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%.

Published: 14 December 2023

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

Published: 11 December 2023

New cashback products

On Thursday 7 December, LiveMore is launching new cashback products, offering a £500 cashback.

Published: 7 December 2023

Changes to Just ISM discount structure

On Wednesday 6 December, Just is decreasing rates for servicing interest.

New ISM Structures

Published: 6 December 2023

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.

Published: 4 December 2023

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.

Published: 4 December 2023

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

Published: 1 December 2023

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.

Published: 28 November 2023

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

Published: 28 November 2023

LTV increase

On Wednesday 22 November, Just are increasing loan to values (LTV’s) on J6.

Published: 21 November 2023

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.

Find out more

Published: 20 November 2023

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

Published: 10 November 2023

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.

Published: 7 November 2023

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:

• Home Finance Product Overview
• Fees & Charges
• Additional borrowing interest rates

Published: 24 October 2023

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.

Published: 18 October 2023

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

View Hodge criteria

Published: 9 October 2023

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.

Published: 5 October 2023

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

Published: 3 October 2023

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

Published: 26 September 2023

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%.

Published: 22 September 2023

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.

Published: 19 September 2023

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.

Published: 19 September 2023

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

Published: 19 September 2023

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

Published: 13 September 2023

J2.5 withdrawal

From 11 September, Just has withdrawn J2.5 from sale.

Published: 11 September 2023

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

Published: 11 September 2023

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

Published: 11 September 2023

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.

Learn more

Published: 11 September 2023

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.

Published: 6 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

Published: 1 September 2023

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.

Published: 29 August 2023

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.

Published: 22 August 2023

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

Published: 21 August 2023

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.

Published: 18 August 2023

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.

Published: 18 August 2023

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.

Published: 18 August 2023

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.

Published: 18 August 2023

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.

Published: 17 August 2023

Heritage Range update

From Wednesday 16th August, Pure have removed the £895 lender arrangement fee from Heritage Special 1, 2 & 3.

Published: 16 August 2023

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.

Published: 14 August 2023

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

Published: 11 August 2023

APEX LTV Reduction

Effective 10th August - more2life are reducing the LTV for APEX by 0.1%.

Published: 11 August 2023

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.

Published: 3 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.

Published: 3 August 2023

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

Published: 1 August 2023

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.

Published: 31 July 2023

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

Published: 31 July 2023

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.

Published: 20 July 2023

Product update

From Monday 10 July, The Loughborough Building Society has withdrawn the "In Retirement fixed 3 year" product.

Published: 10 July 2023

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.

Published: 7 July 2023

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

Published: 5 July 2023

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.

Published: 5 July 2023

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.

Published: 27 June 2023

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.

Published: 16 June 2023

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

Published: 14 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.

Published: 14 June 2023

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

See the full lending criteria

Published: 13 June 2023

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

Published: 12 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

Published: 8 June 2023

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

Published: 1 June 2023

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)

Published: 31 May 2023

Changes to Capital Select Options

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

Published: 26 May 2023

New Lifetime Mortgage launch

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

Published: 25 May 2023

Heritage Criteria Changes

From Monday 22 May, Pure Retirement:

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

Published: 22 May 2023

Prime Choice update

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

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

Published: 16 May 2023

LiveMore max loan increase

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

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

Published: 15 May 2023

Product changes

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

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

Published: 24 April 2023

The new Heritage Super

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

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

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

Learn more about the Heritage range

Published: 21 April 2023

Prime Choice Relaunch

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

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

Published: 21 April 2023

Classic Elite changes

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

Published: 21 April 2023

New Heritage product

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

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

Published: 14 April 2023

Inheritance Protection Removal

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

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

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

Published: 13 April 2023

Product changes

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

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

Published: 12 April 2023

Lending criteria changes

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

Just can now accept:

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

Just can now consider:

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

Published: 3 April 2023

Emerald reintroduction

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

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

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

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

You can view Pure’s full product range here.

Published: 30 March 2023

Maxi Choice relaunch

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

These plans will:

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

Published: 28 March 2023

Change in max LTV

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

Published: 24 March 2023

Aviva cashback feature withdrawal

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

Published: 23 March 2023

Emerald Cash Release and Further Advances

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

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

Published: 22 March 2023

Standard Life new plans

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

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

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

Published: 15 March 2023

Emerald Cash Release and Further Advance Decreases

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

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

Published: 14 March 2023

Emerald Cash Release and Further Advance Increases

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

All new business KFIs are valid for 21 days.

Published: 7 March 2023

Horizon changes

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

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

Published: 3 March 2023

Capital Choice Update

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

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

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

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

Published: 2 March 2023

Capital Choice relaunch

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

Capital Choice Midi will be for single life only.

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

Published: 28 February 2023

Emerald rate increase

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

All new business KFIs are valid for 21 days.

Published: 28 February 2023

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

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

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

Click here to view LiveMore’s broad range of products

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

Published: 21 February 2023

LV= Lifetime Mortgage Update

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

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

Published: 15 February 2023

Sovereign range changes

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

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

Published: 7 February 2023

Product Enhancements

From 6pm on Thursday 2 February, Legal & General are making enhancements to their Lifetime Mortgage Range:

• Increasing their offer validity period from 50 to 90 days.
• Introducing new lower LTV Products : Opal, and Carbon, with lower LTVs and interest rates, available on the Optional Payment & Flexible Lifetime Mortgages on a standard and £599 fee basis together with Premier versions for both.
• Reducing Interest Rates cross the Lifetime Mortgage range, by up to 0.30%

Published: 2 February 2023

Product changes

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

Published: 1 February 2023

Heritage range update

From Wednesday 1 February, Pure Retirement are reintroducing the Heritage range. This will be through the new Heritage Special 1, 2, 3 products:

• Available for ages 80-85 only
• No Freedom products are being reintroduced at this time
• Mini property value £150,000
• Max loan amount £800,000

Please note the Cash Release and Further Advance products remain unchanged.

The following criteria changes will apply:

• Studio flats that exceed 30sqm and within the M25 are allowed (LTV 85% restriction applies as per flats).
• Max number of bedrooms increased from 4 to 5 as standard, 6-7 for individual consideration.
• Lodgers/Airbnb occupiers in Annexes allowed – max 2.
• Increase leasehold Ground Rent (GR) limit from 0.1% to 0.2% and combined Ground Rent/Service Charge (GR/SC) between 1.5%-2.5% can be referred for individual consideration

Published: 1 February 2023

Product relaunch

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

Published: 24 January 2023

SVR increase

From 1 February, Hodge will be increasing the Standard Variable Rate (SVR) on all mortgage products from 6.60% to 7.10%.

Published: 20 January 2023

LiveMore product changes

LiveMore are excited to share some fantastic changes to their product ranges:

• 50bps rate reduction: Starting at 6.19%
• Retirement Interest Only (RIO): Minimum age is now 50 (falling from 55) opening the product up to more of your clients
• Fee assisted range returns: Includes no product fee and a free valuation (rates start at 6.34%)

Click here to view LiveMore’s product range

Published: 20 January 2023

Emerald range updates

On Wednesday 18 January Pure Retirement is reducing interest rates on Cash Release and Further Advances of the Emerald product range.

Applications deadline is 23.59 on Tuesday 31 January 2023.

Published: 17 January 2023

Just lending criteria changes

On Monday 16 January, Just are making some changes to their lending criteria.

Just can now accept:

• Max loan amount of up to £1,000,000
• Max loan size for Northern Ireland (NI) of £500,000
• Studio flats that exceed 30sqm and within the M25 (LTV 85% restriction applies)
• Max number of 5 bedrooms as standard
• Lodgers/Airbnb occupiers in Annexes – maximum 2
• Leasehold Ground Rent (GR) limit of up to 0.2%

Just can now consider:

• Combined Ground Rent/Service Charge (GR/SC) between 1.5%-2.5%
• 6-7 bedrooms
• Properties adjacent to commercial property, subject to valuation

Properties Just can consider if adjacent or close proximity to commercial, subject to valuation:

• Schools, Places of worship, Local sport venues (i.e. local cricket club), Healthcare premises, Care homes

Properties Just cannot consider if adjacent or close proximity to these types of commercial:

• Oil Refineries/Fracking, Prisons, Recycling units, Licensed Premises, Hotels & Hostels, Commercial Factories, Food prepared and/or sold on a commercial scale, Industrial Parks, General industrial use, Storage/Distribution

Published: 13 January 2023

Emerald updates

On Thursday 12 January Pure Retirement are increasing interest rates on Cash Release and Further Advances for the Emerald product range.

Applications deadline is 23.59 on 25 January.

Published: 11 January 2023

LTV changes

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

Published: 6 January 2023