Mortgage Guarantee Scheme has been extended until the end of June 2025
As part of their Autumn Statement, the government announced that the 95% Mortgage Guarantee Scheme has been extended until the end of June 2025.
In the full Autumn Statement document, the government announced that it “will extend the scheme for an additional 18 months until the end of June 2025 to continue helping prospective borrowers with smaller deposits buy a home”.
The scheme allows both first-time buyers and current homeowners to purchase properties up to £600,000 with a 5% deposit. It can be used for mortgages on both new build and existing homes by first-time buyers, home movers and those remortgaging. What’s more, with many lenders reducing their interest rates, what a great opportunity for you to contact your clients.
In other news, don’t forget our “Opportunities in a changing marketplace” webinar
Join Aidan McCarthy, Harpenden Building Society and Bath Building Society on Wednesday 29th November, between 10:30am and 11:30am for our Opportunities in a Changing Marketplace Webinar.
What’s on the agenda?
- Discover the opportunities and challenges going forwards;
- Find out how Harpenden Building Society and Bath Building Society can support you and your customers in this changing mortgage market.
Join us:
Date: Wednesday 29th November
Time: 10:30am – 11:30am
Location: Zoom
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Anita White
Head of Lender Relationships
Later Life Lending annual Conference & Winter Masquerade Ball: Final countdown!
There is less than a week left and the team have been busy organising the Later Life Lending Annual Conference & Winter Masquerade Ball.
The full-day event is taking place on Thursday 30th November at Hogarths Hotel in Solihull and will include a series of Conference sessions focused on the later life market, the opportunities that exist and how best to access clients, lead generation, products, technology and much more.
Beginning with a welcome breakfast, the Conference will include a key note address from Martin Wilson, CEO of The Right Mortgage, as well as a compliance update with Ben Allen, Compliance Director, plus a number of roundtable sessions throughout the day. A range of later life lending providers, solicitors and technology companies will be attending, exhibiting and sponsoring the day including: Air Club, Aviva, Barton Law, Equilaw, Legal & General, LV=, More2Life, Pure Retirement, Responsible Lending and Standard Life Home Finance.
Following the Conference, attendees are invited to attend The Later Life Lending Network’s end of year celebration and awards ceremony, which this year has the theme of a Winter Masquerade Ball.
The evening event will include a drinks reception, dinner and awards to celebrate the top performing firms in the network, plus music, magicians and dancing.
The count down is very much on!
Please get in touch on 01564 732 744 if you would like to find out more.
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Victoria Clark
Head of Equity Release
Exciting news: Workshops, co-workers and Wiltshire Friendly!
There are so many exciting things coming together in the world of protection at the moment. The Right Mortgage and Protection Network are very pleased to announce the news that Tom Fish is going to be working with us to support you in protection. In the coming months, we will be holding workshops both via internet and face to face to help increase your knowledge in the area but also to show you the hard work that has been happening behind the scenes on our business protection processes and products, including a new provider! Click through to find out more.
We are proud to introduce a new member to our panel!
Wiltshire Friendly
Your specialist income protection provider
Join TRM’s Aiden McCarthy and Phil Nash from UnderwriteMe for the podcast discussing:
Online claims process’s getting better
As digital technology continues to advance, it is reassuring to see all our insurance providers adapting to make the lives of their policyholders easier, ensuring they can access the support they need quickly and efficiently, during their times of need.
In an era marked by digital transformation, insurance companies are rapidly adapting to evolving needs and expectations of their customers.
Did you know Vitality, has introduced a new online claims process? This platform now simplifies the claims process but also enhances transparency, accessibility, and customer experience. The Key Features of Vitality’s Online Claims Process;
- Speed and efficiency – Vitality’s online claims process reduces the time required to log and assess the claim and allows claims to be approved within 48hrs of submission. This is especially effective, when using the online Virtual GP app for consultations, which could then lead to referrals for further investigations. The system works in real time; therefore, it allows clients to stay informed throughout their claims journey.
- User friendly interface – The platform is built to provide ease of use. Clients can navigate through the claims process, without complication.
- 24/7 Accessibility – The online platform is available 24/7, giving policyholders the flexibility to submit a claim whenever it is convenient for them.
- Secure and confidential – The online platform employs robust encryption and data protection measures to ensure that policyholder information remains confidential and secure.
How are you letting your clients know about these services? To make sure that they are taking advantage of these new improvements. Utilise these claims success stories to promote private medical insurance.
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Bipin Sandhu
PMI Supervision & Development Manager
General thoughts on general insurance
The Financial Lives Survey results released by the FCA reveal some interesting thoughts. They state “In the six months to January 2023, 3.6 million UK adults cancelled at least one general insurance or protection policy – specifically due to the rising cost of living.”
In January 2023 the data shows 13% of adults (nearly 1 in 8) who held an insurance or protection policy in May 2022 had cancelled at least one of their policies or reduced the level of cover specifically to save money due to the cost of living. The report states of those who cancelled a policy in the six months to January 2023 “The most-commonly cancelled general insurance policies were mobile phone insurance (27%), pet insurance (25%), gadget insurance (21%) and extended warranty (20%).”
Does this highlight a sea change in the way people are viewing the importance of insurance? We hope not.
In the same report, the FCA investigate how communication is a key factor in consumers making informed and timely decisions. The report states “Just over half (51%) of adults said they did not receive any communication in the 12 months to May 2022 to help them make a decision.”
The report does not tie the two figures together, but I do wonder if half of those 1 in 8 had received some good communication, would the numbers look a little different?
The Network can help keep your customers in the loop by either setting reminders for you from The Key, or just simply using the newsletter.
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Amy Wilson
Head of General Insurance (PMI and GI)
