortgage from 22 July. New rates from 2.60% MER.
Published: 22 July 2020
Pure Retirement re-introduces Sovereign Elite products
Product UpdatePure Retirement re-introduces Sovereign Elite products from 22 July, with rates from 2.85% MER.
Pure Retirement is also introducing a criteria change:
- Maximum loan size is now £1 million
- Referrals are accepted for loan sizes of £1million–2 million
Published: 22 July 2020
Financial Reporter virtual roadshows
Market EventsHear straight from the lenders. Earn CPD. Stay connected - all without leaving your desk.
“Life after lockdown series” - Upcoming digital events:
- 22 July - What next for later life?
- 23 July - What next for later life?
- 6 August - Using technology to push forward
- 13 August - What next for specialist lending?
Published: 21 July 2020
Canada Life rate changes
Rate ChangeCanada Life is reducing the interest rates on all Capital Select Options and Lifestyle Lite and Gold Options, from 21 July.
New rates for Capital Select Options from 3.05% MER and for Lifestyle Lite and Gold Options from 2.65% MER.
Canada Life is also increasing the LTVs on all Capital Select Options.
Published: 21 July 2020
Pure Retirement rate change
Rate ChangePure Retirement is also reducing rates on the Classic range, from 21 July. New rates from 2.32% MER.
Published: 20 July 2020
Just introduces Just For You Green Lifetime Mortgage
Product UpdateJust introduces the Just For You Green Lifetime Mortgage from Monday 20 July.
This innovative product provides customers with a lower interest rate if their property has a valid Energy Performance Certificate (EPC) rating of A or B. It’s available on the new J2.5 LTV series and has the same loan-to-values as J2.5 but reduces the standard interest rate by 0.10%.
The EPC must be submitted at the application stage and Just will contribute £50 to the cost of a certificate. To check whether the property has a valid EPC and find details of a Domestic Energy Assessor to obtain an EPC, please refer to the EPC register.
Published: 20 July 2020
Aviva rate change
Rate ChangeAviva is changing interest rates on Lifestyle Lump Sum Max and Lifestyle Flexible Option from 20 July.
Published: 16 July 2020
Pure Retirement rate change
Rate ChangePure Retirement is reducing interest rates on Sovereign Range on products A,B and C from 16 July. New rates from 2.35% MER.
Products D,E and F will remain unchanged.
Published: 16 July 2020
Financial Reporter women's recognition awards
General UpdateThe Advise Wise team has put Jane Hanlon forward for "Woman in Later Life Lending" in the Financial Reporter women's recognition awards, for the amazing work she is doing in running Advise Wise Mortgage Club and supporting advisers.
You can write a brief nomination for Jane, too!
Published: 15 July 2020
Power of 8 event
Market EventsWhen: 23 July, 10.00am
Hosted by Hattie Tales at Pure Retirement, with Dan Berrisford at Leek United Building Society, Daniel Edmondson at Pure Retirement,
Samm Piper at Legal & General and Jane Hanlon at Advise Wise.
Published: 13 July 2020
LV= changes to lending policy
Process UpdateLV= is changing its lending criteria for Lump Sum Plus Lifetime Mortgage, effective from 8 July.
- The Minimum property value is £100k.
- Second homes are no longer acceptable. The property must be the applicant's main residence.
- Leasehold properties are acceptable if the remaining lease is equal to or greater than 175 minus the age of the youngest borrower.
Published: 8 July 2020
Pure Retirement rate change
Rate ChangePure Retirement is decreasing interest rates on all Classic products (Super lite through to Max) from 9 July. New rates from 2.36% MER.
Classic Max Plus, Super Max, Super Max Plus and Elite Range will all remain unavailable for New Applications and Further Advances
Published: 8 July 2020
Pure Retirement “The Unplaceables” webinar
Market Events15 July 10.00-11.30am
Hosted by BDMs Jane Forshaw and Anna Thompson, with guests Jane Hanlon - Mortgage Club Manager at Advise Wise and Brendan Gilligan - Head of Products at Pure Retirement.
The webinar is all about hard to place cases.
To register email marketing@pureretirement.co.uk
Published: 8 July 2020
Just rate change
Rate ChangeJust is decreasing interest rates from 10 July on J1, J2, J2.5, J3 and J5 LTV series from Friday 10 July. New Rates from 2.80% MER.
Published: 8 July 2020
Canada Life product changes
Product UpdateCanada Life is reintroducing Lifestyle Gold Plus and Prestige Options from Tuesday 7 July.
Canada Life is also increasing the interest rates on Lifestyle and Lifestyle GOld and increasing the LTVs on Lifestyle Lite and Lifestyle Gold.
Published: 7 July 2020
Pure Retirement rate change
Rate ChangePure Retirement is reducing interest rates on the full Heritage range, including Freedom 40, from Wednesday 8 July.
New rates from 3.53%MER.
Published: 7 July 2020
ERC live Q&A webinar with Clive Betts MP
Market EventsWhen: Tuesday July 14, at 10:30am.
Council chairman and former MP, David Burrowes, will be the host for a live interview with Clive Betts, Chair of the housing, communities and local government select committee.
The pair will discuss the role of the select committee in relation to equity release as well as the challenges facing the housing market.
Published: 7 July 2020
Aviva local lockdowns update
Process UpdateFor areas with localised lockdown, Aviva will continue to accept physical valuation applications which will be placed ‘on hold’ in readiness for the restriction to be lifted.
If the customer wishes to proceed with a remote valuation then the Adviser will be required to provide Aviva with a new Personal Quote Summary.
In response to the extended localised lockdown in Leicester, e.Surv has suspended all physical property inspections in any impacted postcodes with immediate effect, and until further notice.
From 6 July e.Surv is able to resume physical inspections in England where the occupier(s) is shielding and is willing/able to wait outside of the property at the time of inspection.
Published: 6 July 2020
L&G rate change
Rate ChangeL&G is reducing interest rates on all products except for the Violet variant, from 7 July. New rates from 2.40% MER.
Published: 6 July 2020
LV= withdraws flexible Lifetime Mortgage
Product UpdateLV= removed its Flexible Lifetime Mortgage product for new business as of the 30 June 2020. The cut-off date for new applications to be sent in is the 14 of July. LV= will honour any applications that have been submitted but have not yet completed, however they must complete by the end of September 2020.
Published: 6 July 2020
Pure Retirement reduces rates on Classic range
Rate ChangePure Retirement is reducing interest rates on the Classic range from 4 July.
New rates: Lite plans from 2.52% MER, Midi plans from 2.83% MER and Midi Plus plans from 3.02% MER.
Published: 3 July 2020
Hodge changes criteria on listed buildings
Process UpdateHodge has changed some of the criteria on its Equity Release range and it will no longer accept any listed building on any of its products.
Published: 3 July 2020
Changes to Pure Retirement Sovereign range
Product UpdatePure Retirement is reintroducing the full Sovereign Range (A,B,C,D,E, and F products) and removing the current AA, BB and CC products from Friday 3 July.
New rates across the full Sovereign range from 2.42% MER.
All applications on the AA, BB and CC products will need to be submitted by 4.30pm Thursday 16 July.
Published: 3 July 2020
ERC expands advisers checklist
General UpdateThe Equity Release Council expands the adviser checklist from 12 to 24 points, including an extra focus on vulnerable and remortgaging customers as well as those consolidating debt.
This updated checklist captures the most important points to cover from FCA regulations and Equity Release Council Standards.
Published: 1 July 2020
Hodge returns to physical valuations in Wales & Scotland
Process UpdateHodge is now able to do physical valuations in Wales and Scotland, following the same procedures adopted for England.
Across its later life lending interest only range, Hodge has also:
- Removed the LTI restriction of 4.5 x income for like-for-like re-mortgages, taking it back up to 6 x income.
- Re-introduced the consideration of earned income up to the age of 80 for affordability.
- Re-introduced 70% LTV, up to a maximum loan of £1m and property value of £2m.
Published: 29 June 2020
Canada Life onsite valuations in Scotland and Wales
Process UpdateCanada Life recommences onsite valuations in Wales with immediate effect and in Scotland on 29 June.
Canada Life will be extending our dual approach to valuations:
- Onsite valuations will be instructed in England, Scotland and Wales, across all product lines
- If an onsite valuation can’t be completed, a remote valuation will be instructed. For example, if your customer is not comfortable with an onsite valuation being conducted
Published: 29 June 2020
LV= resumes physical valuations in Scotland & Wales
Process UpdateAs of Monday 29 June LV= will be able to instruct physical valuations in both Scotland and Wales.
This is for pipeline cases already submitted as well as new business applications. LV= will commence with instructing the pipeline cases from Monday 29 and should have every case instructed by Friday 3 July.
Published: 29 June 2020
Just launches new J2.5 product variant
Product UpdateAs of Monday 29 June, Just is launching a new product variant, J2.5.
- It shares the same criteria as J3
- Interest rate from 4.13% MER
- Min advance £10,000
- For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates (in order to then calculate the AER rates, you need to add the 0.05% increase to the MER first)
- There are four tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
Monthly interest Rate reduction >0.01% 0.01% >25.01% 0.10% >50.01% 0.15% >75.01% 0.30%
This new product is available to source and request a KFI via Advise Wise immediately.
Published: 29 June 2020
Virtual Power of 8 event on Thursday 2 July at 10am
Market EventsIndustry Panel Debate covering all the recent hot topics, with...
- Jane Benjamin Director of Mortgages at Sesame Bankhall Group
- Craig Hall Head of Broker Relationships at Legal & General
- Jeremy Duncombe Deputy Chair of IMLA
- Phil Bailey Sales Director at Twenty7Tec Group
- David Burrowes Chairman at Equity Release Council
To register email Paul Lewis or Nadine Edwards.
Published: 29 June 2020
ERC webinar on cloud based solutions and security
Market EventsThe Equity Release Council's IT expert, Jamie Lakes, will set out what ERC members need to know about cloud based solutions and online security in the era of COVID-19 and increased remote working.
Register now to reserve your seat for Thursday 2 July at 11am.
Published: 26 June 2020
Pure Retirement valuations update for Scotland & Wales
Process UpdatePure Retirement goes back to full valuations in England, Scotland and Wales for all 3 product ranges: Heritage, Sovereign and Classic full physical valuations are now available in Scotland and Wales as well as in England.
Pure Retirement will still be able to conduct a desktop valuation when an internal inspection is not deemed appropriate by the customer or surveyor.
View Pure Retirement's full valuation process
Published: 24 June 2020
Pure Retirement reduce rates on its Classic range
Rate ChangePure Retirement is changing interest rates on its Classic range from midnight on 24 June. New rates from 2.38% MER.
Pure Retirement is also making the Classic Midi, Classic Midi plus and Classic Max products available again.
Published: 24 June 2020
Aviva decrease rates on both Lifestyle products
Rate ChangeAviva is decreasing interest rates on both Lifestyle Lump Sum Max and Lifestyle Flexible Option on new business only, from 26th of June.
There are no changes to the interest rates on reserve releases.
Published: 24 June 2020
Equity Release Council publish checklist for advisers
Process UpdateThe Equity Release Council has published a Checklist for Advisers, to provide direction when advising customers on equity release. It covers the most significant points to consider in the advice process and when you’re assessing the customer’s suitability.
Published: 19 June 2020
New industry guidance published by the FCA
Industry NewsThe FCA has published key findings from their review into equity release, with actions for firms and guidance for customers.
Although the FCA found equity release to be working well for many consumers, they raised areas of concern.
The FCA findings highlight the importance of understanding your client. They have recommended:
- Getting to know your client so you can obtain sufficient information;
- Ensure advice is personalised for each individual clients circumstances;
- Collect and retain evidence to support the suitability of your advice.
Published: 17 June 2020
Advise Wise in the press
- Advise Wise appoints head of distribution Published: 22nd July 2020
- Advise Wise launches exclusive membership Published: 20th July 2020
- Advise Wise unveils exclusive membership programme Published: 20th July 2020
- Advise Wise unveils new tree planting initiative Published: 24th June 2020
- Advise Wise launches ‘Upskill’ series for later life advisers Published: 9th June 2020
Highlights from our expert
Does your client need a short term lifetime mortgage? Real innovation with a 40% overpayment rule per year that avoids penalties, so you can borrow today and pay back over the next 3 years. A real door opener to Accountants and Solicitors with short term funding with a view to repay; this will solve so many options without having the rigidness of a bridge. Take the flexibility of the NEW Pure Heritage Freedom 40 with all the guarantees of a lifetime mortgage that gives complete peace of mind.
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Please email any lender/solicitor updates to our dedicated mailbox.
