Category: Mortgage

Network and mortgage club Mortgage Intelligence has selected Mortgage Brain’s Criteria Hub as its preferred criteria based sourcing solution for its appointed representatives (ARs) and directly authorised (DA) members.

Criteria Hub uses technology to help advisers quickly and efficiently match the needs of the consumer with those of the lenders.

As part of the agreement, network and mortgage club advisers will now be able to use Criteria Hub alongside Mortgage Brain’s online and offline sourcing systems, and The Key, its point-of-sale and CRM system, as part of a complete, end-to-end mortgage sourcing solution.

Sally Laker, managing director at Mortgage Intelligence, said: “We’ve had a really strong relationship with Mortgage Brain over a number of years and this new addition to its proposition demonstrates its understanding and vision in the mortgage advice market.

“Like us, Mortgage Brain is committed to driving forward technology initiatives and solutions that deliver business benefits that make a real difference to mortgage advisers, lenders and customers alike.

“With the addition of Criteria Hub, our appointed representatives and directly authorised members now have access to a complete and in-depth mortgage sourcing proposition and can offer their customers a more integrated, end-to-end mortgage advice process.”

Network, Mortgage Intelligence and club, Next Intelligence, has added The Mortgage Lender to its panel.

The appointment gives more than 400 network advisers and all mortgage club members access to The Mortgage Lender’s residential and buy-to-let products.

Sally Laker, Bournemouth-based Mortgage Intelligence managing director, said: “We’ve seen what The Mortgage Lender is offering in the market and wanted to be able to access their products.

 “We’re delighted to confirm our partnership and excited about real life lending and how it will help our advisers and their customers.”

Peter Beaumont (pictured), The Mortgage Lender deputy chief executive, added: “Mortgage Intelligence is one of the best know names in the industry and an important distribution partner for The Mortgage Lender.

“We are looking forward to working in partnership to help more borrowers with real life lending requirements live in the home they want to.”

M&S Bank has appointed Mortgage Intelligence to its list of mortgage intermediary partners.

This follows a number of new mortgage broker appointments last year and marks the start of an ongoing growth plan for M&S Bank’s intermediary network throughout 2019.

Paul Stokes, head of products at M&S Bank, said: “We offer a complete range of mortgage solutions with some additional specific solutions to help first time buyers realise their dream of home ownership as well as supporting families who want to help their loved ones take their first step onto the property ladder.

“The appointment of Mortgage Intelligence is another milestone for our growing intermediary channel, enabling even more customers to get the M&S-standard they have come to know and expect from the brand, when they make the most important purchase they’ll ever make – their home.”

Sally Laker, managing director of Mortgage Intelligence, added: “2019 promises to be an innovative year for M&S Bank so naturally we are delighted to be adding them to our growing lender panel.

“It’s great to see such a recognisable and well-respected brand making first time buyers a cornerstone of its proposition, and I have no doubt that network embers will find M&S Bank a valuable addition.”

M&S Bank launched its first mortgage range last year, offering a number of fixed and tracker options available to home movers and customers looking to remortgage. It offers a first-time buyer range from 95% loan-to-value, and a 35-year maximum term, a free valuation and £1,000 cashback.

The bank is working in partnership with Shelter, the housing and homeless charity. As part of this, it will donate £25 to Shelter for every M&S Bank mortgage purchased across both its direct and broker channels.

Business Assurance is a vital part of your business and improving case quality can be very beneficial. Business Assurance Supervisor at Mortgage Intelligence, Sam Clowsey, has started off 2019 by sharing his top five tips to improve your case quality.

1. Note down anything useful

Make notes on anything that is considered pertinent to the case. Commenting on criteria or customer circumstance is particularly useful to an assessor.

2. Ensure everything is up to date

Where there has been a delay in submission, request up to date bank statements and payslips.

3. Inspect bank statements

Inspect bank statements to identify additional current accounts and financial commitments. All active credit must be recorded in the fact find or commented on if recently cleared.

4. Explain why your recommendation is suitable

Ensure the justification in the Reason Why Letter clearly explains why a recommendation is suitable to a customer’s requirements. High level or generic explanations are not considered appropriate.

5. Check the documents

Check documents to ensure that they have been copied in full. New copies will be required where parts of passports or payslips are ‘cut off’. Bank statements should be consecutive and where applicable, both sides of the document must be scanned.

To become a member of our award-winning network or club contact us today on 0345 130 7446.

Together has partnered with the mortgage network, Mortgage Intelligence, to offer its products to members.

Mortgage Intelligence will make Together’s range of buy-to-let and first charge residential products available to both network and club advisers.

John Truswell, head of national accounts at Together, said: “We’re delighted to be widening our distribution to Mortgage Intelligence’s members, so that even more advisers have access to our specialist offering.

“We’re looking forward to forging strong partnerships with their members, to help their customers, who may have unusual or complicated cases, access the funding they need.

“As a business that has been established for 44 years, we have a wealth of knowledge about the market. We use a common-sense approach to our lending decisions, and take into account the individual circumstances of each borrower.”

Mortgage Intelligence members will now have access to Together’s online portal, My Broker Venue, where they can submit cases and receive a full, instant, decision-in-principle. There is also personal support on hand at all times from the lender’s team of experts.

Sally Laker, managing director of Mortgage Intelligence, said: “We are delighted to have Together on board and we are excited to be able to offer their products and specialist criteria to our brokers and their clients.

“We’re always looking to grow our comprehensive list of panel lenders and ensure our mortgage proposition is reflective the changing needs of customers and the market in general.

“Together have expertise in areas that our brokers will really appreciate and we’re really looking forward to working closely with them.”

Together can assist in cases ranging from mortgages for self-employed customers, or those with complex income streams, those wanting to borrow on an unusual property or with adverse credit.

Many intermediaries aren’t aware of the positive impact that working with a master broker can have and how it may benefit their business. Our Product Development Manager, Nathan Reilly, explains what exactly is a master broker?

Mortgage advisers are experts in what they do, but in an increasingly complex and time consuming market, it can be difficult to provide a high level of expertise across all areas of finance. When a client visits a broker with a funding requirement which is outside the normal environment is when working with a master broker can be beneficial.

They can often have experience in helping customers with more complex borrowing requirements, maybe someone is looking to explore what commercial property has to offer or considering a big refurbishment project, these are just a couple of areas that the everyday adviser may not regularly come across.

Working with a master broker and their range of expertise enables brokers to retain their clients and extend their relationship with them, whilst ensuring the client receives appropriate advice and the solution that best meets their needs.

Faster processing times

Depending on whether the Master Broker is taking responsibility for the advice or packaging the case, there are a number of different ways that they can support the application process. From completing the fact find to collating documentation, all of these services can often give advisers the additional time to concentrate on their day to day business.

New relationships with lenders

Another area where Master Brokers can add real value to advisers is lender access. Some lenders may make the conscious decision to only deal via Master Brokers or potentially restrict product access to certain partners. Exploring a Master Broker route to see whether a more appropriate solution for the client’s needs is always a good exercise.

This is purely just a flavour of how a Master Broker could positively impact your business, and there are simply too many examples to cover in a short blog post!

Here at MI we aim to provide the highest level of service to our members. For details on how to become a member of our fantastic mortgage network or club, call 0345 130 7446.

Mortgage Intelligence has selected general insurance provider Berkeley Alexander to offer its services to its network members.

The deal will give the network’s ARs access to a broader range of general insurance products and a new introduction service on standard, non-standard and commercial policies.

Berkeley Alexander will join forces with Paymentshield to work closely with Mortgage Intelligence to ensure a seamless general insurance proposition for the network’s advisers. This will provide cover for standard risks and non-standard household insurance, landlord buy-to-let and commercial risks.

Sally Laker, managing director, Mortgage Intelligence, said: “Berkeley Alexander have access to an impressive range of products from a host of leading insurers on their panel, and they have expertise in niche sectors for those more ‘difficult to place’ risks.

“This, together with an excellent referral service which allows intermediaries to still receive a competitive commission even if not placing the business directly, makes them an excellent partner for our members as they look to grow their business in an ever increasingly competitive market.”

Berkeley Alexander has worked with Mortgage Intelligence since 2012, providing niche and non-standard general insurance services to various parts of the network, and this latest service launch represents a further strengthening of the partnership.

Geoff Hall, managing director at Berkeley Alexander, said: “We’re delighted to be expanding our relationship with Mortgage Intelligence.  We offer a large panel in both standard and non-standard markets.

“What really makes us stand out from the crowd though, and the reason why we can add real value to ARs, is our unique ability to combine both swift and efficient online distribution with the traditional approach of speaking directly to insurers to ensure we get the very best cover for even the most complex or unusual risks at the most competitive premium.

“We look forward to working with Mortgage Intelligence members to help them deliver added value for their clients.”

Nathan Reilly spoke to Business Development Manager at Ipswich Building Society Andrew Sadler about how Ipswich can support advisers in understanding complicated areas of the market, and a little bit about his DVD collection…

With 25 years’ experience in financial services covering advisers from Land’s End to John o’ Groats, Andrew joined Ipswich Building Society in 2015 and has been busy spreading the word ever since.

Why should advisers use Ipswich Building Society?

“I simply tell advisers that when they have a case that needs an expert opinion and manual underwriting, we can help. We like to think of ourselves as an extension to their business, to support them with extra knowledge in difficult areas.

“We understand that it isn’t just clients that need help with specialist lending, it can be advisers too. We love sharing expertise and knowledge, to make it easier for advisers to get to grips with difficult subjects.”

What sectors do Ipswich specialise in?

“Unusual business is our idea of business as usual. We specialise in self-build, shared ownership, new-build, buy to let, top-slicing, to name but a few. We set ourselves apart from mainstream lenders by manually underwriting every case.

“It is becoming more common for borrowers to have unusual scenarios, and we understand that there is no such thing as a normal working day anymore, which is why we will now consider zero hours contracts.”

What’s the best part of your role as Business Development manager?

“It’s going out to see advisers and keeping them updated on exactly how Ipswich can help their clients. No two days are ever the same and I approach every adviser meeting the same way that we approach lending: ready to be flexible, understanding, and offer a tailored service.”

What is it that surprises advisers when you talk to them?

“Many advisers don’t realise that we support those with small deposits as well, offering 95% mortgages up to £500k. We also help those looking to build their own home, by offering self-build lending of up to 80% LTV*.

“We offer a generous 50% fee-free overpayment facility on all our products*, one of our best kept secrets. Advisers are also surprised about our reach, as we lend all over England and Wales. We are able to help professional sports people, contractors, entertainers … you name it! We make the seemingly difficult easy for both advisers and their clients.

“We are able to support several parts of the borrowing journey, by helping both first-time buyers and older borrowers, with no maximum age limit. We can also help them remortgage so that they can support their children, allowing 100% of a deposit to be gifted*.”

This wouldn’t be a 60 Second interview without a food question, so what is your favourite cuisine?

“Easily Italian. You simply can’t go wrong with a calzone pizza or a bowl of carbonara!”

Really important one this, what is your favourite film of all time?

“Star Wars. It was the second film I ever saw in a cinema way back in 1977. I am also a 80s nerd at heart and love movies. I have a DVD collection which would have rivalled Blockbuster in its heyday.”

Finally, what is the most amazing country you have ever visited?

“Canada, especially the west coast. Nothing beats it for breath-taking scenery and views.”

*All deals and rates correct as of 25/04/2018

Join our award-winning Mortgage Network as an appointed representative, or become a member of our Mortgage Club, to start benefiting from our fantastic range of comprehensive services and support. Call the Broker Support Team on 0345 130 7446 (opt 1) to find out more.

National Account Manager for Protection Craig Bryce looks at how much of a priority protection takes in client conversations, and how providers are helping advisers change the record.

When speaking at a round table event last year, some advisers were shocked to hear that I had known advisers to refuse to do a client’s mortgage unless they took out protection. It seems the priority that advisers give to protection sales can vary, to say the least.

This was also covered in the press recently, which suggests this is more prevalent an issue than people might think. I would not suggest that refusing a client because they have no protection should always be the case, but as National Account Manager for Protection, I like that the idea at least makes us think about the importance of cover when taking out a mortgage.

Protection priorities

When a lender offers a mortgage to a client, they do so on the basis that the client has taken out buildings insurance to cover the house should anything happen to it. But what about the means to pay the mortgage, should this not take as much precedence?

The main thing to protect against is anything that would prevent the borrower from making the regular payments, such as accident, sickness, unemployment, or death. There are protection options for all of these, yet statistics show clients are more likely to protect against the unlikeliest events, such as death.

Changing the protection record

A great way to get people thinking about insuring themselves for more than death, is to talk about how we take out protection for our home. As an example, it is common to use boiler cover, to ensure something so important is fixed quickly.

But what if we had a machine in our home that earned us enough money to pay our mortgage and bills? Would we insure it? The reality is yes we would, and yet clients hesitate and look for reasons not to protect their income and the ability to pay the mortgage.

Keeping their protection options open

In my experience, there has never been a better time in the protection market for product options and additional benefits. Providers have really made some incredible enhancements to their proposition in the past few years, which makes selling protection to clients much easier for advisers.

As National Account Manager for Protection, I sit down with advisers and go through their sales process, to ensure they are doing what they can to break down client objections and improve their sales where possible.

Join our award-winning Mortgage Network as an appointed representative, or become a member of our Mortgage Club, to start benefiting from our fantastic range of comprehensive services and support. Call the Broker Support Team on 0345 130 7446 (opt 1) to find out more.

Product Development Manager Nathan Reilly takes a look back at an eventful 2017 in the mortgage market, and highlights how advisers have helped their clients this year

2017 was another big year for the mortgage industry, with an array of complicated changes that have put even more value on intermediaries. Advisers have responded by keeping on top of all the ramifications for their clients and spending time with industry representatives and experts to fully understand the details.

Below is a round-up of all the big 2017 announcements. We have supported advisers throughout the year by giving them access to relevant events, such as mortgage workshops and webinars, designed to help absorb the changes. This means that no matter what the industry throws our way, advisers have the support needed to continue delivering the same first-class advice to clients…

First-time buyers

Help to Buy

The year began with the end of the Help to Buy: Mortgage Guarantee scheme, as lenders began supporting more borrowers with small deposits. But the Help to Buy: Equity Loan scheme was also extended to 2021. This is great news for those struggling to find the required deposit to buy their first home.

In autumn, Theresa May promised to boost the Help to Buy scheme with an additional £10bn funding, which she confirmed would help another 135,000 people onto the ladder. The Help to Buy ISA is also continuing to be used by plenty of first-time buyers to boost their savings and save money on their house purchase.

Stamp Duty

One of the big mortgage announcements in November’s Budget was the scrapping of stamp duty for first-time buyers. The Chancellor’s flagship budget policy will mean those buying a home worth less than £300,000 will no longer need to pay stamp duty land tax, which according to the government will encompass 85% of those looking to buy their first home. The cut will also apply to the first £300,000 on properties valued up to £500,000, in areas such as London, purchased by first-time buyers.

There was speculation leading up to the Budget that the tax would be scrapped completely, in an effort to support first-time buyers and to make home-owning more affordable for young people in the UK. Solving the housing crisis in the UK was always going to be one of the main focuses of the budget, and this announcement by the Chancellor should go towards increasing first-time buyer transactions in the UK.

Homeowners

Base Rate

Obviously a base rate rise affects everyone. But homeowners especially will have been looking at their current mortgage rate a bit more closely. With rates at record lows for so long, it is only natural that advisers would get calls from clients, asking how this would affect their mortgage.

The move raised some big questions for borrowers, least of all the possibility of another rise in the near future. Those borrowers financing mortgage repayments on standard variable rates (SVR) may have already seen their repayments increase, with those on tracker rates even more likely to have been affected.

Remortgages and Product Transfers

Even after the base rate was increased, the opportunities for homeowners to save money by remortgaging has continued throughout the year, with lenders competing to offer competitive fixed rates and low cost borrowing prevailing. We have been helping where we can, by supporting client touchpoints and encouraging advisers to reach out to clients, especially those with products nearing cessation.

Investors and Landlords

Tax Relief

April saw the first stage in the reduction in tax relief for landlords, which is scheduled to be phased in over a four year period. This move is part of the Government’s plan to redress the balance between investors and buyers in the housing market, by reducing the tax relief landlords received on their mortgage payments.

By April 2020, the tax relief that landlords of residential properties receive for finance costs will start to be restricted to 20%. In the first quarter of 2017, this created increased interest from investors considering moving their portfolio over to a limited company. Limited companies set up for the sole purpose of buying and letting property, will not be affected by the changes.

PRA changes

One of the big impacts in 2017 came in the form of new rules on lending to portfolio landlords. From October 1^st, extra stress testing is used for those with four or more mortgaged properties. Some lenders however have approached the new rules differently which may have affected those outside of this definition.

The additional testing has meant more in-depth affordability checks, taking into account properties, as well as personal income and tax liabilities. We held a series of workshops to help advisers understand the changes and how each lender would be altering their criteria as a result. This meant they could go back to their clients and help them prepare their documents.

Join our award-winning Mortgage Network as an appointed representative, or become a member of our Mortgage Club, to start benefiting from our fantastic range of comprehensive services and support. Call the Broker Support Team on 0845 130 7446 (opt 1) to find out more.