Welcome to Tandem Bank: challenging the specialist mortgage market
Although there was speculation that The Bank of England would hold rates due to volatile moves in the global financial market, with the failure of Silicone Valley Bank and the purchase by UBS of Credit Suisse, we saw The Bank of England increase the rate by 0.25% to 4.25%. This being the 11th consecutive rise.
Will this have an impact with the main lender rate? As we know, their rates are linked to swat rates which seems to have stabilised recently. Having said this, we know they do tend to fluctuate. Predications remain that the market will be smaller than last year.
We’ve also seen the unexpected rise in inflation, to an annual 10.4% for February, a rise from the 10.1% recorded in January.
The largest upward contributions to the monthly change in inflation came from restaurants, clothing, and particularly food where prices rose at their fastest rate year-on-year since 1977. With the ONS saying it expected inflation to fall to 2.9% by December, does this look ambitious?
Tandem
As you know, Tandem have recently launched with the network, so take a few minutes to listen to the podcast.
Market Harborough Building Society
MHBS is a specialist lender with considerable experience in placing your purchase and remortgage cases for both simple and complex client circumstances, including:
- Unusual properties
- Non-standard income
- HNW borrowers
- Multi-generation – up to four applicants/income
- Joint borrower, sole owner
- Expat
- Buy to let and holiday let
- Bridging finance
They lend between £200k and £5m and can provide bespoke solutions for those cases that fall outside their standard criteria.
Award-winning service
- Service sets them apart – they’ve just received a Feefo Gold Trusted Service Award for the second year running!
- Personal approach – they add the human touch necessary to ensure cases proceed from application to offer as quickly and smoothly as possible. Their Specialist BDMs and underwriters provide regular case updates and are available to answer any questions
- Cases individually assessed – they will look for solutions to the trickiest of cases
- Your online Case Hub – for efficient processing and tracking of cases
To find out more please visit www.mhbs.co.uk/intermediaries for more or call the team on 01858 412345.
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Anita White
Head of Lender Relationships
Book your place at our Later Life Lending Workshop on Wednesday 10th May
Our next Later Life Lending & Equity Release Workshop will be taking place on Wednesday 10th May and will feature presentations and interactive round tables, showcasing developments within the industry, along with marketing opportunities, offering attendees the chance to debate and exchange ideas.
This event provides the opportunity to get together with your colleagues in the industry, all of the providers and solicitors. If equity release is new to you, this workshop will also be a great start in your journey to hear more about the opportunities available in this specialist area. A networking lunch is provided, and advisers will earn CPD hours by attending. Registration is now open, so click below to secure your place now!
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Victoria Wilson
Head of Equity Release
Hi everyone and welcome to this month’s protection update.
Firstly, we would like to let you know that Vincent O’Connor has made a decision to scale back and going forward, will be focusing on a role which is solely protection related, moving on to pastures new with a provider. So we would like to take this opportunity to wish him all the best when he leaves the network in a few weeks’ time.
We would also like to let you know that Amanda Wilson will be picking up protection development going forward. There are so many opportunities coming up this year that we want to support you with, utilising your clients.
Discussing Income Protection with clients as an act of duty of care
Amanda’s First Protection Article 2023
There are so many opportunities coming up this year that we want to support you with, utilising your clients. For example, how often do you revisit existing customers? How many people’s circumstances have changed in the last four-five years? Mine have, yours have!
Income Protection is vastly under talked about, if you asked your clients if they want an income for the rest of their working life despite whatever happened to their health, what do you think they would say?
We also think mortgage to protection conversions are still a great area to increase sales, especially with Consumer Duty helping nudge this conversation along. My advice would be to take a step back for a second and think about your process. Think about how you introduce yourself to new customers. Do you proudly and confidently explain that you will help your customers buy their home but you also have a duty of care to make sure they don’t lose it should the worst happen?
Is that a change you could make?
Make a point every time, with every customer to explain the risk statement:
Your home (or property) may be repossessed if you do not keep up repayments on your mortgage.
Explain that is your duty of care to make sure they don’t lose their home. By signposting it early, it’s not going to be a surprise when you mention it later on.
In fact, mention it a few times. Plant some seeds. There is some interesting psychology here, because each time you mention something which is part of this journey, your customer has the opportunity to object. Do they want to be able to live in their home, bring up the kids without money worries, pay for treatment when they get a life-threatening condition and all the other things that money can provide?
Yes, they want that.
So, it’s about helping your clients to see it, the way you see it.
It is your objective is to make sure they have enough money in their pockets at the end of each month to put food on the table, keep the lights on and keep a roof over their head. If you don’t place emphasis on the importance of protection, why would your client? Put simply, your client will only ever be as interested in protection as you are.
If you skirt round the subject, if you suggest it’s optional, if you shy away from talking about it, if you show little interest in protection – well guess what, the client won’t be interested either!
If, however, you take the time out to explain the importance, to place sufficient emphasis on the need for protection, if you get passionate about protection – well guess what, so will the client!
People don’t get passionate about things they don’t believe in.
The client will listen to you and judge how necessary protection is for them based on how much emphasis you place on it.
So, how enthusiastic will you be about protection in 2023?
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Amanda Wilson
Company Director
Another record month for PMI sales
Happy Friday!
Well done to all our PMI brokers, we have had another record month in PMI sales.
We are very excited to welcome Pukhraj to the PMI team. He will be supporting you all, as well as new advisers who are training to sell PMI. He will be in touch in the next few months to introduce himself.
Please see below content from our provider partners, and just let us know if there is anything you would like to see in the next few months.
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Amy Wilson
Head of General Insurance (PMI and GI)
New launches from Unisure and Paymentshield announced
This month we have seen the Uinsure CX launch, which allows you to automate GI and give your customers the ability to choose when they buy, at their convenience, through digital communications sent at key moments in the mortgage journey via SMS, email and QR codes. You will receive real-time tracking of case status and complete transparency via Uinsure’s Dashboard. Please email me if you would like to be included in the initial group of advisers to integrate into your journey.
As well as this, Paymentshield have now launched their new quote journey, making it easier to offer a fully protected home to your client.
What’s new?
- Removal of questions with minimal impact on price and quotability
- Fewer pieces of information needed to get a price for your clients
- Removal of questions that are hard for clients to answer
Paymentshield’s latest video goes into more detail about the exciting changes and can be viewed here. It is an exciting time in the GI space with providers working hard to ensure we as advisers are doing everything we can for our customers. As always if you want to chat to me about anything, please drop me a call or email me.
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Amy Wilson
Head of General Insurance (PMI and GI)
GOTO Group launch new initiative for clients
Hi everyone and welcome to this month’s Conveyancing update.
Goto Group have been in touch to launch a new initiative where your clients can sell their property with zero estate agency fees…
This unique reservation fee is already being used by 3 of the top 10 largest estate agents and you can now benefit by offering this to your clients. And, it could earn you up to £500.
Click on the thumbnail below to download sales aid.
To find out more, please take a look at the sales aid below:
But in the meantime, if you would like to follow up with Phoebe, please get in touch as she would be delighted to talk to you:
Phoebe Haywood
New Business Manager
Phone: 07464 546693
Telephone: 01844 873300
Website: https://www.gotogroup.co.uk/
