
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
Aviva rate change
Rate ChangeAviva is changing interest rates from Tuesday 21 December on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. Application deadlines for KFIs based on previous rates: 6 January 2022.
There are no changes to the interest rates on additional borrowing.
Published: 17th December 2021
Just extends medical underwriting to J6 series
Product UpdateFrom Tuesday 21 December 2021 Just is expanding the medically underwritten option to the J6 LTV series.
Published: 17th December 2021
Canada Life wellbeing services
General UpdateCanada Life has launched WeCare, an extensive range of virtual health and wellbeing services from Teladoc Health. All provided confidentially and available from the comfort of their homes for new and existing home finance customers and their immediate family.
WeCare consists in:
- Access UK-based GPs virtually for confidential medical advice 24/7
- Private prescriptions can be arranged and delivered at home
- Second opinions from consultants on diagnosis or treatment needs
- Professional mental health support, including life events counselling and bereavement sessions
- Help with healthy living, including meal planning and get fit programmes
- Expert legal and financial guidance on divorce, property disputes, probate, budgeting and more
- Access at any time
WeCare is available around the clock and can be accessed by
- Downloading the WeCare Programme app
- Visiting website at wecare-cl.com
- Calling the helpline on 0208 068 0035
Published: 15th December 2021
Canada Life rate change
Rate ChangeFrom Wednesday 15 December, Canada Life is decreasing interest rates on existing products on additional borrowing. New rates from 2.65%.
Published: 15th December 2021
Canada Life product update
Product UpdateCanada Life is making some improvements to Lifestyle Select Options from 9am on Wednesday 15th December, including:
- introducing two new products: Lifestyle Select Ultra Lite (Standard & Flexible) and Lifestyle Select Super Lite (Standard & Flexible)
- making Lifestyle Select Gold Plus available to customers aged 55-59
Published: 15th December 2021
Advise Wise live webinar
Market Events“Your clients are unique, your advice should be too”
When: Wednesday 15 December, 10am
Join our upcoming live webinar, in collaboration with Just, introducing their latest innovation, bespoke medical underwriting.
Craig Faulkiner, our Head of Distribution, and Matt Latham, Specialist Account Director at Just, will explain why you should always add medical information to the case and how it can help you personalise your advice, to fit your client's unique circumstances and drive a bespoke client outcome.
The webinar will end with a live Q&A session at the end, where the speakers will answer to all your questions!
Published: 10th December 2021
Flexi choice rate decrease
Rate ChangeFrom 11 December, more2life is reducing interest rates across Flexi Choice plans. New rates from 2.74%MER.
Published: 10th December 2021
Pure Classic rate decrese
Rate ChangeFrom 10 December, Pure Retirement is decreasing interest rates on the Classic range, by up to 0.15%MER.
All KFIs are valid for 21 days.
Published: 10th December 2021
M2L rate decrease
Rate ChangeFrom Friday 10 December, more2life is decreasing interest rates on Maximum Choice & Maximum Choice Plus plans, on new business. New rates from 3.68%MER.
Published: 9th December 2021
Sovereign rate decrease
Rate ChangeFrom 9 December Pure Retirement is reducing interest rates on Sovereign and Sovereign Elite ranges.
Published: 9th December 2021
Canada Life rate decrease
Rate ChangeFrom 9 December Canada Life is decreasing interest rates on:
- Lifestyle Select Lite, new rates from 2.81%MER
- Lifestyle Select Gold, new rates from 2.99%MER
- Lifestyle Select Gold Plus, new rates from 3.55%MER
The rate changes apply to further borrowing on existing loans.
Deadlines:
- Request a KFIbefore 9am on 9 December
- Submit the application before 5pm on 23 December
Published: 9th December 2021
L&G product update
Product UpdateFrom 9 December, L&G is:
1) Introducing 2 new, higher LTV Flexible and Optional Payment LTM lump sum products, Purple and Maroon
The products will be available on a no-fee and £599 arrangement fee basis for a limited time only.
Main features:
- Both products will be Lump Sum Only (i.e. there will be no drawdown facility);
- The highest LTV product, Maroon, will only be available to Sole Applicants;
- Both products will not be available for properties built within the last 10 years;
- Minimum property value: £100k.
2) Amending some of Violet’s LTVs very slightly.
For Violet pipeline cases. to secure the current LTVs and interest rates:
- Generate an Illustration by 6pm on Thursday 9 December
- Submit the DIP by COB on Thursday 16 December
- The valuation needs to be carried out by Tuesday 11 January
- Submitt all supporting documentation by Thursday 20 January
- The case needs to be offered by Thursday 3 February
- Completion will need to take place within the 50 day offer validity period.
Published: 9th December 2021
L&G rate change
Rate ChangeFrom 9 December, L&G is reducing interest rates on its entire range of lifetime mortgages by up to 0.08%.
Published: 9th December 2021
LV= rate decrease
Rate ChangeFrom 10 December, LV= is decreasing interest rates on Drawdown+ and Lump Sum+. New rates from 2.88%MER.
Published: 9th December 2021
Pure Retirement Heritage rate reduction
Rate ChangeFrom 8 December, Pure Retirement is decreasing interest rates on Heritage Plus, Max and Max Plus. This applies to the fixed/Gilt ERCs, Freedom 20 and 40 ranges.
No changes to the Heritage Super Max product.
Published: 6th December 2021
Just rate decrease
Rate ChangeFrom 8 December Just is decreasing rates on J2.5, J3, J4 and Green series.
Just is also removing the age brackets on the J6 series, and making some changes to the interest rates.
New rates:
- J2.5 from 3.85%MER
- J3 from 3.90%MER
- J4 from 3.98%MER
- J6 from 4.35%MER
- Green series from 3.75%MER
Published: 6th December 2021
LV= rate reduction
Rate ChangeFrom Friday 3 December, LV= is decreasing rates on Drawdown+ and Lump Sum+.
New rates from 2.95%MER.
Published: 3rd December 2021
Pure Retirement Sovereign rate reduction
Rate ChangeOn Friday 3 December Pure Retirement has reduced interest rates on all the Sovereign products including the Sovereign Elite range. All KFIs are valid for 21 days.
Published: 3rd December 2021
Pure Retirement Classic rate decrease
Rate ChangeFrom 1 December Pure Retirement is reducing interest rates on the Classic product range by up to 0.10%MER.
All KFIs are valid for 21 days.
Published: 1st December 2021
Pure Retirement Sovereign rate reduction
Rate ChangeFrom 1 December Pure Retirement is reducing interest rates on all Sovereign and Sovereign Elite products.
New rates from 2.78%MER.
All KFIs are valid for 21 days.
Published: 1st December 2021
Aviva Gilts and Variable ERCs update
Product UpdateFrom Friday 3 December, as part of a regular review, Aviva will be refreshing its Gilts and variable early repayment charges to ensure they remain accurate.
These changes are applicable to the individual gilt-based early repayment charge only.
The changes will be applicable to new business, additional borrowing and drawdowns on all fixed interest rate products.
Deadlines for applications based on previous Gilts is Monday 16 December.
Published: 1st December 2021
L&G interest rate reduction
Rate ChangeFrom Wednesday 1 December at 6pm, L&G is reducing interest rates by up to 0.10% on its Lifetime Mortgage range.
Published: 1st December 2021
Canada Life rate changes
Rate ChangeFrom Monday 29 November, Canada Life interest rates are:
- decreasing on Lifestyle Select Lite, new rates from 2.93%MER
- decreasing on Lifestyle Select Gold, new rates from 3.12%MER
- increasing on Lifestyle Select Gold Plus, new rates from 3.61%MER
The rate changes apply to further borrowing on existing loans.
Pipeline cases
If your client wants to take advantage of the existing rates, generate a KFI before 9am on Monday 29 November.
If you have already generated a KFI and your client would like to proceed,submit the application before 5pm on Monday 13 December.
Published: 29th November 2021
Aviva rate change
Rate ChangeFrom Tuesday 30 November, Aviva will change 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.
Application deadlines for cases based on previous rates is Monday 13 December.
Published: 26th November 2021
OneFamily product changes
Product UpdateFrom 1 December, OneFamily is making the following changes to its product range
-
Removal of variable interest payment rate (Lite and Standard) products from new business
Deadline for Variable Interest Payment applications will be 30 November.
-
Variable rate product changes:
The CPI will be increasing to 3.1%. The new MER rates on Variable rate:
- Variable Lite Interest Roll up with Voluntary Payment: 5.40% (5.54% AER)
- Variable Standard Interest Roll up with Voluntary Payment: 5.80% (5.96% AER)
Published: 25th November 2021
Just rates decrease
Rate ChangeFrom Thursday 25 November, Just is decreasing interest rates on:
- J2.5 series, new rates from 3.91%MER
- J3 series, new rates from 3.96%MER
- J4 series, new rates from 4.08%MER
- J6 series, new rates from 4.49%MER
- Green series, new rates from 3.81%MER
Published: 25th November 2021
Pure Retirement Sovereign rate decrease
Rate ChangeFrom Wednesday 24 November, Pure Retirement has decreased interest rates on all Sovereign and Sovereign Elite products.
All KFIs are valid for 21 days.
Published: 24th November 2021
Pure Retirement Heritage rate reduction
Rate ChangeFrom Wednesday 24 November, Pure Retirement is reducing interest rates on the Heritage Super Max (Fixed, GILT ERCs, Freem 20 and 40).
New rates from 4.18%MER.
Published: 24th November 2021
Changes to OneFamily SLTV Product
Product UpdateFrom Tuesday 23 November, OneFamily is making the following changes to the SLTV product:
- Rate reduction to 6.09% (currently 6.29%)
- 2% cashback
- LTV’s increased by 0.5% starting at 40.5% (currently 40%)
Published: 23rd November 2021
Changes to the Pure Retirement Sovereign range
Product UpdateFrom Tuesday 23 November, Pure Retirement is making changes to the Sovereign and Sovereign Elite ranges:
- Flexible pricing
- New Sovereign product options
- Additional price points
- Defined Drawdowns
- Improved drawdown pricing
- Minimum age 55
- Aligned LTVs
- Improved pricing
Submission deadlines for current Sovereign range products:
- Request KFIs by 23:59 Monday 22 November 2021
- Submit applications by 23:59 Monday 6 December 2021
- Apply for Further Advances by 23:59 Wednesday 24 November 2021
Published: 23rd November 2021
Pure Retirement Classi rate decrease
Rate ChangeFrom Tuesday 23 November, Pure Retirement is reducing interest rates on the Classic product range by up to 0.09%MER.
All KFIs are valid for 21 days.
Published: 23rd November 2021
Pure Heritage Supreme products withdrawal
Product UpdateFrom Wednesday 24 November, Pure Retirement is withdrawing all variants of the following Heritage products from the market:
- Heritage Supreme
- Heritage Supreme Plus
- Heritage Supreme Max
Submission deadlines on these products:
- Request KFIs by 23:59 Tuesday 23 November.
- Submit applications by 23:59 Tuesday 7 December.
Published: 22nd November 2021
Pure Retirement Sovereign rate reduction
Rate ChangeFrom Thursday 18 November, Pure Retirement is reducing interest rates on Sovereign and Sovereign Elite A, B and C products. Sovereign products D, E and F remain unchanged.
New rates from 2.85%MER.
Published: 17th November 2021
LV= rate decrease
Rate ChangeFrom Thursday 18 November, LV= is decreasing interest rates on:
- Lifetime Mortgage Drawdown+
- Lifetime Mortgage Lump Sum+
New rates from 3.03%MER
Published: 16th November 2021
Four Pillar of Wellness event
Market EventsWhen: 1st December, 10am
Join Pure’s BDM, Jane and L&D Manager, Jonathon, for a training session on understanding the four pillars of wellbeing and tips on how to manage stress with fun exercises for you to take part in, from desk yoga to mindfulness to boost your energy and resilience.
Published: 16th November 2021
Aviva rate change
Rate ChangeFrom Tuesday 16 November, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
Application deadline for pipeline cases: 29 November.
No changes to the interest rates on additional borrowing.
Published: 15th November 2021
L&G rate decrease
Rate ChangeFrom 6pm on 11 November, L&G is reducing interest rates on its Lifetime Mortgage range by up to 0.23%
Published: 11th November 2021
Pure Retirement Emerald rate increase
Rate ChangeFrom Wednesday 10 November, Pure Retirement is increasing interest rates on the Emerald range, by up to 0.21%MER.
Submission deadlines:
- Request KFIs by 23.59 on 10 November
- Submit applications within 21 days of KFI
- All KFIs are valid for 21 days.
Published: 9th November 2021
Pure Retirement Sovereign rate decrease
Rate ChangeFrom Tuesday 9 November, Pure Retirement is decreasing interest rates on the Sovereign range and Sovereign Elite range products A,B,C.
New rates from 2.94%MER.
Products D, E and F remain unchanged.
Published: 9th November 2021
Pure Retirement Heritage rate increase
Rate ChangeFrom Wednesday 10 November Pure Retirement is increasing interest rates on the core Heritage range (fixed and gilt ERCs) Freedom 20 and Freedom 40. New rates from 3.80%MER.
Deadlines:
- Request KFIs by 23.59 Tuesday 9 November
- Submit applications by 23.59 Tuesday 23 November
- Deadline fo further advances: 00.01 Saturday 13 November
Published: 8th November 2021
Just rate increase
Rate ChangeFrom Wednesday 10 November, Just is increasing interest rates on J1, J2, J2.5 and Green series. New rates from 3.70%MER.
For any pipeline quotes, submit the application before close of business on Wednesday 24 November.
Published: 8th November 2021
Pure Retirement product update
Market EventsWhen: 25 November 10am
Join Pure BDM Jane Mullan who will introduce new changes to the Sovereign product range, plus many other updates.
Published: 8th November 2021
Pure ‘The Unplaceables’ webinar
Market EventsWhen: 10 November 10am
Join Pure BDM Anna Thompson, with Jane Hanlon from Advise Wise and Matt Taylor from Equilaw to discuss your hard cases to place.
To submit your case, you can send it to marketing@pureretirement.co.uk
Published: 8th November 2021
LV= rate reduction
Rate ChangeFrom Friday 5 November, LV= is decreasing interest rates on Drawdown+ and Lump Sum+. New rates from 3.08%MER.
Published: 5th November 2021
m2l Flexi Choice rate decrease
Rate ChangeFrom Thursday 4 November, m2l is decreasing interest rates across Flexi Choice plans. New rates from 2.95%MER.
Published: 4th November 2021
Pure Retirement Classic rate decrease
Rate ChangeFrom Wednesday 3 November, Pure Retirement is reducing interest rates on the Classic product range by up to 0.59%MER.
All KFIs are valid fro 21 days.
Published: 3rd November 2021
L&G criteria improvement
Product UpdateFrom 6pm on Tuesday 2 November L&G is able to lend:
- in single names for Co-habiting (not married) couples and
- for customers where there is a Debt Management Plan in place.
Published: 2nd November 2021
L&G rate reduction
Rate ChangeFrom 6pm on Tusesday 2 November, L&G is reducing interest rates on its entire range of lifetime mortgages by up to 0.24%
Published: 2nd November 2021
Canada Life rate changes
Rate ChangeFrom Tuesday 2 November Canada Life is:
- increasing the LTVs on Capital Select Lite, Capital Select Gold, Capital Select Gold Plus, Capital Select Platinum and Capital Select Platinum Plus
- increasing the rates on Capital Select Gold Plus and Capital Select Platinum
- decreasing the rates on Capital Select Platinum Plus
New rates from 4.59%MER.
The rate changes apply to further borrowing on existing loans, but the LTV changes do not.
Application submission deadline: 5pm on Tuesday 16 November.
Published: 2nd November 2021
Canada Life Lead Generation workshop
Market EventsWhen: 4 November - 18 November
Supporting advisers to grow their equity release business.
Duration: 5 hours.
Published: 29th October 2021
Aviva rate change
Rate ChangeFrom 29 October, 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.
Applications on current rates will be accepted by Thursday 11 November.
Published: 28th October 2021
More2life increases Flexi Premier procuration fee
Product UpdateFrom 2 November, more2life is increasing the maximum procuration fee on all Flexi Choice Premier plans from £10,000 to £20,000.
The increase to the maximum procuration fee will apply to new applications only from Tuesday 2 November. Any existing applications will remain capped at £10,000.
There are no changes to the procuration fees on standard Flexi Choice plans, on which the procuration fees will remain capped at £10,000.
Published: 28th October 2021
Pure Retirement increases procuration fee cap on Classic Elite
Product UpdateFrom 2 November, Pure Retirement is increasing the broker procuration fee cap on all Classic Elite cases to £20,000 (currently £10,000).
The increased cap will apply to all new KFIs from 2 November. Any pipeline cases will continue on the £10k cap.
A £10,000 cap will remain on Standard Classic cases.
Published: 28th October 2021
Just rate increase
Rate ChangeFrom Wednesday 27 October, Just is increasing interest rates on J6. New rates from 4.64%MER.
Application deadline: close of business Wednesday 10 November.
Published: 26th October 2021
LV= rate increase
Rate ChangeFrom Wednesday 27 October, LV= is increasing interest rates on Drawdown+ and Lump Sum+.
New rates from 3.38% MER.
Application deadline: 12:00 midday, Wednesday 10 November.
Published: 26th October 2021
Canada Life rate change
Rate ChangeFrom Tuesday 26 October, Canada Life is increasing interest rates on the following Lifestyle Select options:
- Lite (Standard and Flexible), new rates from 3.03% MER
- Gold (Standard and Flexible), new rates from 3.15% MER
- Gold Plus (Standard and Flexible), new rates from 3.40% MER
- Additional borrowing for the above products
Sumbission deadlines:
- Generate a KFI before 9am on Tuesday 26 October.
- Submitt the application before 5pm on Tuesday 9 November.
Published: 26th October 2021
Pure Retirement Sovereign rate change
Rate ChangeFrom Monday 25 October, Pure Retirement is increasing interest rates on Sovereign band A by up to 0.03%MER and decreasing interest rates on Sovereign band C and D by up to 0.10%MER.
New rates from:
- Sovereign range 2.96%MER
- Sovereign Elite range 3.46% MER
Submission deadlines:
- Request KFIs by 23:59 on 24 October
- Submit applications by 23:59 on 7 November
Published: 25th October 2021
Pure Retirement Sovereign rate change
Rate ChangeFrom Monday 25 October, Pure Retirement is increasing interest rates on Sovereign band A by up to 0.03%MER and decreasing interest rates on Sovereign band C and D by up to 0.10%MER.
New rates from:
- Sovereign range 2.96%MER
- Sovereign Elite range 3.46% MER
Submission deadlines:
- Request KFIs by 23:59 on 24 October
- Submit applications by 23:59 on 7 November
Published: 25th October 2021
Aviva launches Fixed ERC’s
Product UpdateFrom Thursday 21 October 2021 Aviva allows all new equity release customers to choose whether to have an early repayment charge based on gilts as per its current T&Cs or select the new fixed percentage charge.
These new Aviva product variants are available to source via Advise Wise immediately.
Published: 20th October 2021
Pure Retirement Emerald increase
Rate ChangeFrom Thursday 21 October, Pure Retirement is increasing interest rates by up to 0.20% MER on the Emerald range.
Submission deadlines:
- Request KFIs on the current rates by Wednesday 20 October 2021
- Submit applications within 21 days of KFI
Published: 20th October 2021
Pure Retirement Heritage increase
Rate ChangeFrom Wednesday 20 October, Pure Retirement is increasing interest rates on the Heritage, Freedom 20 and Freedom 40 ranges. New rates from 3.60% MER.
Submission deadlines:
- Request KFIs on the current rates by 23:59 Tuesday 19 October 2021
- Submit applications on the current rates by 23:59 Tuesday 2 November 2021
Published: 18th October 2021
Just rate increase
Rate ChangeFrom Wednesday 20 October, Just is increasing interest rates on:
- J3 series, new rates from 4.05%MER
- J4 series, new rates from 4.19%MER.
For any pipeline quotes, submit the application before close of business on Wednesday 3 November. Any applications received after this date will be on the new interest rates.
Published: 18th October 2021
Pure Classic criteria changes
Product UpdateFrom 16 October, Pure Retirement is making the folowing criteria changes to the Classic range:
- Max loan amount increased to £540k in Scotland and Wales (previously £515k)
- Flat roof: Maximum increased from 25% to 50%.
Published: 15th October 2021
Pure Retirement Sovereign rate increase
Rate ChangeFrom Thursday 14 October, Pure Retirement is increasing interest rates on bands A,B,C and D. This also applies to the Sovereign Elite range. E and F will remain unchanged. New rates from 2.93%MER.
Submission Deadlines:
- Request KFIs on the current rates by 23:59 Wednesday 13 October 2021
- Submit applications on the current rates by 23:59 Wednesday 27 October 2021
Published: 13th October 2021
LV= rate increase
Rate ChangeFrom Friday 15 October, LV= is increasing interest rates on Drawdon+ and Lump Sum+. New rates from 3.09%MER.
For pipeline cases, the application deadline is 23:59 Friday 29 October.
Published: 12th October 2021
L&G rate increase
Rate ChangeFrom 6pm on Wednesday 13 October, L&G is increasing interest rates by up to 0.39% across all its lifetime mortgage products.
To secure the current rates:
- Generate a KFI by 6pm on Wednesday 13 October
- Submit the DIP by 5pm on Wednesday 20 October*
- The valuation needs to be carried out by Monday 15 November
- Submit all supporting documentation by Wednesday 24 November
- The case needs to be offered by Wednesday 8 December
- Completion will need to take place within the 50 day offer validity period
- Pipeline cases which require a re-offer after 6pm on Wednesday 13 October will be offered on the prevailing rates at the time.
*If you have generated a KFI on L&G old portal Apply Online, which has now closed, you must submit the application by 5pm on Wednesday 20 October. After this time you must generate and proceed with a new KFI on L&G new Later Life Mortgage Portal.
Published: 12th October 2021
Aviva rate change
Rate ChangeFrom Tuesday 12 October, 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.
Deadlines:
- Submit applications based on previous rates (version 24.9.2021) by 19 October and 25 October (version 6.10.2021)
Published: 11th October 2021
Pure Retirement Heritage range changes
Product UpdateFrom Monday 11 October, Pure Retirement is making the following changes to the Heritage range:
Leasehold Flats/Maisonettes Max LTV Cap
- For flats and maisonettes, new 85% max LTV cap
- This will apply to all Heritage products (GILT/Fixed ERCs, Freedom 20 & Freedom 40)
Launch of 3 New LTV Tier products offering LTVs up to 58.50% (dependent on age):
- Heritage Supreme (fees package option available with choice of 1% or 2% cashback)
- Heritage Supreme Plus (fees package option available with choice of 1% or 2% cashback)
- Heritage Supreme Max (fees package option available with 1% cashback)
- These products will be available with Fixed or GILT ERCs
- Not available on Freedom 20 or Freedom 40
- Higher min property value of £100,000 (vs. £70,000 for the rest of the Heritage range)
- 85% max LTV cap
The following further underwriting criteria restrictions will apply to these products only:
Underwriting Restrictions for Heritage Supreme, Supreme Plus and Supreme Max:
- No leasehold title
- No properties with estate rent charges
- No flat roof exceeding 30%
- No age-restricted properties
- No properties located on Scottish Islands
- No listed buildings
- No lodgers/tenants
- No annexes or self-contained accommodation
- No properties with Type 1 Japanese Knotweed
- No pre-1900 timber frame properties
- No thatched roofs
- No modern methods of construction
- No properties adjacent to commercial premises
- No unsatisfied CCJs
- No unsatisfied IVAs or Debt Management Plans exceeding £10,000
Published: 11th October 2021
Pure Retirement launches Emerald range
Product UpdateOn Wednesday 6 October, Pure Retirement has launched the new Emerald range, offering its highest LTVs and flexible pricing solutions to meet the needs of customers.
Emerald product features include:
- High LTVs available, up to 57.5%
- ERC-free repayments, up to 12%
- 4% cashback available on all products
- Direct Debits facility available
- Fee-free options available on all products
- Standard range (non-cash-back) ERCs begin at 7%
Published: 6th October 2021
LV= rate increase
Rate ChangeFrom Friday 8 October, LV= is increasing interest rates on:
- Lifetime Mortgage Drawdown+, new rates from 2.94%MER
- Lifetime Mortgage Lump Sum+, new rates from 2.95%MER
Applications based on previous rates must be submitted by Friday 22 October.
Published: 5th October 2021
Aviva property webinar
Market EventsJoin Aviva property webinar, a joint presentation by Neil Uttley, Equity Release National Sales Manager and Andrew Turner, In-House Chartered Surveyor.
You’ll discover more about:
- The common misconceptions concerning valuations and how to assess property values
- How to deal with complex and often difficult property scenarios
- Aviva lending criteria that lets us to say yes to more customers
- The role of the valuer and what’s expected of them.
When:
Friday 8 October, 10am - Register
Wednesday 13 October, 2pm - Register
Friday 15 October, 10am - Register
Published: 5th October 2021
Aviva rate change
Rate ChangeFrom Wednesday 6 october, Aviva interest rates are increasing or remaining the same 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.
Applications based on previous rates will be accepted until Tuesday 19 October.
Published: 4th October 2021
L&G rate increase
Rate ChangeFrom 6pm Tuesday 5 October, L&G is increasing interest rates across all products by 0.21%.
To secure the current interest rates:
- Generate an illustration by 6pm on Tuesday 5 October
- Submit the DIP by 5pm on Tuesday 12 October*
- The valuation needs to be carried out by Friday 5 November
- Submit all supporting documentation by Tuesday 16 November
- The case needs to be offered by Tuesday 30 November
- Completion will need to take place within the 50 day offer validity period.
*For KFIs generated on the older, Apply Online, portal you must submit the application by 5pm on Tuesday 12 October 2021.
Any cases received outside of the timescales described above will not be honoured.
Please note, following a DIP decision, if you choose to Edit DIP you will lose your current product/rate choice and only be able to proceed on prevailing rates at the time.
Pipeline cases which require a re-offer after 6pm on Tuesday 5 October will be offered on the prevailing rates at the time.
Property valuations
Consider submitting your Full Mortgage Application (FMA) on the Later Life Mortgages Portal as early as possible to ensure you meet the deadline for valuations.
If the independent valuer provides a lower property valuation than your clients estimate, your client may be able to switch to a product with higher LTVs. L&G will also consider honouring the interest rates available at the time the illustration was produced (providing there are no other changes to the application).
Published: 4th October 2021
Canada Life rate increase
Rate ChangeFrom Wednesday 6 October, Canada life is increasing interest rates on
- Lifestyle Select Lite, new rates from 2.93%MER
- Lifestyle Select Gold, new rates from 3.11%MER
- Lifestyle Select Gold Plus, new rates from 3.30%MER
The new interest rates will also apply to additional borrowing.
To take advantage of the existing Lifestyle Select Option terms:
- Generate a KFI before 9am on Wednesday 6 October.
- If you have already generated a KFI, submit the application before 5pm on Wednesday 20 October.
Published: 4th October 2021
Pure Retirement Sovereign rate increase
Rate ChangeFrom Tuesday 5 October, Pure Retirement is increasing interest rates on:
- Sovereign A, new rates from 2.79%MER
- Sovereign B, new rates from 2.87%MER
- Sovereign C, new rates from 2.99%MER
This rate increase also applies to the Sovereign Elite range products. Sovereign products D – F remain unchanged.
Submission Dates:
- The deadline for KFIs on the current rates is 23:59 Monday 4 October 2021
- The deadline for applications on the current rates is 23:59 Thursday 14 October 2021
Published: 4th October 2021
Pure Retirement exclusive product launch event
Market EventsWhen: 5 October, 10.30am
Join Pure Retirement for a virtual product launch event, hosted by Jane Mullan, Pure BDM for the South, who will be joined by Craig Faulkiner, Head Of Distribution at Advise Wise. The event will cover Pure Retirement new lifetime mortgage and how it could support your client’s changing needs with flexible solutions.
Published: 29th September 2021
L&G rate increase
Rate ChangeFrom 6pm Wednesday 29 September, L&G is increasing interest rates by up to 0.18% across all of its lifetime mortgage products.
To secure the current interest rates:
- Generate the KFI by 6pm on Wednesday 29 September
- Submit the application by 5pm on Wednesday 06 October*
- The valuation needs to be carried out by Monday 01 November
- All supporting documentation required must be with L&G by Wednesday 10 November
- The case needs to be offered by Wednesday 24 November
- Completion will need to take place within the 50 day offer validity period.
*For Illustrations generated on the new, Later Life Mortgage Portal, you must submit the Decision In Principle (DIP) by 5pm on 06 October. You should also consider submitting your Full Mortgage Application (FMA) on the Later Life Mortgages Portal as early as possible to ensure you meet the deadline for valuations.
Any cases received outside of the timescales described above will not be honoured.
Pipeline cases which require a re-offer after 6pm on Wednesday 29 September will be offered on the prevailing rates at the time.
Published: 28th September 2021
LV= rate increase
Rate ChangeFrom Wednesday 29 September, LV= is increasing interest rates on:
- Lifetime Mortgage Drawdown+
- Lifetime Mortgage Lump Sum+
New rates from 2.75%MER.
Deadline to submit applications based on lower rates is 13 October.
Published: 24th September 2021
Aviva rate change
Rate ChangeFrom Friday 24 September, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible option, on new business only. No changes to the interest rates on additional borrowing.
Deadlines:
- Applications based on previous rates will be accepted until 7 October.
Applications received from 8 October wil be processed using the new interest rates. - If an initial offer expires on or after Friday 24 September, the new offer will be based on new interest rates.
Published: 24th September 2021
Pure Retirement Heritage rate reduction
Rate ChangeFrom Thursday 23 September, Pure Retirement is reducing interest rates on:
- Heritage Max (ages 55-75 only), new rates from 3.71%MER
- Heritage Max Plus, new rates from 3.72%MER
For Heritage Max, there will be no rate reduction for ages 76+. This reduction applies to the following Heritage ranges: Fixed / GILT ERCs, Freedom 20, Freedom 40 and Renovate.
There is no rate reduction to the Heritage Plus or Super Max products.
Published: 23rd September 2021
Pure Retirement Classic rate increase
Rate ChangeFrom Thursday 23 September, Pure Retirement is increasing interest rates on the Classic range, by up to 0.13%MER.
New rates from 2.56%MER.
- Flexible Products – changes to go live after 18:00, Thursday 23 September 2021. Applications must be made within 21 days of the KFI.
- Static Products (including further advances / cash releases) – changes to be live by 00:01 on Friday 24 September 2021. Applications on the old rates for further advances can be submitted (as long as the KFI is generated before the above date) up until 23:59 Thursday 7 October 2021.
Published: 23rd September 2021
Canada Life withdraws Prestige Options
Rate ChangeFrom 23 September 10am Canada Life is withdrawing Prestige Options from the market.
If your client wants to take advantage of the existing Lifestyle Select Option or Prestige Option product terms, generate a KFI before 9am on Thursday 23 September.
If you have already generated a KFI and your client would like to proceed, submit a linked applications before 5pm on Friday 8 October.
Published: 23rd September 2021
Canada Life rate change
Rate ChangeFrom 23 September 10am Canada Life is increasing interest rates on
- Lifestyle Select Lite (Standard and Flexible), new rates from 2.71%MER
- Lifestyle Select Gold (Standard and Flexible), new rates from 2.85%MER
- Additional borrowing for the above
Published: 23rd September 2021
Just introduces medical underwritten option
Process UpdateFrom Monday 20th September 2021 Just is expanding the Just For You Lifetime Mortgage to include a medically underwritten option on the J1-4 LTV series.
This brand new option allows intermediaries to offer a lifetime mortgage solution that is personalised to their clients using their health and lifestyle conditions.
With the Just For You Lifetime Mortgage medical underwriting, six in 10 people could borrow more, or get a better interest rate to reduce their borrowing costs, allowing intermediaries the ability to deliver solutions unique to every client.
Published: 20th September 2021
Pure Retirement Classic rate increase
Rate Change- Flexible Products – changes from 18:00, Friday 17 September 2021. Applications must be made within 21 days of the KFI.
- Rate increases by upto 0.12% MER
- Static Products (including further advances/cash releases) from Saturday 18 September 2021. Applications on the old rates for further advances can be submitted (as long as the KFI is generated before the above date) up until 23:59 Friday 1 October 2021.
Published: 17th September 2021
Pure Retirement Classic rate decrease
Rate Change- Flexible Products – changes from 12 noon Thursday 16 September 2021
- Rate reductions by upto 0.12% MER
- Please note all KFI’s are valid for 21 days
Published: 16th September 2021
Pure Sovereign rate increase
Rate ChangeFrom Friday 17 September Pure Retirement is increasing interest rates on:
- Sovereign A – new rates from 2.53%MER
- Sovereign B – new rates from 2.64%MER
- Sovereign C – new rates from 2.76%MER
Submission Dates:
- The deadline for KFIs on the current rates is 23:59 Wednesday 16 September 2021
- The deadline for applications on the current rates is 23:59 Wednesday 29 September 2021
Published: 16th September 2021
LV= offers free valuations
Process UpdateFrom Tuesday 14 September LV= is offering free valuation on all new business applications, regardless of property value.
LV= won’t charge for the initial valuation, but any re-valuations or additional borrowing valuations will be charged at the rates applicable at the time.
Published: 14th September 2021
LV= rate decrease
Rate ChangeFrom Tuesday 14 September, LV= is decreasing interest rates on:
- Lifetime Mortgage Drawdown +, new rates from 2.65%MER
- Lifetime Mortgage Lump Sum +, new rates from 2.65%MER
Published: 14th September 2021
Just rate reduction
Rate ChangeOn Monday 13 September Just is decreasing interest rates on
- J2.5 series, new rates from 3.79% MER
- J3 series, new rates from 3.80% MER
- J4 series, new rates from 3.92% MER
- J6 age 68-85 series, new rates from 4.55% MER
- Green series, new rates from 3.69% MER
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 now be a 0.05% reduction
- All cashback is capped at £20,000 from J1-J5
- J6 has uncapped cashback
Published: 13th September 2021
Pure Retirement Heritage rate reduction
Rate ChangeFrom Friday 10 September, Pure Retirement is reducing interest rates on Heritage Super Max , new rates from 4.00% MER.
This apply to all ages and to the Fixed, Gilt ERCs, Freedom 20 and Freedom 40 ranges.
There is no rate reduction to the Heritage Plus, Max, Max Plus products or the Heritage Renovate range.
Published: 10th September 2021
Aviva rate change
Rate ChangeFrom 8 September, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
- Applications based on previous interest rates will be accepted until Tuesday 21 September 2021.
- When the rate has increased, applications received from 22 September will be processed with the new rates.
- All pre-sales illustrations produced on or after Wednesday 8 September 2021 will automatically be processed using the new LTVs and new interest rates.
Published: 8th September 2021
Aviva LTV change
Product UpdateFrom 8 September 2021 Aviva will change LTVs used to determine the maximum a customer can borrow on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business and additional borrowing.
As part of this change, Aviva will be merging the LTV scales for the two products on non-medically enhanced business, so all customers will be able to obtain a reserve on the highest available LTVs.
- All pre-sales illustrations produced on or after Wednesday 8 September 2021 will automatically be processed using the new LTVs.
- For additional borrowing applications received up to and including Tuesday 21 September 2021 will be processed using the current LTV table.
- All additional borrowing applications received from Wednesday 22 September 2021 will be processed using the new LTV table.
- Where terms have been offered and the customer wishes to make an alteration to the loan, the new offer will be based the new LTV table.
- If an initial offer expires on or after Wednesday 8 September 2021, Aviva will issue a new offer based on new LTVs which will be guaranteed for 7 days.
Please request a new pre-sales illustration in the following circumstances:
- If an application has been declined due to no further funds being available on current LTVs and you would like to check if funds are available using the new LTV table.
- If an offer has already been issued and you would like to check if the new LTV table impacts the loan amounts.
Published: 8th September 2021
L&G launches new Premiere products
Product UpdateFrom Monday 6 September 6pm, L&G is launching Premier Lifetime Mortgages, available to customers with properties worth at least £1million and offer rates 0.1% lower than the equivalent standard £599 fee products.
Key Features:
- Flexible and OPLM versions available
- Black and Yellow LTVs only
- £599 arrangement fee
- Variable ERCs
- Min initial advance is £50k and no max
- No max limit to the property value
Published: 6th September 2021
The Financial Reporter Later Life Lending Roadshow
Market Events15 September in Weybridge. Register now
16 September in Walsall. Register now
29 September in Northampton. Register now
30 September in Barnsley. Register now
Published: 3rd September 2021
Canada Life latest report
General UpdateIn collaboration with the ERC and other industry experts, Canada Life has produced a new report “Home advantage: intergenerational perspectives on property wealth in later life”, offering insights into how trends have altered the life experiences of adults now in their thirties and sixties.
Key areas explored in the report:
- The legacy of pension freedoms and low interest rates leading to new, more flexible ways of achieving retirement income security
- Increasing property costs and challenges around affordability resulting in more homeowners taking out longer term mortgages that will need to be provisioned for
- Changing perceptions over the role of property wealth in funding retirement, with a growing acceptance of debt in later life
Learn more about these trends by downloading the report.
Published: 3rd September 2021
OneFamily enhances its LTM service and processes
Process UpdateOneFamily is introducing Nitro Sign, enabling you to add your signature to your customers application quickly and easily. The software is free and easy to use, with no download necessary, and ensures your legally binding digital signature is sent safely and securely. The use of electronic signature solution removes the need for wet signatures on the mortgage application form.
Nitro Sign will now enable you to read the required declarations to your customer and confirm their understanding and acceptance, by signing electronically on their behalf, in three easy steps:
- You’ll receive an email from OneFamily containing a link to ‘Sign the document’. Click the link to open up the Declaration.
- Read the declarations to your customer, then confirm their understanding and acceptance by either drawing, typing or uploading your signature in the relevant box.
- Click the ‘Submit’ button and OneFamily will receive your signed document instantly. You’ll also be emailed a copy for your records.
If you have any questions on how to use Nitro Sign, please get in contact with OneFamily Mortgage Operations Team on OFLMprocessorsmailbox@onefamily.com or 0800 802 1645* (Option 3).
Published: 3rd September 2021
Just product changes
Product UpdateFrom Thursday 2 September, Just is amending the max customer age cap of 85 to apply to initial advances only.
Published: 2nd September 2021
Just rate decrease
Rate ChangeFrom Thursday 2 September, Just is decreasing interest rates on:
- J3 series, new rates from 3.92%
- J4 series, new rates from 4.07%
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 now be a 0.05% reduction
All cashback is capped at £20,000 from J1-J5. J6 has uncapped cashback.
Published: 2nd September 2021
Pure Retirement Unplaceable webinar
Market EventsWhen: 8 September, 10-11am
Hosted by Anna Thompson, joined by:
- Les Pick, Head of Sales and Nicola Palmer, Business Development Manager at Canada Life,
- Peter Barton, Head of Equity Release at Ashfords Solicitors
- Jane Hanlon, Mortgage Club Manager and Craig Faulkiner, Head of Distribution at Advise Wise
If you would like one of your cases discussing, please email marketing@pureretirement.co.uk
Published: 1st September 2021
Pure Retirement Sovereign rate reduction
Rate ChangeFrom Tuesday 31 August Pure Retirement is decreasing interest rates on Sovereign A products, including Sovereign Elite A. New rates from 2.46%MER.
Products B to F remain unchanged.
Published: 31st August 2021
LV= Wealth & Wellbeing webinar
Market EventsWebinar - From lockdowns to lifts: how the UK’s financial habits have shifted through Covid-19 and beyond
When: Tuesday 14 September at 10am
Covid-19 has fundamentally shifted the financial needs and priorities of the UK population. Since the start of the pandemic, LV= has been tracking financial and wellbeing trends of the UK population and publishing the findings in its quarterly LV= Wealth and Wellbeing report.
The session will be run by Head of Customer Insight, Sarah Havard-James, who oversees the research. Sarah will be sharing the story so far, trends through Covid-19 and beyond, and setting out the key findings from the latest research.
Sarah will also be joined by Business Development Managers from both Savings and Retirement and Equity Release, who will be discussing what client planning opportunities these trends and insights present for financial advisers.
The event offers 30 minutes of CPD to attendees, and there will be a short Q&A session at the end.
Published: 27th August 2021
Pure Retirement Heritage rate reduction
Rate ChangeFrom Friday 27 August, Pure Retirement is decreasing interest rates on Heritage Max Plus & Super Max, both GILT and Fixed ERC, along with Heritage Freedom 40 & Freedom 20 Max Plus and Super Max. New rates from 3.55%MER.
Published: 27th August 2021
Pure Retirement Classic rate decrease
Rate ChangeFrom Monday 23 August, Pure Retirement is decreasing interest rates on the Classic product range. New rates from 2.47%MER.
For drawdowns and Further Advances the changes will go live at 00.01 on Tuesday 24 August. All KFIs are valid for 21 days.
Published: 23rd August 2021
Aviva rate change
Rate ChangeFrom Friday 20 August, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
Applications based on previous rates will be accepted until Friday 3 September.
Published: 20th August 2021
L&G rates decrease
Rate ChangeFrom 6pm, Thursday 19 August, L&G is reducing interest rates on Navy, Indigo and Violet variants. For pipeline cases you can:
- Select a new plan, after the rate change goes live, if you haven't submitted a Full Mortgage Application yet
- If you've already submitted an application but haven't received an offer yet, LG will automatically offer on the new rates
- Generate a new KFI
- Ask L&G to reoffer an existing application by filling out this online form or calling L&G on 03330 048444 (option 2)
Published: 19th August 2021
LV= rate decrease
Rate ChangeFrom Thursday 19 August, LV= is decreasing interest rates on:
- Lifetime Mortgage Drawdown+. New rates from 2.72%MER
- Lifetime Mortgage Lump Sum+. New rates from 2.73%MER
Published: 19th August 2021
Pure Broker Client mobile app
Process UpdatePure Retirement just updated its Broker Client mobile app, giving you access to your lifetime mortgage business, whilst on the move.
Learn more and download the app
Published: 18th August 2021
Pure introduces Heritage Max age cap
Product UpdateFrom Wednesday 18 August, Pure Retirement is introducing a max age cap of 85 to Heritage Standard range (Fixed/GILT ERCs) and Heritage Renovate.
For Heritage Freedom 20 and Freedom 40, the current max age cap of 80 will remain.
Published: 18th August 2021
Pure Retirement Sovereign rate reduction
Rate ChangeFrom Monday 16 August, Pure Retirement is decreasing interest rates on the Sovereign range, on A-B-C products. Products D,E,F remain unchanged.
New rates from 2.52%MER.
Published: 16th August 2021
Just rate changes
Rate ChangeFrom Friday 13 August, Just is :
- Decreasing interest rates on J3. New rates from 3.98%MER.
- Decreasing rates on J4. New rates from 4.08%MER.
- Decreasing rates on J6. New rates from 4.46%MER.
- Removing the current £20,000 cashback cap on J6.
- Introducing two additional cashback tiers to J6.
- Introducing a max age of 85 across the entire Just For Your Lifetime Mortgage range. This will apply to new business customers and further advances.
Published: 13th August 2021
Pure Classic rate decrease
Rate ChangeFrom 10 August, Pure Retirement is reducing interest rates on the Classic product range, by up to 0.10%MER.
New rates from 2.53%MER. All KFIs are valid for 21 days.
Published: 11th August 2021
Pure Retirement Heritage rate reduction
Rate ChangeFrom Tuesday 10 August Pure Retirement is reducing interest rates on Heritage Max Plus and Super Max (Fixed, GILT ERCs, Freedom 20 and Freedom 40). New rates from 3.55%MER.
Published: 10th August 2021
Canada Life new Lifestyle Select Options
Product UpdateFrom Tuesday 10 August, Canada Life is introducing a new range of Lifestyle Select Options, which replace the current Lifestyle Options range.
The Lifestyle Select Options retain the same product features as Lifestyle Options, while also offering the new facility to accept voluntary overpayments.
The Lifestyle Select Options allow repayment contributions of up to 10% of the initial loan amount each year. Customers won’t be obliged to make payments and any contributions they make will be free from early repayment charges, allowing customers to choose what suits them best.
Canada Life is also closing the Lifestyle Options to new business. Lifestyle Option KFIs will be available until 9am on Tuesday 10 August. Completed applications will be accepted until 5pm on Thursday 30 September.
If you have already submitted an application and would like to take advantage of the new voluntary overpayment feature, get in touch with Canada Life Applications team asking to switch the case to the new Lifestyle Select Options. They will let you know the next steps.
The voluntary overpayment feature is only available to new customers proceeding on the Lifestyle Select Options. It will not be available to existing Lifestyle Options customers.
Published: 10th August 2021
Canada Life rate decrease
Rate ChangeFrom Tuesday 10 August, Canada Life will decrease the interest rates on:
- Lifestyle Select Lite (Standard and Flexible) - new rates from 2.66%MER
- Lifestyle Select Gold (Standard and Flexible) - new rates from 2.82%MER
- Additional borrowing for the above products - new rates from 3.20%MER
Published: 10th August 2021
LV= important update
Process UpdateLV= is migrating all existing customer lifetime mortgages across its Equity Release Portal, with some changes for your clients and additional borrowing process.
- There will be some small changes to T&C for certains groups of customers, effecting from 9 August. View all details
LV= has written to all impacted customers, to inform them of any changes and confirm there is no action required on their part. - From 23 August, all requests for additional borrowing should be made via the Equity Release portal and paper application will be no longer accepted after 5pm 20 August 2021.
Read FAQ on applications in progress
Read about the new format for additional borrowing applications
Published: 9th August 2021
Pure Classic rate reduction
Rate ChangeFrom Friday 6 August, Pure Retirement is reducing interest rates on the Classic product range. New rates from 2.57%MER
Published: 6th August 2021
LV= Doctor Services
General UpdateLV= has improved its Doctor Services that provide your clients and their families with expert medical support from day one of their lifetime mortgage.
- Extended all six services to your clients’ spouse/partner
- Unlimited consultations with a UK doctor via Remote GP available 24/7
- Five in-app enhancements
If your client was registered for LV= Doctor Services prior to January 2021, they’ll be prompted to upgrade the app and complete a new medical profile in order to access the newly improved services. New users can continue to follow the usual process and simply register and download the app.
If your client has any app or registration queries, they can contact our partner Square Health at customerservice@squarehealth.com or 01753 440366.
For more info, visit the LV= site.
Published: 5th August 2021
L&G rate reduction
Rate ChangeFrom Thursday 5 August 6pm, Legal & General is reducing interest rates on the majority of its products, apart from the Navy, Indigo and Violet variants, by up to 0.15%. For pipeline cases:
- If you have not yet submitted an application you can generate a new KFI after 6pm on Thursday 5 August.
- 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 these new rates, generate a new KFI for your client.
Published: 5th August 2021
Aviva rate change
Rate ChangeFrom Thursday 5 August, Aviva is changing interest rates. Application based on previous interest rates will be ccepted until 11 August (Flex Tool version 19/7/2021) and 18 August (Flex Tool version 29/7/2021).
Published: 5th August 2021
Pure Retirement Sovereign rate reduction
Rate ChangeFrom Thursday 5 August, Pure Retirement is decreasing interest rates on the Sovereign range, on A-B-C products. Products D,E,F remain unchanged. New rates from 2.61%MER.
Sovereign Elite range products are also reducing in line with the above, with new rates from 3.11%MER.
Published: 5th August 2021
Pure decrease rates on Classic range
Rate ChangeFrom Friday 30 July, Pure Retirement are decreasing rates on their Classic range by up to 0.24%. All KFIs are valid for 21 days from the date they were produced.
Published: 30th July 2021
Just changes to rates and LTV’s
Rate ChangeFrom Friday 30 July, Just are making some changes to their Just For You lifetime mortgage:
- Increasing the LTV’s and making some interest rate changes to the J3 LTV series. Rates start from 4.10% MER
- Introducing 3 additional cashback tiers to the J4 LTV series. Up to 5% Cash Back available
- Decreasing the interest rates on the J5 LTV series - New rates from 5.60%
- For any pipeline quotes, Just will need to receive applications before close of business on Friday 13 August. Any applications received after this date will be on the new interest rates.
Published: 30th July 2021
Canada Life rate decreases
Rate ChangeWith effect from 10am on Friday, 30 July, Canada Life are decreasing the interest rates on:
- Lifestyle Lite (Standard and Flexible) - New rates from 2.70% MER
- Lifestyle Gold (Standard and Flexible) - New rates from 2.86% MER
- Additional borrowing for the above products
Published: 30th July 2021
Pure introduce new Heritage tier
Product UpdateFrom Friday 30 July, Pure Retirement are introducing a new LTV tier to their Heritage range called Heritage Super Max.
- This LTV tier will be available with Fixed/GILT ERCs and available on Freedom 20 and Freedom 40 (however not available for Heritage Renovate)
- There is a maximum age cap of 85
- The maximum loan size is £800k (as per Heritage Max Plus product)
- All other Heritage product/underwriting criteria will apply
- The starting interest rate is 4.31% MER for all ages
Published: 29th July 2021
Aviva rate change
Rate ChangeFrom Thursday 29 July, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. Applications based on previous interest rates (quoted since Monday 19 July) will be accepted until Wednesday 11 August.
Published: 28th July 2021
Pure Retirement Sovereign rate change
Rate ChangeFrom Tuesday 27th July, Pure Retirement are decreasing rates on their Sovereign A-C products:
- Sovereign 2.62%MER - 5.87%MER
- Sovereign Elite 3.12%MER - 3.28%MER
Sovereign products D, E, F remain unchanged.
Note that the Sovereign Elite range products are also reducing in line with the above.
Published: 26th July 2021
Aviva webinars
Market EventsTopic: Can stronger house prices help equity release?
The webinars are will be hosted by Hansen Lu who will be taking a look at the impact of the housing market on equity release.
The events quality for CPD.
Published: 26th July 2021
Pure rate decrease
Rate ChangeFrom Thursday 22 July, Pure Retirement is decreasing rates on Heritage products for clients aged 55-75:
- Heritage Plus - new rates from 3.55%MER
- Heritage Max - new rates from 3.73%MER
This reduction applies to all Heritage ranges: Fixed, Gilt ERCs, Freedom 20 and Freedom 40.
Published: 22nd July 2021
Pure rate decrease
Rate ChangeFrom 12pm on Thursday 22 July, Pure Retirement are decreasing rates on their Classic range, 2.72% - 4.19%MER.
Published: 22nd July 2021
L&G rate decrease
Rate ChangeFrom 6pm on Wednesday 21 July, L&G are reducing the rates on all of their lifetime mortgages by up to 0.13%.
Published: 21st July 2021
L&G product update
Product UpdateL&G have introduced a NEW Later Life Mortgage portal and are inviting advisers to sign up to the new portal and gain access to these new features over the coming weeks. If you would like to sign up to be invited for priority access please click here:
Changes include an option for fixed ERC’s.
Year 1-5 | Year 6-8 | Year 9 | Year 10 | Year 11 | Year 12 | Year 13 | Year 14 | Year 15 |
---|---|---|---|---|---|---|---|---|
9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
The thresholds for large loans are also changing, meaning they will no longer be rebating the commission over the cap, to the client as cashback.
- £700,000 - £1,199,999.99 = 0.04% rate reduction
- £1,200,000 or above 0.09% rate reduction
The standard product variant (£0 Arrangement Fee) will also be removed for loans above £700,000 as it’s better value for money to have the lower rate with the £599 fee payable, this can be added to the advance.
Criteria changes
- Reducing the minimum property value on houses and bungalows from £100K to £70K (with exception of violet scheme together with flats, ex council, ex housing association and ex MoD properties remain at £100K)
- Reducing the minimum leasehold term plus age of youngest borrower to 175 years
If you would like more details or have any questions, please call the Advise Wise Mortgage Desk on 0333 050 8771.
Published: 21st July 2021
Canada Life KFI and letter enhancements
Process UpdateFrom Wednesday 21 July, Canada Life are enhancing their initial advance KFIs and offer letters.
The most important changes are:
- Expanding Section 5. Details on how interest is charged and compounded, and how it will increase over time. Also, more about the interest rates applied to additional borrowing.
- Detailing more in Section 11. More information about some of the fees which are payable.
- Including an introduction on our offer letters. The introduction clearly explains which documents are enclosed with the offer, how long the offer is valid for, and what your customer needs to do next.
- Updating Special Conditions of the offer. Added more detail to some of their standard Special Conditions.
Visit the Canada Life KFI & application portal
Published: 21st July 2021
Pure Retirement introduces self-service-bookings for customer valuations
Process UpdateFrom the 28 July Pure Retirement is introducing Self-Service-Bookings for customer valuations, available on Classic products through Countrywide surveyors. Your customers will be able to book their own valuation appointment, directly from their mobile.
5 steps to make the valuation process quicker:
- Customer receives a text message with a link to Countrywide’s booking portal
- Simply click the link, enter the property postcode and the estimated value of the property
- Provide the house number, name, and telephone number of the person at the property on the valuation day
- The customer chooses from the appointment slots available
- The appointment is confirmed on screen, booked into the surveyor’s diary and a confirmation text is sent to the customer
View the Countrywide self-service-booking system
Published: 21st July 2021
Canada Life rate decrease
Rate ChangeFrom Tuesday 20 July, Canada Life is decreasing interest rates on:
- Lifestyle Lite (Standard and Flexible) - new rates from 2.78%MER
- Lifestyle Gold (Standard and Flexible) - new rates from 2.94%MER
- Lifestyle Gold Plus (Standard and Flexible) - new rates from 3.20%MER
- Additional borrowing for the above products.
Published: 20th July 2021
Aviva rate change
Rate ChangeFrom Monday 19 July, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. Applications based on previous interest rates will be accepted until Sunday 1 August.
Published: 19th July 2021
Sovereign rate decrease
Rate ChangeFrom Thursday 15 July, Pure Retirement is decreasing interest rates on Sovereign and Sovereign Elite product range, to Sovereign A-D products. Products E and F remain unchanged. New rates from 2.67%MER.
Published: 15th July 2021
Classic rate decrease
Rate ChangeOn Thursday 15 July, Pure Retirement is decreasing interest rates on the Classic range. New rates from 2.72%MER.
Published: 15th July 2021
Just rate change
Rate ChangeFrom Thursday 8 July, Just is increasing interest rates on J1, J2 and J2.5 series and decreasing interest rates on J6 series. New rates from:
- J1 - 3.59%MER
- J2 - 3.71%MER
- J2.5 - 3.80%MER
- J6 - 4.66%MER
Published: 12th July 2021
Canada Life Future-Proof your Business workshops
Market EventsCanada Life is introducing a new series of workshops to support you and ensure best customer outcomes. The workshops are free to attend and are made up of:
- Six distance learning videos, provided to you in advance of the workshop and available on-demand
- A two-day long online training course, with Canada Life and Fortica Ltd
All workshops will be hosted online, and you can join on one of the following set of dates:
- Tuesday 20 July (Day 1) and Wednesday 21 July (Day 2)
- Tuesday 3 August (Day 1) and Thursday 5 August (Day 2)
Please note, you need to be available on both dates when you book your place, Canada Life is unable to accept delegates for just Day 1 or Day 2.
Published: 8th July 2021
Pure unplaceables webinar
Market EventsWhen: 14 July, 10-11am
Hosted by BDM Daniel Edmondson, joined by Peter Barton from Ashfords Solicitors and Jane Hanlon and Craig Faulkiner from Advise Wise.
Published: 8th July 2021
Canada Life rate decrease
Rate ChangeFrom Tuesday 6 July Canada Life is decreasing interest rates on Lifestyle Lite Standard & Flexible options, including additional borrowing. New rates from 2.87% MER.
Published: 6th July 2021
Pure Retirement Classic Drawdown product changes
Product UpdateFrom Monday 5 July Pure Retirement is:
- Increasing LTVs on the Classic Drawdown Flex products
- Introducing a drawdown variant of the Classic Elite products. For the Elite products the min initial advance remains at £100,000 and the total amount of borrowing, including the drawdown facility, cannot exceed £2 million.
Published: 5th July 2021
Pure Classic rate decrease
Rate ChangeFrom Thursday 1 July Pure Retirement decreased interest rates on the Classic product range by up to 6 bps MER.
Published: 1st July 2021
L&G rate reduction
Rate ChangeFrom Wednesday 30 June at 6pm, L&G is reducing interest rates on some of its lifetime mortgage range by up to 0.20%.
For pipeline cases:
- If you have not yet submitted an application you can generate a new KFI after 6pm on Wednesday 30 June.
- 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 new rates, generate a new KFI ffor your client.
- If you have an application that has already been offered and require an extension, please check if the new rates are more beneficial for your client before submitting this request.
Published: 30th June 2021
Just launches Fixed Early Repayment Charge option
Product UpdateOn Wednesday 30 June Just is launching its Fixed Early Repayment Charge (ERC) option, offering customers the certainty of costs upon early exit of their lifetime mortgage.
Just will offer the Fixed ERC option alongside its current Variable ERC structure, with no differential in pricing between the two options.
- All existing lending criteria and product feature options remain unchanged
- The Fixed ERC option will be available to new customers only
- The desired ERC option must be chosen at outset and once the initial advance has completed cannot be changed
- The ERC option selected for the initial advance will continue to apply to all subsequent advances
- There will be no changes to the current Variable ERC structure
Just fixed ERC’s will start at 10% in year 1, stepping down 1% each year until year 10, with a 1% charge to apply between years 10-15. From year 16 onwards, no ERC is to apply.
- 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 now be a 0.05% reduction - All cashback is capped at £20,000
Published: 30th June 2021
Aviva rate decrease
Rate ChangeFrom Friday 25 June, Aviva is reducing 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.
Published: 25th June 2021
Canada Life Lead Generation Workshops
Market EventsCanada Life introduces a new series of Lead Generation Workshops, designed with qualified equity release advisers in mind. The workshops are free to attend and consist of a stand-alone one-day virtual workshop, where you’ll learn:
- How to create a new income stream
- How to become the local area expert for later life lending
- How to grow your business through professional connections
- How to market your business in a structured and focused way
Available dates: 8 - 14 - 29 July, 12 August
Published: 24th June 2021
Pure Retirement launches Heritage Freedom 20
Product UpdateFrom Thursday 24 June Pure Retirement is launching Heritage Freedom 20, a brand new product variant that will accompany the existing Heritage Freedom 40 products as part of the ‘Heritage Freedom’ range:
Key Features:
- 20% overpayments allowed per year ERC free
- 12 payments allowed per year (min payment £500)
- Fixed ERCs (GILT ERC option not available)
- Max age at application of 80 years
- Available on the same 3 LTV tiers as the standard Heritage range (Plus, Max, Max Plus)
- Priced +5bps above the standard Heritage range
- £895 arrangement fee and £600 legal fee contribution as per standard Heritage range. No fees package product/2% cashback option available.
- Rates from 3.73%MER
Published: 22nd June 2021
Pure Retirement Heritage range changes
Product UpdateFrom Thursday 24 June, Pure Retirement is also making changes to the Heritage Freedom 40:
- Reducing interest rates on Freedom 40 products by 10bps MER. New rates from 3.83%MER
- Introducing a max age cap of 80 years
There is also an increase to the Heritage Max Loan Size :
- Increasing the max loan size on all Heritage products from £800k to £1m (for all regions)
- This change applies to all Heritage products except for Max Plus products which will remain at £800k.
- The max loan size increase applies to all Heritage ranges (Fixed/GILT ERCs and Freedom 40)
Published: 22nd June 2021
Canada Life ER Exam Workshops
Market EventsCanada Life introduces its next series of Equity Release Exam Workshops. The workshops are free of charge to attend and have been designed for mortgage advisers who are looking to add the equity release qualification to their toolkit. Canada Life have teamed up with Fortica Ltd, and will help you to prepare for either the Certificate in Equity Release (CII) or the Certificate in Regulated Equity Release (CeRER) (LIBF).
- Three distance-learning modules, provided to you in advance of the workshop
- A day-long online training course, with Canada Life and Fortica Ltd
Available dates
All workshops will be hosted online, and you can join on one of the following days:
- Tuesday 13th July
- Tuesday 27th July
- Tuesday 10th August
The exam itself is not included in the workshop, and delegates are responsible for any fees associated with the exam.
Published: 22nd June 2021
ERC publishes second edition of its Adviser Guide
Industry NewsThe Equity Release Council has refreshed and relaunched its popular Adviser Guide for Equity Release.
The guide is available to ERC members to view by clicking here.
A webinar will take place at 10am on Wednesday 23 June, to mark the launch of the adviser guide. To register, click here
Published: 21st June 2021
Pure Sovereign rate decrease
Rate ChangeFrom Monday 21 June, Pure Retirement is decreasing interest rates on the Sovereign product range, bands A, B and C. New rates from 2.73%MER.
This also applies to the Sovereign Elite range. New rates from 3.23%MER.
Bands D, E and F will remain unchanged.
Published: 21st June 2021

Pure Retirement introduces Sovereign partial repayments
Product UpdateWith effect from Monday 21 June, Pure Retirement is introducing optional ERC free partial repayments on the Sovereign range.
Repayment details:
- Annual allowance - 10% of advances per annum
- Max 12 payments per annum
- Min payment amount of £50
- Min outstanding balance following repayment of £1,000
- Direct debit, standing orders and debit card payments allowed
- Applies to all Sovereign products (standard & Elite range)
- Available for new lending only
Published: 21st June 2021
Pure Classice rate decrease
Rate ChangeFrom Friday 18 June, Pure Retirement has decreased interest rates on the Classic product range, by up to 0.05% MER. New rates from 2.72%MER.
Published: 18th June 2021
Aviva rate change
Rate ChangeFrom 18 June, Aviva is changing interest rates on Lifestyle Lump Sum Max and Lifestyle Flexible option, which can decrease or stay the same. Changes apply to new business only.
There are no changes to the interest rates on additional borrowing.
Published: 18th June 2021
Pure product updates
Product UpdateFrom Wednesday 16 June Pure Retirement is:
- Withdrawing the Drawdown and Midi LTV tier products from new business.
- Introducing LTVs on the Heritage Max Plus product for joint life customers aged between 55-59. The new LTVs will match the current single life LTVs for ages 55-59
Submission Deadlines
The deadline for KFIs on the Drawdown/Midi products is 23:59 Tuesday 15 June 2021
The deadline for applications on the Drawdown/Midi products is 23:59 Tuesday 29 June 2021
Published: 16th June 2021
Pure Retirement Heritage rate reduction
Rate ChangeFrom Wednesday 16 June Pure Retirement is reducing interest rates on Heritage products:
- Heritage Plus, new rates from 3.68%MER
- Heritage Max, new rates from 3.82%MER
This reduction applies to all Heritage ranges: Fixed, Gilt ERCs and Freedom 40.
Published: 16th June 2021
Pure Retirement Classic Flexible Elite product changes
Product UpdatePure Retirement is making changes to the Classic flexible Elite products:
- Increases in maximum LTVs
- Max loan amount increase from £1.85million to £2 million
- Max property value increased from £5million to unlimited
Published: 16th June 2021
Aviva webinar
Market EventsTopic: Reserves - because advice is personal
When: 3 dates available
The webinar will be hosted by Neil Uttley, who will take you through why you need to be fully knowledgeable on the topic, what support is available to help you, some vital areas to consider and Aviva’s pricing and processes.
The event qualifies for 45 minutes CPD with an opportunity to ask Aviva experts questions.
Register for Thursday 17 June, 10am
Register for Tuesday 22 June, 2pm
Register for Wednesday 23 June 10am
Published: 15th June 2021
L&G rate reduction
Rate ChangeFrom 6pm on Monday 14 June L&G is reducing interest rates on the Flexible and Optional Payment Black, Orange, Turquoise, Teal, Inigo and Violet variants, by up to 0.06%. New rates from 2.94%MER.
If you have already received an offer and would like L&G to re-offer based on the new rates, log into the KFI portal and generate a new KFI.
Published: 14th June 2021
LV= rate increase
Rate ChangeFrom Tuesday 15 June LV= is increasing interest rates on:
- Lifetime Mortgage Drowdown+ Cashback, new rates from 3.00%MER
- Lifetime Mortgage Lum Sum+ Cashback, new rates from 3.09%MER
KFIs on current lower rates will be available until 17.30 Monday 14 June. Applications must be fully submitted by 23.59 Monday 28 June.
Published: 11th June 2021
Pure Retirement Classic rate decrease
Rate ChangeFrom Friday 4 June, Pure Retirement is decreasing interest rates on the Classic product range. New rates from 2.76%MER.
Published: 4th June 2021
My Care Consultant Launch New Paying For Care Guide
Market EventsWhen: 16 June, 10am
In association with Pure and Advise Wise, My Care Consultant launch their new booklet, ‘Paying for Care: Important things you and your family should know’. Attendees will receive a gift pack following the event from My Care Consultant, including 6-weeks free access to Care Box and direct and immediate access to some of the most popular resources in Care Box.
Published: 4th June 2021
The Financial Reporter Digital Equity Release Event
Market EventsWhen 9 June 10am
Join the Financial Reporter for their Digital Equity Release Roadshow event.
Published: 4th June 2021
Pure update: new product launch
Market EventsWhen: 30 June, 10am
Hear more about the new product from Pure’s BDM, Daniel Edmondson, in an exclusive launch event. You’ll be able to hear first-hand about how Pure's new product could support your changing client needs.
Published: 4th June 2021
JUST rate change
Rate ChangeFrom Friday 4 June, Just is:
- increasing interest rates on J1, J2, J2.5 and Green serie. New rates from 3.49%MER.
- decreasing rates on J4 series. New rates from 4.20%MER.
For any pipeline quotes, applications must be submitted before close of business on Friday 18 June. Any applications received after this date will be on the new interest rates and LTV’s.
Just is also aligning the single and joint life LTV’s on the J4 series.
Published: 4th June 2021
The ERC refreshed adviser guide to ER webinar
Market EventsWhen: 23 June, 10-11am
Topic: The ERC's refreshed adviser guide to Equity Release.
Hosted by Pure Retirement, The Equity Release Council and Advise Wise.
Join us for the launch of the Equity Release Council's 2021 refresh of The Adviser Guide To Equity Release, where you'll have access to a packed schedule of speakers from across the industry and a range of guests.
Published: 3rd June 2021
Canada Life introduces new forms
Process UpdateFrom Tuesday 1 June, Canada Life is updating their application forms to reflect a change made by their conveyancing team. The new application forms are available from today, and Canada Life will continue to accept the old ones until 5pm on 30 June. After this date, only applications submitted on the new forms will be accepted. View the new application forms here.
Published: 1st June 2021
Canada Life underwriting approach webinar
Market EventsWhen: Thursday 3 June, 10-10:45am
Q&A session at 11- 11:30am
Topic: “Our underwriting approach”
Join Canada Life for their next “In the Know” webinar, hosted by Les Pick, Head of Sales, who will be joined by:
- Alun Griffith, Senior Associate, Eversheds Sutherland
- Nicola Palmer, Business Development Manager, Canada Life
- Paul O'Hara, Senior Underwriting Manager, Canada Life
The panel will discuss a range of topics, exploring some of the most frequent questions to help you to recognise what Canada Life underwriters consider and how they reach their decisions.
Published: 27th May 2021
Pure Retirement Classic rate decrease
Rate ChangeFrom Thursday 27 May, Pure Retirement is reducing interest rates on Classic Max Plus, Super Max, Super Max Plus and Supreme products. New rates from 3.22%MER.
All other Classic products remain unchanged.
Published: 27th May 2021
LV= update
Process UpdateFollowing the lifting of lockdown restrictions, the progress with the vaccination of the over 60’s and the extremely low number of remote valuations taking place, LV= will be removing the option for a remote valuation from next week.
If your client requires a remote valuation, generate the KFI by 23:59 Wednesday 2 June.
Applications can be submitted (as long as the KFI is generated before 23:59 Wednesday 2 June) until 23:59 Wednesday 9 June.
Published: 26th May 2021
Pure Retirement Classic rate decrease
Rate ChangeFrom Wednesday 26 May Pure Retirement is reducing interest rates in Classic Supreme and Supreme Plus products. New rates from 3.87%MER.
Published: 26th May 2021
Aviva rate change
Rate ChangeFrom Wednesday 26 May 2021 Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
Applications based on previous rates will be accepted until Wednesday 9 June.
There are no changes to the interest rates on additional borrowing.
Reserve release interest rates are tailored to a customer's personal circumstances and will be based on the day the reserve release is requested. The customer can arrange for the payment to be made up to 10 working days in the future and the interest rate provided will be guaranteed.
With effect from Wednesday 26 May 2021, Aviva is also increasing the maximum loan amount from £600,000 to £1,000,000.
Published: 26th May 2021
Changes to Aviva cash reserves
Rate ChangeFrom Thursday 20 May Aviva is making changes to its Cash Reserve Drawdown:
- New minimum cash release: £500, replacing the previous minimum of £2,000. This increased flexibility means that customers aren’t obliged to borrow more than they need.
- Individually tailored interest rates: all customers applying for drawdown will be offered a rate individually tailored to them and their circumstances, ensuring a much more personalised approach to the cost of the loan. Factors, such as the customer’s health and lifestyle information where qualifying medical enhancements were applied to the policy and changes to house value and their age, will all be taken into account.
The new features will be available to both new and existing customers and applies to both Lifetime Flexible Option and Cash Reserve Option products.
Published: 20th May 2021
Just rate decrease
Rate ChangeFrom Thursday 20 May, Just is reducing interest rates on the cashback variants on J6 series.New rates from 4.68%MER.
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 now be a 0.05% reduction
Published: 20th May 2021
Pure Retirement Heritage rate reduction
Rate ChangeFrom Tuesday 18 May, Pure Retirement is reducing interest rates on the Heritage Fixed ERC range and all Heritage Freedom 40 products. New rates from 3.69%MER.
Published: 18th May 2021
Pure Retirement Classic rate decrease
Rate ChangeFrom 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 UpdateFrom 6pm on Thursday 13 May, L&G is reducing the minimum age on its Violet product variants, from 60 to 55, on both Flexible and Optional Payment 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 EventsWhen: 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.
Published: 12th May 2021
Pure Retirement Heritage rate reduction
Rate ChangeFrom 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 EventsWhen: 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 ChangeFrom 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 ChangePure 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 ChangeFrom 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 ChangeOn 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 EventsWhen: 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.
Published: 30th April 2021
Pure Retirement Update with Chris Fitch
Market EventsWhen: 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?”.
Published: 30th April 2021
Pure Classic rate decrease
Rate ChangeFrom 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 EventsSmart 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).
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 ChangeFrom 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 ChangeFrom 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 EventsTopic: 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.
Published: 16th April 2021
L&G rate change
Rate ChangeFrom 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 ChangeFrom 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 ChangeFrom 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 ChangeFrom 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 ChangeFrom 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
Published: 10th April 2021
Just product update
Product UpdateFrom 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 ChangeFrom 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 ChangeFrom 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 UpdateFrom 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 ChangeFrom 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 EventsHodge 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.
Published: 26th March 2021
Pure Retirement Classic rate change
Rate ChangeFrom 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 ChangeFrom 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 ChangeAs 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 ChangeFrom 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 UpdateAviva 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 UpdatePure 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 ChangeFrom 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 ChangeFrom 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 ChangeFrom 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 ChangePure 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 EventsTopic: 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.
Published: 12th March 2021
Pure Retirement Sovereign rate increase
Rate ChangeFrom 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 ChangeFrom 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 ChangeFrom 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 NewsBestAdvice 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.
Published: 9th March 2021
L&G rate change
Rate ChangeFrom 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 ChangeFrom 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 EventsWhen: 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
Published: 8th March 2021
Avise Wise webinar
Market EventsTopic: 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.
Published: 4th March 2021
Pure Retirement Heritage rate increase
Rate ChangeFrom 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 EventsTopic: 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
Published: 4th March 2021
LV= rate change
Rate ChangeWith 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 UpdateWith 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 ChangeFrom 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
Published: 26th February 2021
Pure Classic rate change
Rate ChangeFrom 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 EventsTopic: “Navigating the complexity of flexibility”
Three sessions available, hosted by Neil Uttley, National Sales Manager
- Thursday 4 March, 2 - 2.45pm Register now
- Friday 5 March, 10 - 10.45am Register now
- Tuesday 9 March, 10 - 10.45am Register now
Published: 25th February 2021
New competency framework
Industry NewsDeveloped 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
Published: 24th February 2021
Pure Sovereign rate change
Rate ChangeFrom 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 UpdateWith 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 UpdateJust 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 ChangeOn 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 NewsThe 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.
Published: 18th February 2021
LV= introduces 1% cashback option
Product UpdateFrom 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
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
Published: 17th February 2021
OneFamily webinars series
Market EventsMonday 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
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
Published: 16th February 2021
Canada Life rage change
Rate ChangeFrom 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 ChangeAviva 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 ChangeFrom 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 EventsMonday 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
Published: 10th February 2021
Hodge sells its Life Assurance arm to RGA
Industry NewsHodge 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 EventsWhen: 24 February 10am
A live update from Pure Retirement and Advise Wise
Published: 3rd February 2021
LV= criteria webinar
Market EventsWhen: 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
Published: 3rd February 2021
Pure and Advise Wise “Unplaceables” webinar
Market EventsWhen: 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.
Published: 3rd February 2021
Pure Retirement Classic rate change
Rate ChangeFrom 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 ChangeFrom 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 ChangeJust 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 ChangeFrom 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 ChangeForm 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 UpdateFrom 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 UpdateA 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 ChangeFrom 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 EventsWhen: 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 UpdateFrom 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
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 ChangeFrom 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 ChangeFrom 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 UpdateFrom 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 ChangeFrom 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 ChangeFrom 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 EventsWhen: 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.
Published: 21st January 2021
Canada Life Resilence toolkit webinar
Market EventsWhen: 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
Published: 21st January 2021
Pure Retirement Heritage rate change
Rate ChangePure 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 UpdateFrom 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 UpdatePure 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 ChangeFrom 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 ChangeFrom 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 ChangeJust 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 ChangeFrom 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 ChangeL&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 EventsWhen: 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.
Published: 13th January 2021
Aviva rate change
Rate ChangeFrom 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 EventsPure 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.
Published: 7th January 2021
Just rate change
Rate ChangeJust 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 ChangePure 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-19Following 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-19Physical 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 EventsWhen: 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.
Published: 5th January 2021
Pure re-introduces Classic Elite products
Product UpdatePure 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 ChangePure Retirement is reducing rates on Classic Super Lite - Max products.
New rates from 2.34%MER.
Published: 4th January 2021
Rate changes and deadlines table
View the tableAdvise Wise in the press
- Advise Wise adds feature to prioritise Early Repayment Charge period Published: 9 November 2023
- Introducing Advise Wise Market Events: a one-stop shop for all later life market events Published: 26 October 2023
- Advise Wise expands legal hub and extends reach to Scotland Published: 12 October 2023
- Advise Wise takes bold step towards medical breakthroughs by joining Folding@home initiative Published: 28 September 2023
- Advise Wise introduces its Fact Find and Suitability Letter System following the FCA review on later life mortgages Published: 19 September 2023
Missing information?
Please email any lender/solicitor updates to our dedicated mailbox.