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
Retention/product transfer proc fee change
Hodge will be increasing the procuration fee for retention products/product transfers across the full product range from Monday 18 December. The increase will be from 0.25% to 0.30%.
Heritage changes
On Monday 11 December, Pure Retirement is making the following changes to the Heritage range:
- Higher LTVs and further improvements to the Heritage and Heritage Freedom ranges
- Super Max Plus and Supreme products have been reintroduced for applicants from age 55, allowing LTVs of up to 43% and 46% respectively
- Maximum age increased from 80 to 85 for the Heritage Freedom Range
- Minimum age lowered from 80 to 60 for Heritage Special 1 and 2 products
- Joint lives applications are now available for Heritage Special 2
- Heritage minimum property values start at just £70,000 with no maximum property value. Loans are available from £10,000 up to £800,000 that can be taken as either lump sum or with a drawdown facility
New cashback products
On Thursday 7 December, LiveMore is launching new cashback products, offering a £500 cashback.
Changes to Just ISM discount structure
On Wednesday 6 December, Just is decreasing rates for servicing interest.
New ISM Structures
| Product | ISM Discount |
| J1 | 20bps |
| J2 | 20bps |
| J2.5 | 25bps |
| J3 | 30bps |
| J4 | 60bps |
| J6 | 100bps |
New Apex product
On Tuesday 5 December, more2life is launching a new Apex product, Apex Ultra 3 (Series 8). The LTVs are capped at age 70.
Pure Classic criteria enhancements
From 4 December Pure Retirement is introducing the following criteria enhancements to the Classic range:
- Satisfied CCJs - acceptable with no limits
- Unsatisfied CCJs - no more than 3 unsatisfied CCJs with a combined total of £3,000 and to be repaid on or before completion
- No more than 3 unpaid charging orders with a combined total of £3,000 and to be repaid and removed from the property title on or before completion
- Cobb construction now acceptable subject to valuation
Change to Plus Product range
On Friday 1 December, LV= will increase the LTV offering on their Plus product range:
- The maximum LTV at age 70 will increase from 33% to 35%
- LV will be reintroducing the Drawdown+ Max product variant
New Horizon product
On Wednesday 29 November, Standard Life Home Finance launched a new Horizon plan: Horizon 570, offering your clients higher LTVs with the same flexible market leading features that Horizon is known for.
Plus following another rate decrease, you can now access rates from 5.98% MER with LTVs from 4% to 49% on Horizon.
Explore the full Horizon range or simply login to their connect portal to create a KFI.
New cashback variants
On Wednesday 29 November, Just are introducing new cashback variants across part of the Just for you Lifetime Mortgage range.
J6 Interest rates are shown without interest servicing reductions
| Cash Back | Set Up Fee | Minimum Advance | Age Range | Interest Rate (MER) | AER |
| 0% | £0 | £10,000 | 55-85 | 8.58% | 8.93% |
| 2% | £0 | £10,000 | 55-85 | 8.78% | 9.14% |
| 3% | £0 | £10,000 | 55-85 | 8.88% | 9.25% |
LTV increase
On Wednesday 22 November, Just are increasing loan to values (LTV’s) on J6.
New Payment Term Lifetime Mortgage
From 20 November L&G are launching NEW Payment Term Lifetime Mortgage (PTLM), the first mortgage of its kind on the market:
- It’s a loan secured against the home that’s designed to help your clients achieve their retirement goals.
- This mortgage adapts to your clients' life stage and income. They make full monthly interest payments while they have a steady income and stop paying when they reach retirement. This way, they can enjoy their golden years without worrying about mortgage payments.
Pure online app update
From 28 November, you will no longer be able to access any applications within the old version of the Pure application form. You can finalise any partially complete applications on the old version until this date.
You can use the new online application journey that will speed up your time to offer.
LiveMore changes
On Tuesday 14 November, LiveMore is
- Launching a new 10 year fix, with a 10 year Early Repayment Charge
- Increasing the Early Repayment Charge on 5+5 year fix to 5% for the first 5 years
New LV= products
On Tuesday 7 November LV= will be launching “Lifestyle” range, a new set of products consisting of 4 separate products:
- Lumpsum Lifestyle
- Drawdown Lifestyle
- Lumpsum Lifestyle 1% cashback
- Drawdown Lifestyle 1% cashback
Within each product there will be 12 individual rates.
Canada Life reintroduces Capital Select Platinum products
From Tuesday 24 October, Canada Life have reintroduced Capital Select Platinum products (Standard and Flexible).
The documents providing information about Canada Life current product ranges:
Pure Retirement Unplaceables
When: 1 November, 10am
Pure Retirement are running another online event as part of their commitment to sharing knowledge and best practices among financial advisers.
Another edition of their popular Unplaceables series, hosted by Pure’s Central BDM, Karen Banks. They will be joined by Peter Barton from Barton Law and Daniel Edmondson from Advise Wise, who will be adding their expertise to the webinar.
Unplaceables provides an interactive platform allowing you to discuss your hard-to-place cases, and attendees will get the opportunity to benefit from industry-wide knowledge.
LV= Lifetime Mortgage Update
With effect from Monday 30 October LV= will reduce the maximum age on Lump Sum+ and Drawdown+ from 95 to 84.
The deadline to submit KFI’s on the higher age is 4pm on 27 October. DIPs must be submitted by 12:00 midday, 9 November with applications fully submitted by 12:00 Midday, 10 November. Applications already in progress or submitted by this date will be honoured for the validity of the valuation report.
Pure new online application
Pure Retirement has launched its new online application journey, featuring an enhanced online form designed to streamline the adviser journey and provide improved functionality. The changes to the online application journey mean that more information will be captured upfront during the process, reducing the amount of supplementary information that could potentially need to be requested and enabling improved timescales to offer.
Hodge later life criteria enhancement
Hodge are introducing significant criteria enhancements to their later life mortgage products, supporting your customers when it comes to affordability. Hodge will be:
- Increasing income multiples across 50+ and RIO from 4.49 up to 5 times income on an interest only basis, and from 4.49 up to 5.5 times on a repayment basis
- Reducing the stress rate for pound for pound remortgages
- Reducing living costs to reflect the reduction in the energy cap from 1st October
- Accepting a life insurance policy to support affordability under the death stress test
Reversion rate increases
From 16 October, the LiveMore SVR will be increased to 5.19% and reversion margin maintained to 2.75%, giving a 7.94% total reversion rate.
L&G product restrictions
From 6pm on Wednesday 4 October L&G are introducing the following restrictions to their Flexible/Optional Payment Yellow and Premier Flexible/Optional Payment Yellow product variants:
- Available for Single Lives aged 70 and over
- Available for Joint lives aged 80 and over
- No longer be available for Further Advance customers
LiveMore and enhanced property criteria
When: 17 October, 10am
Join Advise Wise upcoming live webinar "LiveMore and enhanced property criteria", in collaboration with LiveMore, one of our lender partners, offering interest only, capital repayment and lifetime mortgage products designed specifically to help your 50-90+ cases.
My Care Consultant: ensuring good consumer outcomes for carers and those in need of care via innovation
When: 4 October, 10am
The second part of the webinar series hosted by Pure Retirement with My Care Consultant.
This second session will focus on the new developments from My Care Consultant that can help lifetime mortgage advisers meet the Consumer Duty outcomes of consumer understanding and consumer support regarding the increasing use of equity release to pay for care at home.
Aviva Lifetime Mortgage Advice, Avoiding foreseeable harms through personalisation
When: Tuesday 3 October 2023, 10am
Register to attend Aviva's latest CPD webinar with Neil Uttley, Equity Release National Sales Manager to:
- Understand the regulatory oversight and the impact that has on personalisation of Lifetime Mortgage plans
- Comprehend customer behaviour related to personalisation
- How to use sourcing systems to ensure all products are displayed and outcomes are bespoke to customer needs
- Understand the advice considerations related to personalisation
Aviva Lifetime Mortgage Advice, Avoiding foreseeable harms through personalisation
When: Thursday 28 September 2023, 10am
Register to attend Aviva's latest CPD webinar with Neil Uttley, Equity Release National Sales Manager to:
- Understand the regulatory oversight and the impact that has on personalisation of Lifetime Mortgage plans
- Comprehend customer behaviour related to personalisation
- How to use sourcing systems to ensure all products are displayed and outcomes are bespoke to customer needs
- Understand the advice considerations related to personalisation
Pure Heritage changes
From Tuesday 26 September Pure Retirement are:
- Relaunching the Freedom 20 and Freedom 40 version of Heritage Super
- Relaunching the Heritage Super Max pricing point (29% LTV age 70)
- Reducing the minimum property value on the Heritage specials from £150k to £100k (the other products remain at £70k)
- Increasing the maximum loan to £800k
Hodge SVR increase
As of 1 October, Hodge will be increasing the Standard Variable Rate (SVR). This will increase from 8.10% to 8.35%.
Scottish Widows further advance applications
From Monday 25 September, further advance applications for Scottish Widows Lifetime Mortgages can be keyed online via the SWB Click system. This will replace the current paper application forms, significantly improving the process. With this change:
- Advisers will be able to check customer information on the online system and see an indicative lending amount using the house price index (HPI) value if available
- Advisers can then create their own KFI on the system
- Scottish Widows will be carrying out a physical valuation for all new applications from the 25 September, with a fixed cost of £100 that they will collect from the customer
- Following receipt of the report, Scottish Widows will update the application with the new valuation and advise if there is any adjustment required to the lending request
Any outstanding paper applications/KFI’s to convert need to be submitted by close of business 20 September. Scottish Widows won't be accepting new applications on Thursday 21 and Friday 22 September.
LV= Lending Criteria Change
From 2 October, LV= is making change to its lending criteria:
- Max loan now £1m
- Minor adverse credit now permitted
- Remortgages within 6 months of purchase date not permitted
- Large structural improvements not permitted
- Max property value now £3m
- Steel frame not allowed in pre-2000 buildings
- Historic timber frame allowed with condtions for pre-1900 buildings
- Flat roof Up to 50% allowed for modern materials. Felt flat roof limit reduced to 25%
- Lease term - The 175 rule remains, however new build flats must have 125 years minimum left also and new build houses must have 250 years minimum left
- Basement flats not allowable
- Annexes allowed with conditions if under 25% of property size
- Maximum 2 acres and any multiple titles must be merged
- Service charge/ ground rent - required 3 years of receipts showing payment
- Unadopted road now allowable with conditions
Any quotes that now fall outside of this criteria must have an application submitted by 5pm on Friday 29 September.
Applications already submitted, will be honoured for the validity of the valuation report.
LiveMore product changes
From 18 September, LiveMore has:
- Increased LTV to 60% on LiveMore 1 products
- Created new LiveMore 1 products with a max 75% LTV on RIO and 70% on Standard IO and C&I and a higher rate
- Reduced the max loan on LiveMore 2 from £1.5 to £1m
J4 relaunch
On Thursday 14 September, Just are relaunching J4- their second highest loan to value range, with updated lending criteria to detail J4 eligibility:
- Property in England, Wales, Mainland Scotland (excludes Northern Ireland)
- Minimum property value of £70,000 (100,000 Ex-la)
- Available on all tenures
- Maximum Loan amount £800,000
- Includes New J4 Medical Underwriting
- ISM Available
J2.5 withdrawal
From 11 September, Just has withdrawn J2.5 from sale.
Apex changes
Effective 5pm Monday 11 September, more2life is making some changes to Apex Ultra:
- The maximum age on Apex Ultra will be increasing to 85 (76 – 85 all having the same LTVs as 75)
- The maximum property value will increase to £3m for London/SE and £2m for elsewhere in the UK, subject to Funder referral. All cases over 1.5m will be referred
Hodge product updates
From 15 September, Hodge will be making some changes across all new business product ranges:
- Withdrawing the 60% LTV band of products across the 50+, RIO and Holiday BTL product ranges
- Increasing 2 year fixed rates by 20bps on the 50+ and RIO product ranges
- Introducing £1495 and £1995 product options across the 50+ product range
- Withdrawing fee free Professional Mortgage products
- Increasing the fee paid on fee bearing Professional Mortgage products from £995 to £1495
Just green mortgage discount extension
Starting 11 September, Just expanded green mortgage discount is now offered across the entire Just For You Lifetime Mortgage LTV series for homes with an Energy Performance Certificate (EPC) rating of C or higher.
Just will apply the discount automatically for eligible clients at offer stage. Those without a valid EPC or with a rating of D or lower can request a free EPC during the application.
Liaising with legals
When: Thursday 21 September, 10am
Join our upcoming live webinar, in collaboration with our specialist solicitor partners.
Daniel Edmondson, our National Account Manager, will host the live event joined by Peter Barton, Managing Director at Barton Law, Matthew Taylor, Business Development Director at Equilaw David Burns, Operations Manager at Enact Conveyancing, Adam Carnall, Director of Partnerships at Forever Legal.
Pure Update - Product features created for your customers
When: 26 September, 10am
Join Central London & Southeast BDM, Ashley Sampson, to discuss how our product improvements and features can help you to support a diverse range of customers and allow them to enjoy a better retirement.
Apex Ultra LTV Increase
From 6 September, more2life is increasing:
- The LTVs on Apex Ultra by 0.25%
- The maximum age on Apex Ultra from 69 years to 75 years
KFIs will be available on Apex Ultra (Series 7) from 00:01 Thursday 7 September 2023.
New Apex Ultra launch
From 2 September 2023 more2life are launching a new Apex product -Apex Ultra (Series 7).
This new Apex product will:
- Have higher LTVs
- Have the standard Apex criteria and features
- Only be available to ages 55-69
Why looking past interest rates, in the current climate, is crucial
When: 12 September, 9.30am
Join our upcoming live webinar in collaboration with Standard Life Home Finance. Daniel Edmondson, our National Account Manager, will host the live event joined by Sanjay Gadhia, National Sales Manager at Standard Life Home Finance.
The Unplaceables webinar
When: 20 September, 10am
Join Central London and Southeast BDM, Ash Sampson, Underwriting Department Manager, Gavin Hancock, Matt Taylor at Equilaw, and Jane Hanlon at Advise Wise to deal with your real-life hard-to-place cases.
Apex Property Value change
From 29 August more2life has increased the maximum property value on Apex products for properties in London and the Southeast from £1.5m to £2m.
Just range update
On Thursday 24th August, Just is pleased to announce that the maximum ISM discount will be increased to 0.70% across the Just for you Lifetime Mortgage range.
These changes will be implemented on Thursday 24th August 2023. All new quotes from this date will be provided on the new terms.
Maximum choice update
Maxi Plus will be re-launched and available for new business while Maxi Super 1 will be withdrawn for all new business tonight.
- KFIs on Maxi Super 1 are available up until 23:59 Monday 21st August 2023
- Applications on current rates can be submitted (if the KFI is created before the above date) up until 23:59 Monday 11th September 2023
- Maxi Super 1 will be unavailable for new business from 00:01 Tuesday 22nd August 2023
- Maxi Plus will be available to new business from 00:01 Tuesday 22nd August 2023
- Prevailing rates will be available for re-offers and further lending
Scottish Widows Range Update
On Tuesday 22 August, we're making the following changes to our Lifetime Mortgage product range: withdrawal of products LS6 & LS7.
Capital Select Platinum Range Update
On Monday 21st August, Canada Life will be temporarily suspending Capital Select Platinum products (Standard and Flexible).
If your client wants to take advantage of the current pricing on the Capital Select Platinum Options, you will need to generate a KFI before 10am on Monday 21st of August. If you have already generated a KFI on current terms and your client would like to proceed, you will need to submit your application before 5pm on Tuesday 29th August.
JUST Range Update
On Monday 21st August, JUST have announced that alongside tranche 3 of the J6 product, customers can also benefit from medical underwriting for all new business.
JUST J6 Update
On Monday 21st August, following the success of tranche 1 & 2, JUST are relaunching J6, their highest loan to value range and increasing the LTV’s for single life customers.
In order to help ensure that they can maintain their high standards of service, the J6 product will only be available on a limited tranche basis. This means that the product may be withdrawn with short notice. KFIs generated will still have 14 days to proceed to application, even if the products have been withdrawn. JUST are expecting a large amount of interest, so queries may take slightly longer to resolve than normal.
Heritage Range update
From 18th August, Pure will be removing Heritage GILT based ERC products for new business only. Cash Releases and Further Advances will still have access to Gilt based ERCs.
Heritage Range update
From Wednesday 16th August, Pure have removed the £895 lender arrangement fee from Heritage Special 1, 2 & 3.
Emerald Range update
With effect from Thursday 17th August, Pure will be making some LTV adjustments to the Emerald range. Pure will be removing the highest LTV and replacing this with a new lower LTV variant.
Classic Range Update
Effective 11th August - Pure will no longer be using fixed LTV tiers and bandings for further advances and cash releases on the Classic range, and have introduced new tools to produce a unique rate for the customers.
When you request a plan review to see if any further lending is available, you will only see two products (one with an arrangement fee & one without) rather than the bandings you are used to.
You would then need to confirm the specific borrowing amount that your client requires for the Customer Account Manager team to confirm an interest rate.
The validity periods for further advances on Classic as of today will be:
- 21 days from KFI produced to submit an application
- 42 days from application to get to offer
- 42 days from offer to complete the case
APEX LTV Reduction
Effective 10th August - more2life are reducing the LTV for APEX by 0.1%.
Advise Wise Contacts Directory
Advise Wise introduces its Contacts Directory, a comprehensive collection of professionals contacts to help you and your clients. From ancillary services that your client might need assistance with, to lenders and specialist solicitors, and marketing consultants to help you grow your business.
The Directory is accessible from the Resources section on the Advise Wise Platform.
Just J6 withdrawal
On Friday 4 August, Just are temporarily removing J6.
For any pipeline quotes, Just will need to receive applications before close of business on Friday 18 August 2023.
New LTV variant
From 6pm on Thursday 3 August, L&G are introducing Pearl, a new LTV variant, which will sit below Opal with LTVs for customers aged 60 and above.
Pearl has a Premier equivalent as well as standard and fee-paying products available for Flexible and Optional Payment Lifetime Mortgages.
It will also have the same features as the existing range. However, on Age Restricted and Sheltered Accommodation Pearl will not be available for customers aged 60.
Aviva Equity Release online quote and apply tracking system
Aviva launched their new Aviva Equity Release online quote, apply and new business tracking system, delivering:
- 24/7 ‘real time’ rates for your clients
- No need to wait for Aviva call lines to open – create new business borrowing illustrations (KFIs) immediately
- Submit applications online and track them from submission to completion through Aviva adviser website
Aviva are also removing the £5 arrangement fee, which will show as £0.00 on the KFI. In addition, they’re working on even more digital capability which is coming soon, such as additional borrowing quotes and applications.
Aviva have developed a series of supporting articles and helpful videos on these improvements that you can find on Aviva Equity Release adviser hub.
Prime withdrawal
Effective 1 August, Prime Choice will be temporarily withdrawn for all new business.
- Applications on current rates can be submitted up until Monday 14 August 2023
- Prime Choice will be unavailable for new business from Wednesday 2 August 2023
- All existing pipeline cases will proceed as normal (60 days offer validity)
- New further advance requests will not be accepted
Classic range update
From 1 August, Pure Retirement’s Classic range is now available to all Pure registered advisers, offering some of the most competitive rates in the market.
You can source Classic plans through the Advise Wise Platform.
Lifetime Mortgage changes
From 31 July, Scottish Widows are increasing the maximum loan amount on their Lifetime Mortgage from £750,000 to £1,500,000, in addition they are now considering:
- Properties with swimming pools
- Grade 2 and 2* listed and grade B properties
- Leasehold flats and houses
- Age restricted properties
- Properties next to commercial premises
- Properties with more that 5 bedrooms
- Properties with septic tanks
- Properties with solar panels
- Laing Easiform & Wimpey No Fines Construction
- Modern Method Construction
- Thatched Roof
- Properties on the Scottish Islands
- Properties that have been flooded in the past 5 years
My Care Consultant: equity release, care and Consumer Duty
When: 21 September, 10am
Pure Retirement will hold a two-part webinar series with My Care Consultant beginning this coming September.
The first session will focus on three aspects of care advice: the role of residential property in paying for care including the suitability of equity release, appropriate legal advice and mistakes that can be made without due consideration, and how consumer duty impacts equity release advice.
Price Choice update
From Thursday 20 July, more2life will temporarily withdraw Prime Midi 3 for all new business.
KFIs will be available on Prime Midi 3 up until 23:59 Thursday 20 July 2023.
Applications on current rates can be submitted up until 23:59 Thursday 3 August 2023.
Prime Midi 3 will be unavailable for new business from Friday 21 July 2023.
A personal approach for better client outcomes
When: 20 July, 10am
Today's lifetime mortgage products offer more options than ever before so you can tailor solutions to meet more client requirements.
The introduction of medical underwriting can also help you to deliver a personalised solution for every client. In fact, around six in ten people could borrow more or get a better interest rate.
Providing your clients' health and lifestyle information means that they could get better deals and helps you respond to the FCA's challenge to demonstrate improved personalisation of advice.
By combining medical underwriting with a flexible choice of options, it's never been easier to design personalised lifetime mortgage solutions unique to every client.
Product update
From Monday 10 July, The Loughborough Building Society has withdrawn the "In Retirement fixed 3 year" product.
Scottish Widows plans available through Advise Wise
The Scottish Widows' product range is now available to all Advise Wise members through the Advise Wise Platform.
The Unplaceables
When: 19 July, 10am
Join Peter Barton from Barton Law, Jane Hanlon from Advise Wise, Jake Wilson from Pure Retirement's Underwriting department, and Pure's BDM for the North, Gary Dalton, to discuss your hard-to-place cases.
J6 relaunch
On Friday 7 July, Just are relaunching J6, their highest loan to value range and updated lending criteria guide to detail J6 eligibility.
As part of their commitment to continually improve their products, Just are maintaining the interest servicing (ISM) discount of 50bps for J6.
The J6 product will only be available on a limited tranche basis. This means that the product may be withdrawn with short notice. KFIs generated will still have 14 days to proceed to application, even if the products have been withdrawn. Just are expecting a large amount of interest, so queries may take slightly longer to resolve than normal.
Lending criteria for J6
- Property in England, Wales, Mainland Scotland (excludes Northern Ireland)
- Minimum property value of £100,000
- Freehold Only
- Maximum Loan amount £800,000
- Excludes Medical Underwriting
ERC change
From Wednesday 5 July, LiveMore is changing the "10 year fix ERCs" product to "5 year ERCs".
This product has 5 year ERCs with a 10 year fix. Customers can leave ERC free after year 5.
Countdown to Consumer Duty: Talk to the Experts
When:
12 July, 10am
This online panel discussion will feature industry experts, including Kelly Melville-Kelly, Head of Risk, Policy and Compliance at the Equity Release Council; Jane Finnerty, Joint Chair of SOLLA; Ed Halliwell, Director of Compliance at Pure Retirement; and Scott Burman, Head of Distribution at Pure Retirement.
Take advantage of this opportunity to get answers to any last-minute questions you may have, ensuring your readiness for the FCA's new framework – you can submit your questions via this online form.
L&G re-introducing Green products
L&G are reintroducing their Flexible and Optional Payment Green product variants for new business Initial Advance sale, with the following restrictions:
- Available for Single Lives aged 70 and over
- Available for Joint Lives aged 80 and over
- Flexible Green and Optional Payment Green will remain closed to Further Advance customers.
Bronze medal for sustainability
Pure Retirement has been awarded the bronze medal for sustainability in 2023.
This achievement places them among the top 50% of companies surveyed by EcoVadis, a renowned sustainability assessment organization.
This recognition underscores Pure Retirement's unwavering commitment to social responsibility and its determination to enhance its practices continuously.
They strive for higher sustainability ratings and utilize EcoVadis to identify areas within their business where improvements can be made.
With its dedicated CSR Committee, Pure Retirement remains focused on driving positive change and contributing to a more sustainable future.
J6 temporary removal
Just have temporarily removed the recently re-launched J6 product on Friday 16 June.
For any pipeline quotes, application deadline is Friday 30 June.
Prime Choice update
From tonight 14 June, more2life are temporarily withdrawing Prime Extra 1 and 2 for all new business.
- Applications on current rates can be submitted up until 23:59 Wednesday 28 June 2023
- Prime Extra 1 & 2 will be unavailable for new business from Thursday 15 June 2023
Apex minimum loan amount change
From Wednesday 14 June, more2life have reduced the minimum loan amount on Apex from £40,000 to £10,000.
Just J6 relaunch
On Tuesday 13 June, Just are relaunching J6 their highest loan to value range and increasing the interest servicing (ISM) discount to 50bps.
Lending criteria for J6:
- Property in England, Wales, Mainland Scotland (excludes Northern Ireland)
- Min property value of £100,000
- Freehold Only
- Max Loan amount £800,000
- Excludes Medical Underwriting
Apex changes
From 13 June, more2life are launching Apex Lump Sum (Series 4), available to the whole of the market.
- Shortened Early Redemption Charge period from 5 years to 4 years. This follows the same current schedule and the year 5 ERC will reduce to 0% (Year 1- 8%, Year 2 - 7%, Year 3 - 6%, Year 4 - 5%, Year 5 onward, 0%)
- 0.5% LTV reduction from age 60 and above
- KFIs will be available on Apex Lump Sum (Series 4) from 00:01 Tuesday 13 June 2023
Apex series 3 will also be withdrawn for new business.
- KFIs on Apex series 3 are available up until 23:59 Monday 12 June 2023
- Applications on current rates can be submitted up until 23:59 Monday 3 July 2023
- Apex Lump Sum (series 3) will be unavailable for new business from Tuesday 13 June 2023
Product withdrawal
From Friday night 9 June, Standard Life is withdrawing Horizon 600 for all new business.
- KFIs are available up until 23:59 Friday 9 June 2023
- Applications can be submitted (if the KFI is created before the above date) up until 23:59 Friday 30 June 2023
- Horizon 600 will be unavailable from 00:01 Saturday 10 June 2023
- All pipeline cases to proceed as normal
- No Further Advance Applications accepted on Horizon 600 after the withdrawal
Consumer Duty and Vulnerable Customers: Are You Prepared?
When: 7 June, 10am
An online webinar hosted by Pure Retirement to provide valuable insights and guidance on effectively addressing the Consumer Duty and its impact on vulnerable customers.
Protecting vulnerable customers is a key priority within the FCA's Consumer Duty regulations. Join Managing Director of Later Living Now, Simon Chalk, as he discusses the characteristics of vulnerability and what you need to do to accommodate your customers' vulnerability, both now and in the future, to ensure that they continue to experience the best outcomes.
more2life product update
From 1 June, more2life is making the following changes:
Prime Extra 2
- The maximum age for joint life cases only has been lowered from 84 to 65. No further applications will be accepted for joint life cases outside of the new maximum age rule
Prime Midi 2&3
- The maximum age for joint life cases only is increasing from 65 to 84
Product update
From 6 June, LiveMore are making the following changes:
- All LiveMore 1 products will have an LTV of 50% (previously 60%)
- The existing ‘Fixed Term Mortgage’ will be renamed to ‘Standard Mortgage’
They are also making the following criteria changes:
- Self employed, rental and foreign income will be available on all tiers (LiveMore 1-4)
- Non-standard construction will be available on all tiers (LiveMore 1-4) (but limited to 40% LTV still)
- Debt consolidation will be allowed on LiveMore 2 upto a max of £10k (previously £5k)
Changes to Capital Select Options
From 10am on Friday 26 May, Canada Life have temporarily suspended the Capital Select Platinum Plus (Standard and Cashback) products.
Standard Life update
Standard Life have published a new guide available on the Adviser Zone, Simplifying the Application Process.
This guide will take you through the documents required to help you and your clients avoid delays and simplify your client's application to completion process.
New Lifetime Mortgage launch
From 25 May, LiveMore have launched a new lifetime mortgage plan, from MER 7.33%
Heritage Criteria Changes
From Monday 22 May, Pure Retirement:
- Allow steel frame houses and bungalows post-2000 modern method construction with an appropriate warranty or BOPAS (Build offsite Property Assurance Scheme)
- Increase acre to 10 acres, Pure will continue to allow more than 10 acres where the valuation is based on 5 acres
- Remove limits on IVA and DMPs and allow any level of IVA or DMP to be satisfied at completion using the LTM funds
Prime Choice update
From Wednesday night 17 May, more2life is changing the maximum age on Prime Midi 2 & 3 for joint life cases, that will be limited to 65yrs (364 days).
- KFIs on current LTVs are available up until 23:59 Wednesday 17 May 2023
- Applications on current LTVs can be submitted up until 23:59 Wednesday 31 May 2023
- KFIs will be on the new LTVs from Thursday 18 May 2023
LiveMore max loan increase
From Tuesday 16 May, LiveMore is increasing the max loan on two tiers:
- LiveMore 1 = £1m (currently £500k)
- LiveMore 4 = £500k (currently £400k)
Share your story and enter the Vulnerable Customer Awards
When it comes to supporting clients in vulnerable circumstances in achieving their desired financial outcomes, have you got a story that showcases how good consumer outcomes are embedded in the culture of your firm?
Pure Retirement Road Show in London
When: 14 June
Register for a dynamic morning filled with expert speakers and engaging discussions centred around key issues affecting your business. Pure roadshow offers a fantastic opportunity to connect with other equity release advisers, gain valuable insights into Pure Retirement, and hear from industry experts on a range of topics.
Expect to delve into inheritance tax, property conveyancing, underwriting criteria, marketing, later life market trends, and technology in a series of insightful discussions and presentations tailored to meet the needs of lifetime mortgage financial advisers.
Don't miss out on this opportunity to expand your knowledge and network with other industry professionals!
Unplaceables webinar
When: 10 May, 10am
The second 2023 edition of the popular Unplaceables series, hosted by Pure’s BDM for Central London and Southeast, Ashley Sampson, and featuring insight from representatives from EquiLaw and Advise Wise.
Unplaceables provides an interactive platform allowing you to discuss your hard-to-place cases, and attendees will get the opportunity to benefit from industry-wide knowledge and expertise.
Standard Life Consumer Duty updates
As part of the Consumer Duty deadline, Standard Life have updated their product information sheets, setting their target markets, fair value assessments and product features:
more2life Consumer Duty updates
As part of the Consumer Duty deadline, more2life have collected product information sheets on their Consumer Duty webpage
The Loughborough Consumer Duty updates
In readiness for Consumer Duty deadlines, The Loughborough Building Society have collected their Price and Value assessment documents
LV= Consumer Duty Hub
LV= have created a Consumer Duty Hub containing some useful tools and resources to help you with your client conversations and Consumer Duty requirements.
On the hub you’ll find:
- Product profiles
- LV= Product Governance Policy
- Adviser and customer guides
Hodge Consumer Duty update
Hodge have created a consumer duty for Intermediaries webpage that includes information, fair value assessments for our products and a product intention document.
L&G Consumer Duty update
L&G have now completed the Fair Value Assessment.
Their Information Sharing Documents are now available to you on their website
Aviva Consumer Duty Hub
Aviva want to provide key information in readiness for Consumer Duty deadlines.
- Consumer Duty Hub includes insightful videos, webinars and more
- Access key documents such as Statement of Facts, Target Market Statements & Value for Money Assessments.
Just Consumer Duty update
The product information you need to support your obligations under the FCA’s Consumer Duty is now available.
For each of our products you’ll find information, including: our Fair Value Assessment, Target Market Statement, updated Terms of Business, distribution strategy, and how we provide additional or different support for customers who may have characteristics of vulnerability.
Discover Canada Life’s Consumer Duty support
To help you navigate Consumer Duty, Canada Life have added more information about their products and services to their website.
Access Consumer Duty FAQs, learn more about who Canada Life products are designed for, and see how they ensure their solutions offer fair value – all on Canada Life website
Product changes
Effective from 24 April, Loughborough Building Society have withdrawn one of their products ALIR2/73008 and replaced it with ALIR2|73009 5 years Fixed, available to applicants who are either;
- Aged 80 on application or
- Will be 80 or over at the end of their mortgage term
The new Heritage Super
Pure Retirement have added a new product on their Heritage range, Heritage Super. The product’s key information includes:
- Available to customers aged 55 to 85
- Single and joint life applications accepted
- Available on properties from £150,000
- Loan amounts of between £10,000 - £800,000
- Fixed or variable ERCs available
- 10% ERC-free repayments per year
Heritage Super follows on from their recently launched Heritage Special range, available exclusively to over-80s applicants and offering LTVs of up to 50%.
Prime Choice Relaunch
Effective from Friday 21 April more2life are relaunching the Prime Choice product range.
The new Prime Midi 1-3 & Prime Extra 1-3 plans will be available from Saturday 22 April.
Classic Elite changes
From Monday 24 April 2023 Pure Retirement are reducing the minimum loan amount for Classic Elite further advances from £100k to £10k.
Digital Equity Release online event
When: Tuesday 2 May, 10am - 12pm
Financial Reporter brings you the Equity Release Event, a series of events held at venues across the UK which aim to bring you, the intermediary, a better understanding of equity release in order to boost your offering to your clients.
This Event will feature knowledgeable industry speakers and will cover a range of topics related to Equity Release including available products, regulatory issues and more. Helping you boost service levels, top up your CPD hours whilst offering an excellent networking opportunity.
New Heritage product
Pure Retirement are introducing a new Heritage product “Heritage Super” from Monday 17 April 2023.
The LTVs range from 10% to 37% dependent on age and the product is priced at 6.40% MER.
Inheritance Protection Removal
From Friday 14 April, Standard Life is removing the Inheritance Protection as a feature of the Horizon Lump Sum and Drawdown products.
This applies to all new KFIs and Offers (including re-offers) produced after the completion of tomorrow’s DPR release and includes Offers and re-offers on the existing pipeline.
Should a pipeline case reach Offer stage or need to be re-offered, it will lead to the removal of GIF from the new Offer. In this scenario, the case can only proceed without GIF if the adviser has revisited this with the customer and their advice needs.
Product changes
On Thursday 13 April, Just are making some product changes across the Just for you Lifetime Mortgage range:
- Introducing 5% cashback variants on J1, J2, J2.5 and J2.5 Green
- Increasing the ISM discount to 40bps across the product range
Collaborating for Success: Advisers, Solicitors, and Lenders in Equity Release
When: Thursday 27 April, 10am
Join our upcoming live webinar, in collaboration with Barton Law, Enact Conveancing, Equilaw and Forever Legal: Collaborating for Success: Advisers, Solicitors, and Lenders in Equity Release.
Daniel Edmondson, our National Account Manager, will host the live event and will be joined by Peter Barton, Managing Director at Barton Law, Matthew Taylor, Business Development Director at Equilaw, David Burns, Operations Manager at Enact Conveyancing and Adam Carnall, Director of Partnerships at Forever Legal.
The webinar will end with a live Q&A session, where the speakers will answer to all your questions!
Achieve lifetime mortgage efficiency through understanding the legal and property condition risks in the underwriting process
Register to our webinar series that we'll be hosting in collaboration with Pure Retirement.
The series is free to attend and is made of two live sessions. On each session, we'll cover a different aspect of underwriting to give you a better understanding of the underwriting process.
50-90+ mortgages: huge opportunities and how to seize them
When: Tuesday 18 April, 10am
Register for a live webinar in collaboration with LiveMore, hosted by Daniel Edmondson, our National Account Manager, joined by Nikola Sukara, Business Development Manager at LiveMore.
The webinar will end with a live Q&A session, where the speakers will answer to all your questions!
Lending criteria changes
On Tuesday 4th April, Just are making some changes to their lending criteria.
Just can now accept:
- Steel frames – modern method flats
- Steel frames – modern method houses & bungalows – built post 2000
- Up to 10 acres of land subject to no agricultural restriction
- Debt Management Plan (DMP) with no limits that is fully satisfied in full, prior to or at completion
- Individual Voluntary Agreement (IVA) with no limits that is fully satisfied in full, prior to or at completion
Just can now consider:
- Land of 10 acres or more subject to no agricultural restrictions
Emerald reintroduction
From Thursday 30 March, Pure Retirement are reintroducing the Emerald range.
The range will accept applications from consumers aged 55-85, with applicants being able to access maximum LTVs of up to 46.1% depending on their age. The reintroduced product will be lumpsum only.
The range offers a 21-day post-KFI rate guarantee, allowing applicants to assess their options with the peace of mind that they’re insulated from any potential rate increases. Customers will also continue to benefit from the ability to repay up to 12% annually without incurring any early repayment charges.
The latest move comes following the recent reintroduction of the lender’s Heritage range, which re-entered the market last month as a specialist high-LTV product for the over-80s.
You can view Pure’s full product range here.
Maxi Choice relaunch
Effective Wednesday 29 March, more2life is relaunching Maxi Choice Extra and Super 1 Lump Sum plans.
These plans will:
- Be Lump Sum only
- Have a maximum age of 84
- Not accept flats
Change in max LTV
On Friday 24 March, LiveMore have increased the max LTV on the Fixed Term Mortgage LiveMore 2 and LiveMore 3 products, from 65% to 70% LTV.
Standard Life Home Finance have launched a new voluntary repayments calculator
Using the new voluntary repayments calculator, you can now measure the influence of repayments and drawdowns on your client's loan, in just a few clicks. This is just one of the tools supporting you and your clients in the decision-making process. View the full range of tools here.
With rates now starting from 5.59%, why not explore the 5 star Defaqto rated Horizon range and see what options are available to your clients today.
Aviva cashback feature withdrawal
From Monday 27 March 2023 Aviva will be removing the Cashback product feature – which currently provides advisers/customers the option to select cashback at £0, £500 or £1000.
Pure Retirement’s quarterly report
Pure Retirement’s latest quarterly market report is now live, analysing the key trends and headlines from an incredibly changeable end to Q4 2022 as the effects of the mini budget really started to bite.
The latest edition contains the key customer demographic and behavioural changes that will enhance your market knowledge, pulling together the emerging stories from the news cycle to give you a holistic view of the later life sector.
Broken down into three sections, it explores Customer Demographics, Customer Habits and a Market Update.
Headline facts include:
- 31% of those surveyed say they will work well past the state pension age
- 46% of savers are confident they have enough saved for retirement
- 30% of over-55s are changing their retirement plans
- 44% of self-employed workers are not contributing to a pension
- 93,421 new and returning customers released equity in 2022
Read the report here.
Emerald Cash Release and Further Advances
On Thursday 23 March, Pure Retirement are having a rate decrease on the Emerald product range for cash releases and further advances only.
The last date for new business application on the previous rates is 05/04/2023 23:59.
The FCA’s Consumer Duty is coming – are you ready?
Pure Retirement will be launching its Countdown to Consumer Duty webinar series, enabling you to enhance your understanding of the Duty, and what it means for you and your clients.
The series will be free to attend and count towards your CPD.
The first of their five sessions, run in partnership with Advise Wise, starts April 6th.
Join Head of Financial Services at The London Institute of Banking & Finance, John Somerville, plus Nic Dent, Market Engagement Director, and Julie Pardy, Director of Regulation at Worksmart Limited - Leading supplier of RegTech to the Financial Services Industry and take a deep dive into the detail of what advisers should be thinking and doing now in the run-up to the formal implementation date.
Register for the webinar here.
Standard Life new plans
Standard Life Home Finance have relaunched Horizon 500, 550 & 600 and have also launched three new lower LTV plans, Horizon 240, 260 & 280, bringing the total number of Horizon lifetime mortgages to 10.
Adding these six plans to the Horizon range has broadened the variety of options available to you and your clients, with rates now from 5.74% and LTVs from 4% to 50%. The criteria for the new plans is the same as the standard criteria and includes all market-leading features currently available through any Horizon plan.
With rates starting from 5.74%, and one of the quickest turnaround times in market, explore the 5 star Defaqto rated Horizon product range today.
Emerald Cash Release and Further Advance Decreases
From Wednesday 15 March, Pure Retirement are having a rate decrease on the Emerald product range for cash releases and further advances only.
The last date for new business application on the previous rates is 28/03/2023 23:59.
Consumer Duty Events
When: April - July 2023
Pure Retirement is hosting a series of live webinars on Consumer Duty.
Find out all details and book your place here.
Emerald Cash Release and Further Advance Increases
From 9 March, Pure Retirement are having a rate increase on Emerald cash release and further advances.
All new business KFIs are valid for 21 days.
Horizon changes
From 3 March, Standard Life is launching three new lower LTV shelves on Horizon: Horizon 240, 260 & 280.
The criteria for the new plans will be the same as the standard criteria.
Capital Choice Update
From 3 March, more2life are launching new lower LTV shelves on Capital Choice. The new plans will be Ultra Lite 1, 2 and 3.
The criteria for the new plans will be same as the standard criteria. These new plans will not have GIF from the outset.
More2life are also withdrawing Capital Choice Ultra Lite for new business.
- KFIs on current rates will be available up until 23:59 Thursday 2 March 2023
- Applications on current rates can be submitted up until 23:59 Thursday 23 March
MyPure milestone
Pure Retirement announce they’ve seen a milestone 1,000 customers register and interact with their online account management platform, MyPure, in under 5 months. This figure has been achieved despite a measured, deliberately staggered customer communication programme designed to gauge consumer appetite and ensure platform stability.
Launched last year as an industry first, MyPure enables customers to self-manage key elements of their lifetime mortgages, view their account balances and transactions, download documents such as annual statements, be notified of new documents becoming available, and complete their Certificate of Continuing Occupancy online.
Drawdown plan holders can apply for a cash release, while all plan holders can make ad-hoc payments directly via MyPure, and set up recurring payment schedules such as Direct Debits.
Headline figures since launch include:
- 410 COCOs completed
- 161 Cash Release applications submitted
- 44 one-off optional repayments made
- 32 direct debits arranged
Learn more about MyPure here.
Capital Choice relaunch
From Wednesday 1 March more2life will be relaunching Capital Choice Lite, Capital Choice & Capital Choice Midi.
Capital Choice Midi will be for single life only.
The rates and LTVs on the relaunched plans will apply to new KFIs from Wednesday 1st March 2023.
Emerald rate increase
On Thursday 2 March, Pure Retirement are having a rate increase on the Emerald product range for cash releases and further advances only.
All new business KFIs are valid for 21 days.
Fifty Shades of Silver 2023 - Segmenting the over 50s by age, lifestyle and life-stage
The Silver Marketing Association have launched a new report offering insight into segmenting the over 50s market, in collaboration with Pure Retirement, and with a range of expert contributors including Let’s Talk Ageing.
The report segments the over 50s demographic into categories split by age, lifestyle and life-stage, examining key attributes and points of interest as well as detailed communications preferences, offering a practical and pragmatic guide for use by marketers as a reference tool to understand the over 50s audience and to develop meaningful campaigns by segmenting and engaging this diverse consumer group.
The project was initiated by the Silver Marketing Association, following the success of 2021’s award winning Brand Research Report into the over 50s market, led by Rachel Pease, Head of Marketing at Pure Retirement.
You can access both reports on Pure Retirement’s online Portal here.
Emerald rate change
From Thursday 23 February, Pure Retirement are having a rate increase on the Emerald product range for cash releases and further advances only. Please note all new business KFIs are valid for 21 days.
New 2-year fix gives LiveMore the broadest 50-90+ fix range
On Tuesday 21 February, LiveMore is adding 2-year fixed rates to its broad range of products:
- Available on all product tiers (LiveMore 1-4)
- Choose the fee range or fee assisted (no product fee and a free valuation)
- Free to go after 2 years (ERC period is 2 years)
Click here to view LiveMore’s broad range of products
Give your BDM a call today to discuss your next 50-90+ case.
ERC annual report
The Equity Release Council published its annual report 2022.
Pure Retirement appoints new Telephone BDM for the Southwest
Pure Retirement has appointed Mark Eddison as the new Telephone BDM for the Southwest.
Mark has stepped up from his usual role as Sales Co-Ordinator to help provide market-leading regional support to our advisers in Southwest, working alongside our National Field Sales Manager Jane Mullan to answer queries and assist in progressing applications.
Complementing Mark’s appointment, Pure have also made some updates to those regional teams.
Ashley Sampson, BDM, and Kaitlyn Buxton, Telephone BDM, will support advisers in the South East and London; Karen Banks, BDM, and Daniel Crowther, Senior Telephone BDM, will head up the Central region; and Liz Banks, Telephone BDM, will offer support across Northern England, Scotland and Northern Ireland.
Learn more about the regional support available to you, and your points of contact via their postcode search function.
LV= Lifetime Mortgage Update
From Friday 17 February, LV= are temporarily withdrawing the 1% Cashback option.
Where a KFI has been generated with cashback, DIPs must be submitted by 12:00 midday, 1 March with applications fully submitted by 12:00 Midday, 2 March.
Two weeks of webinars with L&G
L&G are hosting a series of live lunchtime webinars between 20 February to 3 March to help financial advisers broaden their knowledge of the protection, guaranteed income, and later life lending markets.
These webinars are live only and will not be recorded.
Sovereign range changes
From Wednesday 8 February Pure Retirement are making some changes to the Sovereign products which will involve separate pricing for Single Life and Joint Life plans.
Max LTVs will remain the same as the current products on both.
Complex made simple: mortgage solutions for professionals with complex income
When: 16 February, 11am
A 45 minute webinar featuring industry experts talking about the professional mortgage landscape, the rise in specialist lending, complex incomes and the underwrite. You'll also get a chance to hear from other brokers who work in this market with a live Q&A to end the session.
Hosted by Hodge & guests:
- James Enos, national account manager (South)
- Andrea Roberts, national account manager (North)
- Ellie Gibbs, senior mortgage underwriter
- Courtney Flockhart, mortgage adviser, Henry Dannell
- Sarah Grace, managing director, Sarah Grace Mortgages
Product Enhancements
From 6pm on Thursday 2 February, Legal & General are making enhancements to their Lifetime Mortgage Range:
- Increasing their offer validity period from 50 to 90 days.
- Introducing new lower LTV Products : Opal, and Carbon, with lower LTVs and interest rates, available on the Optional Payment & Flexible Lifetime Mortgages on a standard and £599 fee basis together with Premier versions for both.
- Reducing Interest Rates cross the Lifetime Mortgage range, by up to 0.30%
Product changes
From 1 February, Loughborough have withdrawn one of their Term Discounted products and replaced with another.
Heritage range update
From Wednesday 1 February, Pure Retirement are reintroducing the Heritage range. This will be through the new Heritage Special 1, 2, 3 products:
- Available for ages 80-85 only
- No Freedom products are being reintroduced at this time
- Mini property value £150,000
- Max loan amount £800,000
Please note the Cash Release and Further Advance products remain unchanged.
The following criteria changes will apply:
- Studio flats that exceed 30sqm and within the M25 are allowed (LTV 85% restriction applies as per flats).
- Max number of bedrooms increased from 4 to 5 as standard, 6-7 for individual consideration.
- Lodgers/Airbnb occupiers in Annexes allowed – max 2.
- Increase leasehold Ground Rent (GR) limit from 0.1% to 0.2% and combined Ground Rent/Service Charge (GR/SC) between 1.5%-2.5% can be referred for individual consideration
LiveMore rebrands
LiveMore has launched a brand refresh.
As well as a new look, their new website makes it easier to find key information such as product info, rates, and contact details for your local BDM.
You can view some of LiveMore’s key documents by clicking here
Setting the Foundations workshops
After qualifying, it can feel daunting taking the leap into advising lifetime mortgages. L&G want to help you in making this transition as simple and easy as possible.
By attending this workshop attendees will learn:
- Identify how to secure clients and create opportunities in the equity release market
- Describe the key considerations for an effective fact find
- Explain the difference between mainstream and lifetime mortgage processes
- Describe key factors of the conveyancing relationship and how best to manage client’s expectations by being aware of the conveyancing journey and pitfalls that may arise
- Outline the purpose of The Equity Release Council
Delegates participating in this workshop can claim up to four CPD hours toward the CII/Personal Finance Society member CPD scheme.
Overview of Legal & General Home Finance
This one-hour webinar provides an overview of our later life mortgages and takes you through the key documents you'll need to write business with us.
CII Equity Release Exam workshops
Facilitated by CII accredited trainer, this one-day workshop will help you understand:
- The principles of equity release and the types of schemes available
- The suitability and affordability of the different types of equity release products
- The risks to the consumer associated with equity release
- The application of suitable equity release solutions according to the circumstances of different consumers
- How to approach the case study style exam questions
Places are limited and awarded on a first come first served basis, so you can get the most out of the interactive workshop.
Product relaunch
From 24 January, more2life is relaunching Capital Choice Ultra Lite Lump Sum on the market.
SVR increase
From 1 February, Hodge will be increasing the Standard Variable Rate (SVR) on all mortgage products from 6.60% to 7.10%.
LiveMore product changes
LiveMore are excited to share some fantastic changes to their product ranges:
- 50bps rate reduction: Starting at 6.19%
- Retirement Interest Only (RIO): Minimum age is now 50 (falling from 55) opening the product up to more of your clients
- Fee assisted range returns: Includes no product fee and a free valuation (rates start at 6.34%)
Emerald range updates
On Wednesday 18 January Pure Retirement is reducing interest rates on Cash Release and Further Advances of the Emerald product range.
Applications deadline is 23.59 on Tuesday 31 January 2023.
Just lending criteria changes
On Monday 16 January, Just are making some changes to their lending criteria.
Just can now accept:
- Max loan amount of up to £1,000,000
- Max loan size for Northern Ireland (NI) of £500,000
- Studio flats that exceed 30sqm and within the M25 (LTV 85% restriction applies)
- Max number of 5 bedrooms as standard
- Lodgers/Airbnb occupiers in Annexes – maximum 2
- Leasehold Ground Rent (GR) limit of up to 0.2%
Just can now consider:
- Combined Ground Rent/Service Charge (GR/SC) between 1.5%-2.5%
- 6-7 bedrooms
- Properties adjacent to commercial property, subject to valuation
Properties Just can consider if adjacent or close proximity to commercial, subject to valuation:
- Schools, Places of worship, Local sport venues (i.e. local cricket club), Healthcare premises, Care homes
Properties Just cannot consider if adjacent or close proximity to these types of commercial:
- Oil Refineries/Fracking, Prisons, Recycling units, Licensed Premises, Hotels & Hostels, Commercial Factories, Food prepared and/or sold on a commercial scale, Industrial Parks, General industrial use, Storage/Distribution
The Unplaceables with Barton Law and Advise Wise
When: 15 February, 10am
Join Pure Retirement BDM, Karen Banks, with guest speakers from Barton Law and Advise Wise, to discuss your hard-to-place cases. Please get in touch if you have something you would like to discuss.
Emerald updates
On Thursday 12 January Pure Retirement are increasing interest rates on Cash Release and Further Advances for the Emerald product range.
Applications deadline is 23.59 on 25 January.
LTV changes
From Friday 6 January, Scottish Widows are making some LTV changes to their Lifetime Mortgages.
A conversation with Hansen Lu, Senior Economist at Aviva - CPD webinar
When: 10 January, 10am
Aviva's 1st webinar for 2023 will feature Senior Economist and former city economic forecaster, Hansen Lu. He will talk about rising interest rates, the economic outlook for 2023 and what that means for house prices. Learning objectives:
- Understand what's driving the current weakness in economic conditions
- Consider how the economy may evolve in 2023, and the likely impact on households
- Examine how the economy may influence the housing market in 2023
Rate changes and deadlines table
View the tableAdvise Wise in the press
- Advise Wise enhances vulnerability support for later life advisers, using Comentis technology Published: 19 November 2024
- Advise Wise launches new cost calculator tool, transforming product sourcing for later life advisers Published: 30 September 2024
- Advise Wise introduces primary surveyor information enhancing adviser support in later life lending Published: 17 September 2024
- Advise Wise introduces affordability tags to enhance Consumer Duty compliance and improve customer outcomes Published: 11 September 2024
- Advise Wise introduces API integration with Canada Life Published: 31 July 2024
Missing information?
Please email any lender/solicitor updates to our dedicated mailbox.
