Mortgage Insight Podcast: Nationwide – Green Additional Borrowing Range Including Q&A
Don’t forget to listen to my latest podcast with Nationwide on their new Green Additional Products. In this months podcast, me and Simon Cradock, Corporate Relationship Manager answer top questions around the new product range, and discuss this product in more depth.
The only way I feel to summaries the mortgage industry at present…..it’s certain there’s going to be uncertainty.
The only way I feel to summaries the mortgage industry at present…..it’s certain there’s going to be uncertainty
We’ve seen the base rate increase to 5%, which for some was a higher increase than expected. There appears to be little hope of any reduction in the near future with further rumours rife that there could be a more increase coming, with the rate hitting maybe 6% or more. As we know, it’s in the hands of the inflation rate dropping. We wait with baited breath to see how this performs.
With all the turmoil in the market, the Chancellor met with lenders last week and agreed to a new mortgage charter providing support to residential mortgages with lenders representing 85% of the residential market having signed up..
These are:
- Anyone worried about their mortgage repayments can call their lender for information and support, without any impact on their credit score and we would encourage you to contact your bank who are there to help.
- Customers won’t be forced to have their homes repossessed within 12 months from their first missed payment.
- Customers approaching the end of a fixed rate deal will be offered the chance to lock in a deal up to six months ahead. They will also be able to apply for a better deal right up until their new term starts, if one is available.
- A new agreement between lenders, the FCA and the government permitting customers to switch to an interest-only mortgage for six months, or extend their mortgage term to reduce their monthly payments and switch back to their original term within the first six months, if they choose to. Both options can be taken without a new affordability check or affecting their credit score.
- Support for customers who are up-to-date with payments to switch to a new mortgage deal at the end of their existing fixed rate deal without another affordability check.
- Providing well-timed information to help customers plan ahead should their current rate be due to end.
- Offer tailored support for anyone struggling and deploy highly trained staff to help customers. This could mean extending their term to reduce their payments, offering a switch to interest only payments, but also a range of other options like a temporary payment deferral or part interest-part repayment. The right option will depend on the customer’s circumstances.
Source: Kensington Mortgages
Full details of above, click here https://www.gov.uk/government/publications/mortgage-charter
Just to reiterate, as products and rates are being withdrawn in some cases with only hours notice, make sure
- You check the rate and product is still available on the lender website
- Ensure the case is packaged correctly with the relevant documents
- Submit to lender as soon as possible
- Make sure you managed clients expectations
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Anita White
Head of Lender Relationships
Remind your customers of the benefits of a lifetime mortgage and what it can do to help during the Summer months
June we have started to see a rise in new business across the board in the Lifetime mortgage space. With more favourable loan to values coming in and a relax on criteria, the second half of the year is going to be a reflection in the injection of positive action.
Now is a great time to remind your customers of the benefits of lifetime mortgage and what it can do to help during the summer months. If you need any assistance on marketing, please visit the marketing suite on the adviser site or lean upon our very supportive providers. Pure offer FREE printing marketing for all TRM equity release advisers, this includes leaflets, posters etc! They will also put together online marketing packs for you and create videos for your social media or websites. More2Life and Air also offer full marketing suites free to access along with marketing consultation to help build your brand.
If you are not authorised but would like to grow in this product area, please speak with me about getting to know your nearest specialist or getting authorised yourself!
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Victoria Wilson
Head of Equity Release
Have a look at the protection news and all of the products we have for you to use
Income replacement, to keep the premiums low do a mortgage plan/ASU plan and a 12-month deferred IP product, get quotes, use all the sales aids available from insurers.
How many of the old sales ideas have got lost over the years, its time to look at why your clients need to be spoken to about income replacement? Oh yes all of them. After all, when your client is in bed poorly and there’s no money the rest of the family will be out working and they can’t afford sky! (As pointed out by Sebastian at LV=).
You’ve protected the family’s income when the client is alive and ill what about when the client dies? Do you even know what family income benefit (FIB) is? Do a quote and have a look at the price difference of a lump sum life cover and a FIB policy is and then call your BDM at the insurance co to explain it.
The time is ripe for talking about protection with the cost-of-living conversations going on, mortgage brokers have the perfect opportunity to revisit client protection portfolios when you’re doing a product transfer or remortgage. After all, how many people’s circumstances have changed?
Are you having trouble with the demands and needs reasons, most providers have a paragraph you can copy and paste to justify their company, The Right Mortgage and Protection network trust your advice and understand suitable bespoke advice for the client is the best, we just want it documented.
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Amanda Wilson
Company Director
According to the Telegraph, nearly half a million people took out Private Medical Insurance in 2022, as the NHS crisis deepens
Bupa, Aviva and Vitality, the three largest UK health insurance providers collectively added 480,000 new customers in 2022.
Thirty-six thousand junior doctors out of 75,000 are going to strike on the 13th July 2023 to the 18th July 2023, as confirmed in the Guardian. However, even though they may be striking, they are still able to continue with any private related work.
This presents a great opportunity to speak to your clients, who are not only concerned about the funding of the NHS, but also concerned about the current strike actions taking place this month. Further suggested strikes are being suggested later this year, with the possibility of going into 2024. These disturbances can lead to planned appointments being rescheduled and treatment waiting times being extended.
If this is not your field, but your clients are interested in taking out private medical insurance or you would like your customers to have it. Please speak to our PMI referral team. Our referral team are more than happy to support you and your client.
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Bipin Sandhu
PMI Supervision & Development Manager
Sit back, grab a cuppa and catch up on these latest articles
Catch up on this months latest articles. In this months GI update, we have the following news from Higos, LV and Paymentshield.
In this months update, Higos discusses why social clubs need public liability insurance, and the different types of product social club clients should consider. LV SmartQuote is a new and innovative piece of tech for to boost your business, now available to you, providing a streamlined home insurance quote and application process. Paymentshield has conducted recent surveys on customer value towards financial advice, and how your clients maybe seeking more financial advice during turbulent times.
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Amy Wilson
Head of General Insurance (PMI and GI)
