Canada Life enhance their Capital Select Options range
Canada Life has enhanced their Capital Select Options range by introducing Capital Select Platinum Plus, offering homeowners aged 60+ the chance to tap into more of their property’s wealth.
Platinum Plus offers a 6 percent higher loan to value (LTV) rate than the existing Platinum product, starting at 34% for those aged 60. The higher LTV rate means a customer with a £500,000 property could unlock up to an extra £30,000 from their home.
Canada Life’s Capital Select Options range allows customers to borrow up to £1 million against their property and make payments from as little as £50 to a maximum of 10 percent of the initial loan amount each year without incurring an early repayment charge (ERC). Payments can be made as frequently as customers wish, offering additional flexibility and peace of mind.
Additionally, Canada Life has waived the completion fees on all Capital Select Options until 21st June. To take advantage of the £0 completion fee, advisers need to generate a KFI on, or before, 21st June 2019.
Alice Watson, head of marketing and communications at Canada Life Home Finance, said:
“At Canada Life, we’re committed to offering customers more flexibility in the home finance market. Our popular Capital Select Options range offers homeowners the chance to tap into their property value, while retaining the flexibility to pay back some of the loan without incurring early repayment charges if they wish to reduce the impact of interest roll-up.
“The addition of the Platinum Plus product, alongside waiving the completion fee on our Capital Select Options range, gives homeowners aged 55 and over the flexibility and freedom to enjoy more of the wealth built up in their property. With a higher LTV than our other products, Platinum Plus allows homeowners to draw on more of their wealth – whether that goes towards topping up their retirement income, or helping them to clear an outstanding interest-only mortgage.”
The Capital Select Platinum Plus product, which is an interest roll-up lifetime mortgage, has a monthly interest rate (MER) of 6.46% and an annualised interest rate (AER) of 6.65%.
Canada Life Lifetime Mortgage products come with an optional Inheritance Guarantee and have a no negative equity guarantee. There is no penalty in the event that the repayment facility is not used.
Viva Retirement Solutions
Viva Retirement Solutions are proud to have been shortlisted at the recent Mortgage Strategy Awards and the upcoming Investment Life and Pension Awards.
Added to this great news Paul Saroya has also been shortlisted for the British Mortgage Awards Equity Release Adviser of the Year!
LV=
Helping you help your clients to stay in good health
Knowing what really matters to clients and how to support them as a financial adviser is a big challenge. As providers we have a significant role to play in helping advisers help their clients – giving them the confidence they’ve recommended the right product and service.
Value-added services are becoming an increasingly prominent feature in most retirement and protection products, but LV= Equity Release is leading the way by offering LV= Doctor Services to customers who have taken out a lifetime mortgage.
Here at LV= we recently made further enhancements to LV= Doctor Services to give your clients in later life greater access to reliable medical support. The new improvements include Remote Physiotherapy, Remote Psychological Services and Discounted Health MOTs.
This is in complement to the Second Opinion, Remote GP and Prescription Services, which have been available when LV= Doctor Services first launched.
By further investing in this value-added benefit, LV= is giving advisers the opportunity to provide customers with more than just ‘financial advice’. What’s more, this is enabling intermediaries to differentiate their advice and recommendations, demonstrating they appreciate the emotional needs of clients.
LV= offers Doctor Services in partnership with Square Health, guaranteeing that clients will have access to real experts.*
So here’s what is included in LV= Doctor Services:
- Remote Physiotherapy – access to five free remote sessions (per year) with a trained UK physiotherapist
- Remote Psychological Services – access to five free sessions of mental health support (per year) including counselling and CBT
- Discounted Health MOTs – 25% off a choice of three different health MOTs. The health MOT will check their overall health and will help identify areas for improvement
- Second Opinion Service – check a diagnosis and get advice on the treatment options available with a UK doctor
- Remote GP – speak to a UK doctor to talk through any health or medical concerns by video or phone consultation
- Prescription Services – your client can get a private prescription without the need to visit the local GP
LV= Equity Release is offering LV= Doctor Services as a non-contractual benefit with both Flexible Lifetime Mortgage and Lifetime Mortgage Lump Sum+ products.
How does it work?
Clients can get expert medical advice and treatment that’s quick, easy and free to access. They’ll be able to choose their appointment at a time and place which works around their lifestyle without being put on a waiting list. All they need to do is download the app to their smartphone and they will be able to choose support from a network of UK doctors or healthcare professionals. LV= Doctor Services is available to all new and existing policy holders.
You can find out more about the new services on the LV.com/Doctor-Services.
*LV= Doctor Services is provided by Square Health Limited. This service is not regulated by the Financial Conduct Authority or the Prudential Regulation Authority. This service is a non-contractual benefit and can be changed or removed at any time.
East Devon Law LLP
ERC Lawyer wins Prestigious Legal Award
Ian Hunt, Managing Partner at Devon law firm, East Devon Law LLP, has been recognised for his expertise in Private Client Law by the Devon & Somerset Law Society(DASLS) Legal Awards held on 4th April, when he was awarded the societies inaugural Chartered Legal Executive of the Year Award.
The DASLS 2019 Legal Awards were held at the stunning Exeter Cathedral with five hundred attendees from the Legal profession across the South West, seated in the historic nave of the Cathedral for the Societies Annual Legal Awards and Dinner. The category of Chartered Legal Executive of the Year was a new one to the Society and was hotly contested with 9 finalists selected from a large field of entries, to recognise excellence in all fields of work across the legal profession in the South West. The shortlisted nominees and winners came from a range of environments from Large law firms to high street practices. East Devon Law is a small bouitique Law Firm run by Ian, who is a member of the Equity Release Council. East Devon Law has also been shortlisted for Small Law Firm of the Year 2019, with Ian being shortlisted for two further awards in Leadership and advancing the Legal profession at the CILEx National awards to be held in London later this year.
Pure Retirement
2019 continues to an exciting period here at Pure Retirement, as we continue building on a strong Q1 to develop and provide solutions for customers.
Our biggest story of Q2 has been the launch of our Heritage range, our new suite aimed at providing customers with the flexibility to enjoy their retirement without having to worry about it being affected by a change of circumstances. Open to those aged 60 and above on single life plans and those 75 and over on joint life plans, the Heritage range accepts properties valued at £70,000 and above (or £100,000 and above if ex-council or ex-MOD) with no maximum value cap. Additionally, Heritage offers ERC-free partial repayments across all of its products, allowing up to six payments per twelve months and allowing up to 10% of the advance to be paid over the same period. In addition, Heritage follows last year’s Sovereign range in offering ERC-free full repayment of joint plans within three years of one borrower passing away or entering into long-term care.
We’ve continued to expand our marketing toolkit with the addition of a new quarterly report. Aimed at providing advisers with a summary of the news cycle of the previous three months, the report covers customer demographics and behavioural trends, as well as underlying wider market trends. The Q1 edition is already available, with the Q2’s update to be added imminently. The report joins our ever-popular traditional marketing toolkit options and last year’s digital element, which dovetailed document-based guidance with practical assistance from our web team in the form of bespoke HTML e-mail builds.
In addition to our new adviser reports, we’ve also continued our commitment to support the wider market by resuming our ever-popular roadshows and webinars. The former have taken place in Leeds, Exeter and Peterborough, and a trio of the latter – a Heritage explainer video, a guide to streamlining the surveying process with e.surv’s Caroline Ouseley, and our Head Of Operations Andrew Clare sharing insight on great service – will be added to our site in the next few weeks. They follow on from our successful autumn editions, and we look forward to continue providing materials to help advisers make the most of the growing market as the year progresses.
We’ve recently launched our dedicated careers site, offering a one-stop resource for those wanting to find out about the company, our values, our benefits and all of our current vacancies as we continue to grow. It follows on from last year’s comprehensive web refresh and online portal overhaul, as our web team continue to ensure all of our user interfaces remain intuitive and easily navigable information sources.
We’ve long believed in the importance of offering market-leading customer service, but we also believe in celebrating those organisations outside of our own four walls that similarly offer great service standards. That’s why we’ve launched our Celebrating Super Service campaign – head over to our dedicated web page to see what makes us special, some of our staff’s story submissions, and the chance to send in your own and enter our prize draw.
Finally, we’re grateful for everyone’s ongoing support at the recent Financial Reporter Awards. It truly means a lot to have come away with Best Later Life Lender and for our BDM or the North, Craig Faulkiner, to win BDM Of The Year.
KR Group
The second quarter of the year has been busy with building moves at our head office in Preston which now means that group functions as well as our head office based brands each have a dedicated building to suit their needs.
The Group also became a proud patron to The Boathouse Youth, a Blackpool-base children’s charity designed to provide positive recreational and educational support in one of the most deprived areas in the country.
more 2 life
In conjunction with the London Institute of Banking and Finance the more 2 life hosted five national events which brought together leaders in the later life lending arena to discuss the future of qualifications for advisers who operate in this area.
In March, more 2 life launched an SMS booking system with E-Surv which enables customers to book their valuation appointments quickly and easily.
more 2 life has achieved two significant industry awards already this year, picking up the Money Age ‘Best Later Life Lender’ and Mortgage Strategy ‘Best Equity Release/Lifetime Lender’ accolades. We were also delighted at this year’s Financial Reporter Awards when Derrick Singleton, Executive Underwriter at more 2 life won ‘Underwriter of the Year’.
The brand also launched the Capital Choice Lite plan, offering customers the lowest monthly interest rates within the Capital Choice range of drawdown and lump sum plans.
Key Partnerships
Key Partnerships has also signed an exclusive deal with Saffron Building Society. The agreement provides the society’s existing and new customers with the opportunity to access equity release specialists.
Key
Key released its quarterly Market Monitor, which highlighted the growth in people releasing equity to clear unsecured debts and mortgages to strengthen their later life finances.
The brand also continued to bolster its team with appointments across the board with growth in the Corporate Business Development Team, Estate Planning Team and the appointment of a new Head of Sales at Key Direct.
