Latest updates in the current situation

In the current times of uncertainty within the market, we’re pleased to announce that we now have Desktop Valuation solutions for the majority of our products. Both our Heritage and Sovereign ranges now have valuation solutions, allowing applications to progress as normal.

We’re fully operational from KFI right through to completion, with face to face legal requirements having been adapted in line with the recent announcement from the Equity Release Council, allowing cases to progress to completion. And technological developments within our safe and secure online portal also allow for the streamlined business as usual submission of applications.

The new desktop valuation products for Heritage have been created to mirror the full range of existing products, affording 90% of normal LTVs on traditional construction properties valued between £100,000 and £750,000 (£1m if inside the M25), with consideration given to flats and properties in proximity to commercial premises (conditions apply).

Selected Sovereign products have also had new desktop valuation product versions created, offering 80% of standard LTVs on properties between £70,000 and £750,000 (£1m if within the M25), and as with Heritage, consideration will be given to properties in proximity to commercial premises (conditions apply). All other property requirements for the Sovereign range remain as per normal criteria.

We’re proud to remain supporting you as always with a proactive attitude and market-leading service standards. Our mantra of ‘service made possible through technology, made meaningful by people’ has really come into its own, with our online systems enabling business as usual, and our teams on hand as always to support with any queries.

Adviser Support Update

While the current situation has meant interacting with the wider sector has perhaps proved more challenging than normal, we’re nonetheless continuing to investigate ways to share our insight and knowledge with you in a similar way to our presence at roadshows. Financial Reporter are in the process of organising some virtual roadshow events – we’ll be participating in the first two events for North East and West Midlands-based advisers (April 23^rd and 13^th May respectively), with more to come. We’re similarly exploring some virtual options of our own for some upcoming events, so stay tuned for more information in the coming weeks.

We’ve continued working closely with the Equity Release Council to update and expand The Adviser Guide To Equity Release, ensuring that advisers entering the market have access to the necessary resources to make the most of its opportunities. It comes on the back of our attendance at the Equity Release Summit, including a breakout section hosted by our BDM for the North, Craig Faulkiner. It’s part of our wider commitment to help grow the market, and as a concrete release date begins to take shape both ourselves and the Council will be keeping you informed about its progress.

We’re also in the process of putting together our latest Quarterly Report, covering Q1 of this year with a view to going live in the next couple of weeks – in the meantime our previous editions can be accessed here. Additionally, we continue to publish our monthly Pure Insight series which focuses on key market trends and explores the factors behind the ongoing market developments – our editions to date can be found here.

Expanded Teams For Unprecedented Service

We’ve recently expanded our Intermediary Sales and Customer Account Servicing Teams, enabling us to offer unbroken and unprecedented levels of support and service to you and your clients from initial KFI and throughout the duration of the lifetime mortgage.

Our Sales team now has not only three field-based BDMs but also a trio of office-based Relationship Managers and three Telephone BDMs (with a fourth being added imminently). It means that whenever you need support or clarification, you have easy access to a member of the team to help answer your query, through whichever channel you prefer.

The growth of our Customer Account Servicing team caters for our increased customer contact, as a result of a portfolio which exceeded £1bn last spring and which has grown considerably since. The rapidly growing team enables first class support for our customers as they explore and investigate the features of their plans. In March the portfolio exceeded £2bn for the first time, highlighting the degree of trust the wider market has in our leading service standards.

In addition to our growing teams, our proactive attitude has seen us adapt well to the challenges currently being faced by us all, including movement to remote working for the majority of our staff. Our online portal allows us to continue processing applications through a safe and secure medium, ensuring the safety of our workforce while meeting the needs of our customers, and our team remains on hand to offer a personal service to advisers and customers alike. We’re here to support you as always through these very unusual times.