Outside Of The Box Products – From Green Mortgages To Deposit-Free Mortgages
For the first time in many months, I can honestly say I’m writing this article feeling more optimistic than I have previously for the mortgage industry. Granted, we have seen a further increase in the base rate, but I’m sure we were all expecting this, along with perhaps a further rise when the Bank of England next meet with most clients on the same page as us. However, I write this at a time of ever-changing uncertainty!
It’s refreshing to discuss with you rumours the PM is considering restoring the Help-To-Buy scheme ahead of the next General Election. Would this be a good move? It’s early days as we would need to see the finer details. It would be good to see a better spread of benefits perhaps available to all buyers on all properties, not just new builds.
This leads nicely to Skipton BS who have launched deposit-free mortgages aimed at renters called The Track Record Mortgage. This allows up to 100% LTV mortgage for first-time buyers currently renting, (click here for further details ).
In addition, Nationwide are updating their Green Additional Borrowing (further advance) range to offer 0% products for existing Nationwide mortgage members for the first time. This will be either 2 or 5 years fixed term, up to 90% LTV. The loan must be spent on green home improvement. Look out for our Podcast on this where we’ll look at opportunities for your clients. Click here.
We’re now seeing lenders looking outside the box at products to help clients get on the property ladder, with support for those not wanting to move but update properties to meet proposed EPC regulations. Some great opportunities for advisers to open the door to these discussions as many will unaware of the options available to them.
Lenders Corner
Click here to read the latest lenders:
Beverley Building Society – Flexible approach to your clients – Click here to read
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Anita White
Head of Lender Relationships
Later Life Lending Update May 2023
On 10th May we held the first Later Life Lending Workshop of the year and it was great to see so many network advisers new to the industry and very experienced. As rates start to creep down and Loan to Values becoming more favourable, the event was a very positive start ahead of Quarter 2 of this year.
We are also shining a light on those of you who are thinking of getting into equity release, this is a great time to get started to enable you to help so many more of your customers as they reach 55 and older. Helping you to offer a holistic approach to all of your enquirers. If this is something you wanted to get to know more about, not only is there a lot of support to complete your qualification – we also have in house experienced Supervision and Development Managers who take you through every step along the way to gaining competence.
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Victoria Wilson
Head of Equity Release
Income Protection, Why Is It Needed More Than Ever? Breadline to Deadline Statistics
Whilst the lending market may feel flat right now, why not use this as an opportunity to revisit your existing clients to talk about protecting their income? After all, their home is at risk if they don’t keep up the payments.
Recent research by Legal and General shows the average household is just 19 days from the breadline, which is an incredibly stark statistic. Now is the time to talk about protecting what matters most to your clients. And there are lots of fantastic sales aid to help support you with these conversations, so take a look here.
The Right Mortgage has the largest suite of products and providers than any other network when it comes to protection, so the answer to anything protection is: “Yes, what’s the question?!”.
Protection Insight Podcast – AIG: Dispelling The Myth That Protection Doesn’t Pay Out
In this Protection Insight Podcast, we introduce our new host Sam Clark and special guest Stuart McLeod to debunk the myth of protection claims not paying out. Stay tuned to listen to why it is important to encourage honesty from clients, how many claims actually do get paid out per year, and a real-life case study which ended in an unexpected twist.
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Amanda Wilson
Company Director
PMI is flexible
With this in mind, why not tailor make plans to suit the needs of your clients. After all, ‘Health is wealth’ why not bring this to the forefront of your conversations to ensure clients are well looked after.
Don’t forget to speak to the providers for product updates!
Save the date:
We have our first PMI summit on the 5th July 2023.
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Pukhraj Babra
PMI Supervision & Development Manager
Discussing Home Insurance with Customers During a Remortgage
This month, we focus on talking home insurance when it comes to refinancing a customer after their fix term ends. Discussing home insurance with customers during a remortgage is crucial to ensure the protection of their valuable asset, compliance with lender requirements, mitigation of financial risks, and access to competitive insurance rates.
By addressing this topic, you will be ensuing your customers are properly protected, which is more important given the financial crisis than ever.
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Amy Wilson
Head of General Insurance (PMI and GI)
