Navigating Today’s Lending Market
The lending market continues to adapt to changing borrower needs, affordability challenges and evolving opportunities across both residential and buy-to-let sectors. As lenders look to support a wider range of customers, we’re seeing innovation in product design alongside continued discussion around market conditions and future growth opportunities.
In this update, we’re featuring insights from Fleet Mortgages and Lendco, both of whom share their perspectives on the current buy-to-let landscape, exploring the challenges and opportunities facing landlords and investors in today’s market.
We’ll also be highlighting Halifax’s new £5,000 Deposit Mortgage, designed to help more first-time buyers take their first step onto the property ladder by reducing the upfront deposit required.
Finally, don’t forget to catch up on our latest podcasts. Victoria recently sat down with Handelsbanken to explore what makes them different in today’s lending market.
Victoria was also joined by Amy for a wide-ranging discussion on how advisers can make the most of the support available across the network.
We hope you find this month’s updates useful and informative as you continue to support your clients in an ever-changing market.
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Victoria Clark
Head of Lending
The Benefits of Lifetime Mortgages
It is so important to ensure you are offering your customers the right product for them. Remember to consider a Lifetime Mortgage which has features such as rewards for the customer servicing some or all of the interest, no negative equity guarantee, the right to port the plan and downsize, zero early repayment charges etc and it may change your customers lives for the better.
Please check out our adviser site if you are not authorised and wish to refer a customer https://rightmortgageadviser.com/ancillary-services/refer/
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Victoria Clark
Head of Lending
Summer is just around the corner
If you’re self-employed, taking a couple of weeks off to relax and enjoy the sunshine sounds great. Despite the fact you have the cost of the holiday together with the lost pay. But everyone needs a break! But what if you had to take more than a few weeks off because of an illness or injury? Unlike employees, most self-employed people don’t receive sick pay. If you’re unable to work, your income could stop immediately while the bills keep coming. So, if you are contemplating a summer get away and weighing it up against the cost of lost income then now is the time to also consider long term sick for the self employed.
The Financial Impact of Being Unable to Work
Many self-employed people are excellent at planning for business expenses, but fewer have a plan in place for a prolonged period of illness. Consider the following:
- How long could you manage without an income?
- Would you still be able to pay your mortgage or rent?
- Could your savings cover several months off work?
- What would happen if you were unable to work for six months or longer?
These are important questions that are often overlooked until illness or injury strikes.
How Income Protection Can Help
Income Protection Insurance is designed to provide a regular monthly income if you’re unable to work due to illness or injury. Rather than relying solely on savings or state benefits, an Income Protection policy can help cover ongoing living expenses while you focus on your recovery. Benefits can include: A regular monthly payment while you’re unable to work, financial support until you’re able to return to work (subject to policy terms), peace of mind for you and your family & protection for your lifestyle and financial commitments.
Your ability to earn an income is one of your most valuable assets. You may insure your home, car, phone, or business equipment, but many people overlook protecting the income that pays for all of those things. For self-employed professionals, tradespeople, consultants, contractors, and business owners, Income Protection can provide a valuable safety net when it’s needed most.
Nobody likes to think about becoming ill or injured, but having a plan in place can make a huge difference if the unexpected happens. If you’re self-employed and would like to understand your options, speaking to an adviser can help you find the right level of protection for your circumstances. After all, your business depends on you—and so does your income.
Don’t forget to catch up on our latest protection-focused podcasts. Victoria was joined by Amy for a wide-ranging discussion on how advisers can make the most of the support available across the network.
Sandra also sat down with MetLife to explore how protection conversations are evolving and how MetLife is helping advisers confidently recommend protection solutions alongside mortgage advice.
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Amy Wilson
Head of Insurance
A Spotlight on Cancer
With recent updates to Bupa’s Cancer pathways, we’ve pulled together some statistics from a talk with the Chief Medical Officer of Macmillan Cancer Support to help with your client conversations.
- Someone in the UK is diagnosed with cancer approximately every 75 seconds
- Around 3.5 million people in the UK are currently living with cancer
- Cancer diagnoses are expected to continue increasing significantly as people live longer and survival rates improve
- 64% of people experience money worries following cancer
- People going through cancer treatment lose an average of 75 working days
- 45% of people with cancer feel like a burden to colleagues
- Around 65% return to work within a year of diagnosis
Private Medical Insurance is often underutilised, with the additional support on insurer websites and via mental health support often being overlooked in a cancer claim. The support they offer can make a huge difference to someone’s recovery journey and overall wellbeing.
Look out for our cancer support pack coming to your inbox in the next few weeks.
Don’t forget to catch up on our latest PMI Insights podcasts. Gemma sat down with April International and spoke about some of the popular misconceptions about international private medical insurance. We also heard how IPMI can support in a non-medical crisis, and how it can protect you from being scammed.
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Gemma Penkethman
PMI Supervision & Development Manager
Wedding Season: The Perfect Time to Talk About Home Insurance
Spring and summer mark the start of wedding season, making it an excellent opportunity for advisers to have a general insurance conversation with clients. Many couples receive engagement rings, wedding bands, gifts and other valuable possessions during this time of year. While these purchases are exciting, they can also create an insurance gap if clients haven’t reviewed their cover.
One often-overlooked benefit of many home insurance policies is the temporary increase in contents cover for special occasions. All our insurers provide a 10% uplift in total possessions cover around events such as weddings, helping to protect new gifts and valuables as they enter the home. However, this doesn’t necessarily mean everything is fully covered.
A key question advisers should ask is: Are their engagement rings covered?
Many home insurance policies have single-item limits, meaning high-value jewellery may need to be specified separately. Clients often assume that because they have contents insurance, their engagement ring is automatically protected both inside and outside the home. In reality, cover can vary significantly between insurers and policies.
Wedding season provides a natural reason to discuss:
- New jewellery and engagement rings
- Wedding gifts and valuable possessions
- Single-item limits and specified items
- Personal possessions cover away from the home
- The importance of keeping valuations up to date
These conversations can help prevent underinsurance and ensure clients understand exactly what protection they have in place.
As advisers, we regularly review mortgages, protection and investments, but general insurance can sometimes be overlooked. A simple question about an engagement ring or wedding gift could uncover a need for additional cover and provide valuable peace of mind for clients during one of the most important milestones in their lives.
So, as wedding season gets underway, ask yourself: Have you had the conversation?
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Amy Wilson
Head of Insurance
