Latest Member News, Awards and Innovations
Viva Retirement Solutions
Viva were voted as “Highly Commended” at the recent MoneyFacts Investment, Life and Pensions Awards Evening in September.
They also joined The Council stand and presented in the Later Life Lending Theatre at MBE London last week.
Ferret Information Systems
Next April, the support for mortgage interest within means tested benefits changes from being part of the benefit to a loan. This has big implications for traditional mortgage lenders but especially for Equity Release schemes. There are a number of issues, both financial and practical, which should be considered by providers and advisers. Some of these will cause difficulties but others may offer new opportunities. Ferret are holding a number of half-day seminars, around the country, for advisers and in London for lenders. The sessions may also interest others, such as lawyers. We’re also offering these as in-house sessions. They’re based around an introductory session setting down the new scheme and its implications for borrowers and lenders followed by a discussion. The agenda includes:
- How the scheme will operate
- Modelling the effects
- Interest rate
- Payments to lenders
- The impact on Equity Release
- Loan repayment
- The options around the second charge
- The definition of Qualifying Lenders
- Client concerns
The cost, including lunch and notes, will be £85 for adviser sessions and £110 for providers (+ VAT). Email [email protected]
Ferret is pleased to announce that they’re one of the two finalists in the Technology Provider of the Year in the Pensions Insight DC Awards. Winner to be announced in November.
LV= strengthens their Equity Release offering
Exciting things are happening to the LV= Equity Release proposition with the addition of two new features to the Lump Sum Plus lifetime mortgage, giving customers more flexibility than ever before.
Currently, customers can already benefit from the flexibility of no early repayment charges after ten years, or if the mortgage is repaid within three years of the first of a couple either dying or going into long term care. LV= also has fixed early redemption charges to make the product as simple and clear as possible.
From the 25th September, all new equity release customers have, from year 2 of the mortgage onwards, the option to make repayments of up to 10% of the original loan amount each year without being subject to early repayment charges. This is particularly useful for those customers who wish to repay some of the outstanding balance on their lifetime mortgage and reduce the impact of the lifetime mortgage on the value of their estate.
In addition to this, customers now have a downsize protection option*. If a customer wishes to fully repay their lifetime mortgage following a move to sheltered accommodation and their mortgage has been running for 5 years or more, no early repayment charges will apply. Equally, if a customer tries to port their lifetime mortgage to a property that does not meet their lending criteria, 5 years or more after the date of the original loan, and the client fully repays their lifetime mortgage, no early repayment charges will apply.
With people spending longer in retirement, their circumstances over time are likely to change. LV= want to equip their customers with the flexibility to suit their situation. Releasing money tied up in a home can provide customers with the crucial financial support that they may need in retirement. They’re committed to making their products as flexible and transparent as possible to help their customers ensure they can live comfortably in retirement. Add this to their recently improved underwriting criteria, their brand strength and people and LV= have a compelling proposition.
The LV= team of equity release specialists can assist with product information, details of their lending criteria and can also produce equity release quotations for you. They are also happy to discuss individual cases with you to see if they can find a solution for you and your clients.
Please contact the LV= expert sales team, if you would like to find out more or discuss any potential cases. T: 0800 028 8974 E: [email protected]
Retirement Advantage launches fees-free 3% cashback product, plus limited time-only bespoke underwriting
Retirment Advantage are thrilled to have introduced Lifestyle Platinum (Cashback). This product offers cashback of 3% of the initial loan amount (no cap, and no minimum loan requirement), a £0 completion fee, no valuation fee, LTVs of up to 52% and fixed ERCs in place for the first 8 years of the initial advance or additional borrowing withdrawal. You can find out more here: www.retirementadvantage.com/adviser
They have also introduced more flexibility to their main residence underwriting criteria. Until 31st December 2017, their Underwriters will be able to review applications more flexibly, on a case by case basis.
Where it sits outside of their current lending criteria, they will be able to consider the following on a case by case basis:
- Flat roofs (over 45%)
- Ex-local authority flats
- Leasehold houses
- Properties adjacent to commercial property
- Flats over 6 storeys, with a lift
- Listed properties
This bespoke underwriting will be available on the following products: Lifestyle Gold Plus, Lifestyle Platinum, Interest Select Gold, Interest Select Platinum, Voluntary Select Gold and Voluntary Select Platinum
These changes follow on from the launch of their innovative new product ranges, their Landlord Options and Second Home Options, as they strive to help more and more over 55s to realise the untapped potential wealth in their properties.
You have direct access to their underwriters, so if you’ve got any questions about the suitability of a property, or want to talk through a bespoke case, give them a call on 0800 068 0212 or email [email protected].
Bower Retirement are overwhelmed to have won yet another award this year. On 21st September 2017 we attended the Investment Life & Pensions Money facts Awards winning Equity Release Adviser of the year. They are so thrilled to have been recognised for such an award, which was judged on the quality of the testimonials received rather than the quantity. This demonstrates to them how highly their customers, partners and providers value the work they do. Bower would like to say a big thank you to all of those who supported them as it’s the level of service they offer to ther customers that makes Bower who they are. It’s winning awards such as this that motivates them to continue to set the bar high and to deliver an even better service.
They are also delighted to announce that have been shortlisted for Best Equity Release Adviser in the Personal Finance Awards 2017/18 with winners announced later this year in November. Another prestigious award that they are honoured to have been nominated for.
Bower would also like to extend a warm welcome to the Equity Release Council’s incoming Chairman, David Burrowes. There is no doubt that David will bring a wealth of experience gained form his 12 year parliamentary career and they look forward to him representing the equity release sector from December.
Pure’s new and improved broker portal has now been launched with features including online application, case tracking facility, easier access to their bespoke marketing toolkit and a learning zone with educational webinars and resources on the current ER market.
Their Back to School webinar series for advisers new to the market or considering entry has received great feedback so far, and is running until the end of November if you’re interested in tuning in. Live webinars take place on Tuesdays at 10am until November 21st, with expert guest speakers and CPD accreditation, and if you’ve missed any sessions so far, they are available in the learning zone of their new broker portal.
October’s edition of Lifetime Mortgage Insight Magazine is now available from The Premier Equity Release Club and sponsored by Pure Retirement. Containing articles and Information from the Equity Release Council alongside a host of ER providers and specialists, it’s a really useful knowledge bank with information on the ever-changing market.
Pure are delighted to be named Equity Release Lender of the Year at this month’s MoneyAge Awards as well as being shortlisted for Best Lifetime Mortgage Provider and Best Provider for Adviser Support at this year’s upcoming Equity Release Awards. Head of Business Development, Chris Flowers is also a finalist for the Best BDM award, so a big thanks to all who have voted for them and all your ongoing support.
And finally, limited places are still available at Manchester Autumn Roadshow on October 26th, with speakers including specialist ER solicitors, award-winning advisers sharing their success story, updates on the changing ER market and professional sales and marketing advice. So get in touch if you would like to come along.