Scottish Widows product updates

On Wednesday 21 December, Scottish Widows is making the following changes to its Lifetime Mortgage product range:

• Loan to value changes across the range
• New products introduced to the range
  • LS6 – 7.15%
  • LS7 – 7.65%
• FR4 and FR5 withdrawn at close of business on 20 December

Apex product withdrawal

From Monday 19 December, more2life is temporarily suspending lending on Apex.

• KFIs must be submitted by 23:59 on Monday 19 December
• Applications can be submitted up until 23:59 on Monday 9 January

Sovereign Product Changes

From Monday 19 December 2022, Pure Retirement is making the following product changes to the Sovereign range.

1. ERCs to be on the outstanding balance rather than the initial advance

• This will be applied to all new loans and cash releases and further advances.
• It will not be applied retrospectively to existing loans.

2. Launch of 1%, 2% and 3% cashback products

• There will be 3 cashback options adding in additional to the existing 4% cashback.
• Each % cashback will be an extra 10 bps greater in rate than the fee free rate.

LV= product update

From Monday 12 December, LV= is making the following changes:

• Introducing an additional Drawdown+ borrowing level.
• Reducing the minimum age from 60 to 55.
• Tenants in common property ownership will now be accepted on joint life applications for both Lump Sum+ and Drawdown+. This change will apply to new applications and as well as existing pipeline and completed cases.
• LV= can now consider loans of between £1.5m and £2m on an individual referral basis.
• Increasing the maximum property value from £5m to £6m. Property values in excess of £6m we still be declined at underwriting stage.
• Removing the £70k withdrawal limit on Drawdown+ as well as lifting the time restriction on withdrawals after a partial repayment.

more2live product withdrawal

From Wednesday 8 December, more2life is withdrawing Capital Choice Lite - Midi for all new business.

Applications on current rates can be submitted (if the KFI is created before the 7 December) up until 23:59 Friday 23 December 2022.

L&G new products launch

On Tuesday 6 December, L&G is launching new Graphite and Premier Graphite products with lower LTVs than are currently available.

These will have the same features and variants as Flexible Black and Optional Payment Black standard and fee-paying products. The Premier version will also mirror the existing Premier products.

Just product changes

On Thursday 1 December, Just is changing the interest servicing rates across the Just for you Lifetime Mortgage range.

If servicing 25.01% + of the monthly interest amount the reduction was 0.05%, there will now be a 0.25% reduction.

Product withdrawal

From Friday 25 November, Just is withdrawing J4 and J6 products from new business.

For any pipeline quotes, Just will need to receive applications before close of business on Friday 9 December.

Product withdrawal

From 25 November Scottish Widows is withdrawing LS6 products.

All KFIs must be keyed by 6pm on 24 November and then at full application by 6pm on 2 December to secure existing rates.

Reintroduction of Capital Select product range

On Thursday 24 November, Canada Life is reintroducing some of its Capital Select Options product range. The products below will become available to new customers:

• Capital Select Super Lite (Standard and Flexible)
• Capital Select Lite (Standard and Flexible)
• Capital Select Gold (Standard and Flexible)

Capital Select Gold Plus, Platinum, and Platinum Plus remain temporarily suspended.

Just product update

From Tuesday 16 November, Just is removing J6 cashbacks.

Canada Life reintroduces some of its Lifestyle Select products

From Thursday 10 November, Canada Life is reintroducing some of its Lifestyle Select Options product range. From Thursday, these products will be available to new customers:

• Lifestyle Select Ultra Lite
• Lifestyle Select Super Lite
• Lifestyle Select Lite

Product changes

From Thursday 3 November, L&G is removing restrictions and all products Black through to Green will now be available:

• In L&G Flexible Lifetime Mortgage and Optional Payment Lifetime Mortgage ranges;
• For both Single and Joint applicants; and
• For properties less than ten years old

Tailored Choice Withdrawal

All Tailored Enhanced and Lifetime plans will be withdrawn for new business from Tuesday 1 November.

• KFIs on current rates and LTVs are available up until 23:59 Tuesday 1 November 2022.
• Applications on current rates and LTVs can be submitted up until 23:59 Tuesday 15 November 2022.

Temporary Withdrawal of Heritage Products

From Wednesday 2 November 2022 Pure Retirement is temporarily withdrawing the Heritage range for new business.

For pipeline cases:

• The last date for KFIs will be 23.59 Tuesday 1 November 2022
• The last date for applications on the products will be 23.59 Tuesday 15 November 2022.

Heritage LTV reduction

From Friday 28 October, Pure Retirement is making further temporary LTV reductions at all ages to the Heritage range, including Freedom 20 and Freedom 40.

For pipeline cases:

• The last date for new business KFIs on current LTVs is 23.59 Thursday 27 October.
• The last date for new business applications on current LTVs is 23.59 Thursday 10 November.

Capital Choice Max 1 Withdrawal

From Saturday 22 October, more2life will withdraw Capital Choice Max 1 from all new business.

• KFIs on current rates will be available up until 23:59 Friday 21 October 2022.
• Applications on current rates can be submitted (if the KFI is created before the above date) up until 23:59 Friday 11 November 2022.

Changes to OneFamily Lite and Standard Products

From 19 October, in light of recent instability in the mortgage markets, OneFamily is temporarily withdrawing the Lite and Standard products from new business.

Heritage LTV reduction

On Saturday 22 October, Pure Retirement will reduce the LTV on the Heritage range, including Freedom 20 and Freedom 40.

Horizon plan changes

Friday 21 October, Standard Life will temporarily withdraw Horizon 700 & 730 plans from all new business.

KFIs will be available up until 23:59 on Thursday 20 October 2022.

Applications can be submitted (if the KFI is created before the above date) up until 23:59 on Thursday 10 November 2022.

L&G product changes

On Wednesday 19 October 6pm, L&G is making the following changes:

Flexible Lifetime Mortgage Products

• Temporarily withdrawing the Flexible Green, Turquoise, Teal and Blue product variants from new business sale.
• Temporarily withdrawing the Flexible Orange and Yellow cashback variants from new business sale.
• Temporarily restricting the Flexible Yellow product variants to only be available for single life applicants on properties older than ten years.

Premier Flexible Lifetime Mortgage Products

Temporarily restricting the Premier Flexible Yellow product variant to only be available for single life applicants on properties older than ten years.

Optional Payment Lifetime Mortgage Products

• Temporarily withdrawing the Optional Payment Turquoise, Teal and Blue product variants from new business sale.
• Temporarily withdrawing the Optional Payment Orange, Yellow and Green cashback variants from new business sale.
• Temporarily restricting the Optional Payment Yellow and Green product variants to only be available on properties older than ten years for single and joint life applicants.

Premier Optional Payment Lifetime Mortgage Products

Temporarily restricting Premier Optional Payment Yellow product variant to only be available on properties older than ten years for single and joint life applicants.

For existing customers, where a new business product has been withdrawn there will no longer be the option to apply for a Further Advance.

The product withdrawals will not affect customers with a remaining Drawdown facility who can continue to apply as normal.

For any pipeline cases where you have already generated an Illustration in our Later Life Mortgage portal, the following deadlines must ALL be adhered to:

• Generate an Illustration by 6pm on Wednesday 19 October
• Submit the DIP by 5pm on Wednesday 26 October
• The case needs to be offered by Wednesday 14 December
• Completion will need to take place within the 50-day offer validity period

Just product changes

On Thursday 20 October, Just is reducing LTVs across the Just for you Lifetime Mortgage range.

Classic LTV Reduction

From 5pm on Monday 17 October, Pure Retirement is temporarily reducing LTVs on the Classic range, including Classic Elite drawdown (but not Classic Elite lump sum). This will apply to new business (including further advances). All KFIs are valid for 21 days from date of creation.

Flexi LTV decrease

From 5pm on Monday 17 October, more2life will decrease the maximum LTVs on Flexi Choice for both LS and DDs.

KFIs are available up to the current maximum LTVs until 16:59 on 17 October 2022 and applications must be submitted within 21 days of the date on the KFI.

Changes to Canada Life product range

From Monday 3 October, Canada Life is temporarily closing its Lifestyle Select Options to new business, due to the current wider macro-economic conditions. Applications for the Lifestyle Select Options are paused immediately.

For pipeline cases:

• If you have already generated an illustration, a linked application won't be accepted
• If you have already submitted an application, Canada Life will continue to process the case
• If your client already has an Offer, Canada Life will continue to process the case. Please be aware the expiry date can't be extended beyond the date stated in their latest Offer Letter. You can find the date the Offer is valid until on the covering letter of your client’s Offer letter.

Cash reserve facility withdrawals, further advances and Porting applications remain unaffected.

Sovereign changes

From Monday 3 October, Pure Retirement is temporarily reducing LTVs on the Sovereign range.

This will apply to new business, including further advances.

Please note that there will be no changes to the Sovereign Elite range at this time.

All KFIs are valid for 21 days from date of creation.

L&G product withdrawals

From 29 September, Legal & General has temporarily withdrawn all its Navy, Indigo and Violet product variants from new business sale. These changes are effective immediately.

For any pipeline cases where you have already generated an Illustration on L&G portal, the following deadlines must ALL be adhered to (including DIP, the step just prior to Full Mortgage Application):

• Submit the DIP by 5pm on Thursday 06 October
• The case needs to be offered by Thursday 24 November
• Completion will need to take place within the 50 day offer validity period

L&G will continue to provide reoffers on the withdrawn products, limited to one per application, and these will be offered on prevailing rates at the time. To request a reoffer, please call L&G on 03330 048444 (Options 2, Option 1). You will not be able to do this through L&G portal.

Emerald product update

Pure Retirement is withdrawing the Emerald product range for new business from Friday 30 September.

Pipeline cases will continue with the usual deadlines.

All KFIs are valid for 21 days from date of creation and applications have 42 days to be offered.

Energy Saver Cashback offer enhancement

L&G have extended the Energy Saver Cashback offer to include Retirement Interest Only (RIO) Customers. They can also now receive 10% cashback on the total cost of home energy efficiency improvements, up to £1,000 on their initial advance.

L&G have added to the qualifying works list:

• Draught stripping
• Wood fuelled boilers
• Solar (photovoltaic) panels subject to these meeting our lending criteria
• They've also removed the restrictions around Double and Triple glazing on new or replacement windows and doors. Any installation of double glazing should now qualify for the scheme. In addition, all installations of energy efficient doors should now qualify for the cashback.

Tradespeople no longer need to be TrustMark registered and no longer need to meet PAS and Microgeneration Certification Scheme (MCS) standards when making the home improvements. L&G will just need to check improvements made are supplied and fitted by a professional and approved installer.

Claiming process:

L&G have removed the need for customers to register their interest within 30 days of completion. Instead, once the work’s completed within 12 months of the loan taking place, clients will be asked to provide L&G with an invoice and works documentation to start their claim.

LV= valuation update

An update on LV= valuation appointments:

SLA

• Valuation appointment turnarounds have reduced throughout the Summer following a peak of 7-8 working days.
• On average, LV= time from instruction to appointment is currently 6 working days, however once the Summer instructions are cleared shortly, this will return to LV= standard 5 day SLA.
• Currently, one third of valuations are being undertaken within 3 working days.

Geographic Split

• LV= have seen a reduction across all regions in turnaround times. The highest turnaround times currently are in Wales and the North West (8 working days).

Emerald Cashback withdrawal

From 2 September, Pure Retirement is withdrawing the Emerald Cashback products. All KFIs are valid for 21 days from date of creation.

L&G criteria changes

L&G is making the following underwriting criteria changes on their Lifetime and Retirement Interest Only mortgage products. From 17 August, L&G:

• consider Grade 2* in England & Wales and Grade B Listed Buildings in Scotland, in addition to Grade 2 and Grade C Listed Buildings.
• consider Studio Flats over 30m2 internal space (min property value £100,000 and max property value £1,000,000.)
• consider flats in blocks over 10 storeys as long as the flat is on the 10th floor or below.
• consider lending requests for properties originally built with a 100% flat roof. Where properties have been extended with a flat roof, it cannot be more than 50% of the total roof area.
• review lending requests for properties with more than 10 acres. This may suit clients who enjoy a rural lifestyle and keep livestock for non-commercial purposes

As a reminder, L&G also consider the following:

• Properties with an annexe if it’s part of the legal title with shared services to the main building. This also includes properties where the annexe may have a different council tax band to the main property.
• Cohabiting partners (Lifetime Mortgages only): for clients who are living together, not married and don’t jointly own the property.

Heritage Criteria Changes

From Monday 1 August, Pure Retirement is making some changes to the Heritage Criteria.

Heritage Super Max:

• Ex-Public Sector Maisonettes – Pure will consider ex-public sector maisonettes subject to a min property value of £100,000 and a max of 2 storeys. The loan will be restricted to 85% of the max LTV – not acceptable on Heritage Super Max Plus
• Shared Septic Tanks (4 properties) – Pure will consider properties with shared septic tanks provided it is shared between no more than 4 properties and there is a satisfactory formal agreement in place
• Properties with 5+ Acres – Pure will consider properties with more than 5 acres (the property value will be based on 5 acres)
• Properties with Minimal Commercial Use – Pure will consider properties with minimal commercial use (such as childminder, music teacher etc). Subject to appropriate building and public liability insurance being in place – not acceptable on Heritage Super Max Plus

Pure will also consider the following on the Heritage Super Max Plus product, which will require funder referral on application:

• Properties with estate rent charges
• Properties with more than 4 bedrooms
• Properties with greater than 30% flat roof

Heritage Supreme Max Plus Withdrawal

From Monday 25 July, Pure Retirement is withdrawing the Heritage Supreme Max Plus LTV tier prduct from new business.

KFIs deadline: 24 July. Applications deadline: 7 August

Lease length changes

From Monday 18 July, Aviva is introducing greater lending flexibility for customers with longer lease lengths by applying the following changes:

• Removing the 85% Loan To Value (LTV) cap on all flats and maisonettes. This will be replaced with a tiered approach of property value adjustments for all leasehold properties influenced by the remaining lease length and the youngest borrower’s age. This means that customers with longer remaining leases will benefit from higher LTVs.
• Introducing a minimum lease length of 75 years. Lease lengths with a remaining term of less than 75 years will be declined regardless of the youngest borrower’s age.

These changes will apply to initial borrowing and additional borrowing, as well as for customers applying to port their mortgage.

Product changes

From Friday 8 July, Just is removing the 7% cashback option on the J6 product. All new quotes from this date will be provided on the new terms.

For any pipeline quotes, Just will need to receive applications before close of business on Friday 22 July. Any applications received after this date will be on the new interest rates.

Temporary removal of Super LTV from New Business

Effectively from 7 July, OneFamily is temporarily removing the Super LTV from New Business. The last date that OneFamily will accept Super LTV applications will be 6 July 2022.

Capital Choice Ultra Lite withdrawal

On Friday 1 July, More2life have withdrawn the Capital Choice Ultra Lite Lump Sum product with immediate effect, the Ultra Lite Drawdown plan will remain available for new business.

LV= changes to the application process

From Monday 4 July, LV= will be making some improvements to simplify the application process and reduce the number of underwriting referrals, enabling a smoother application journey for you and your clients.

In summary LV= will:

• Add a warning message to allow you to double check you’ve used the correct submission route for your portal application
• Add a date and time stamp to your illustration summary (on your homepage)
• Make some changes to the reason for loan options to help reduce application referrals
• Add a warning message regarding property condition to ensure it has been answered correctly, to minimise application referrals and declines
• Make the proceed buttons more clear so that you are aware of the status of your clients’ application and what action is required by you

Terms and Conditions

LV= have also updated the terms and conditions for the Lifetime Mortgage Drawdown+ and Lump Sum+ products.

Pure Retirement Heritage Supreme Max Plus

From Monday 20 June, Pure Retirement is launching Heritage Supreme Max Plus, a new high LTV tier product :

• For a customer aged 70 a max LTV is available of 47.20%
• A fees package option is available offering 5% cashback
• Customer age: min 60, max 85 (80 if 5% cashback product)
• Not available on Freedom 20 or Freedom 40
• Criteria Restrictions are the same already in place for Heritage Super Max Plus

Pure Retirement LTV withdrawal

From Monday 20 June, Pure Retirement is removing the Max and Max Plus LTV tiers from all Heritage ranges (Core range, Freedom 20/Freedom 40).

Emerald LTV change

From Wednesday 8 June, Pure Retirement is making some changes to the Emerald cashback product, reducing the maximum LTV.

All KFIs are valid for 21 days from date of creation.

Changes to Just for you lifetime mortgage

On Wednesday 1 June, Just will be removing all cashback options across J1, J2 & J2.5 products.

LV= product changes

From 20 May, LV= is making changes to its Lifetime Mortgage Lending Criteria:

• Will increase its maximum flat roof percentage from 50% to 100%, where a durable material (asphalt, metal sheet, EPDM, GRP etc.) is in place and the roof is in good condition. The maximum percentage where the flat roof is constructed from felt has increased from 30% to 50%. Ex-local authority properties are subject to a 50% maximum flat roof, regardless of the construction material used.

• Non-residential properties may be permitted where adjacent or in close proximity to the subject property and subject to a satisfactory valuation.

   

  For properties in close proximity to commercial premises, LV= will consider these subject to surveyor comments. Properties adjacent to or above commercial premises or in close proximity to a large-scale industrial site are not accepted.

  Answer the question on LV= portal asking whether the subject property is within 50m of commercial premises and provide any relevant additional details in the notes section on the decision page. This will then be reviewed before the valuation is instructed.

   

L&G product changes

On Friday 6 May at 9am, L&G is reducing the minimum OPR payment from £500 to £50.

New plan options on Horizon

From Wednesday 27 April, Standard Life is adding two new plan options 780 and 800 to the Horizon Plan.

LV= lending policy changes

With effect from Wednesday 6 April, LV= is making the following changes to its Lifetime Mortgage Lending Criteria:

• Will look at properties with up to 15 acres by exception.
• Will be able to consider annexes where family reside in the annexe on a full-time basis.
• Could accept aso customers with less than 36 month UK residency history
• Will no longer accept flats/apartments in a building with more than 4 storeys and no lift.

L&G Premier product change

On Wednesday 30 March at 6pm L&G is reducing the minimum property value for Premier products from £1m to £750,000.

This change will be across Premier Flexible and OPLM variants and Premier Black and Yellow LTV tiers.

Scottish Widows product updates

On Monday 28 March, Scottish Widows is making the following changes to its Lifetime Mortgage product range:

• New high loan to value (LTV) products for Lump Sum
• New product for Future Release
• Changes to max LTV by age and product
• Rate increase across all products

Canada Life product update

From Thursday 24 March, Canada Life is simplifying its product range, removing the following product options:

• Over 55 Buy-to-Let Lifestyle Option
• Second Home Lifestyle Options

The 55 Buy-to-Let Voluntary Select Option and Second Home Voluntary Select Option will continue to be available to customers.

For any pipeline cases

• Generate an illustration before 8am Thursday 24 March.
• Submit the application before 5pm on Thursday 7 April.

Heritage criteria changes

From Monday 21 March, Pure Retirement is expanding the criteria on the Heritage range, accepting:

• 100% flat roof properties (doesn’t apply to the Heritage Super Max Plus plans)
• properties with shared septic tanks

Pure Retirement is also applying an additional restriction to the Heritage Super Max Plus plans, not accepting properties in significant risk of flooding areas with active flood mitigation management in place and insurance in place to cover the flood risk.

Withdrawal of more2life Capital Cashback Plans

From Thursday 17 March, more2life is withdrawing for all new business Capital Choice Cashback plans:

• Capital Choice With Cashback
• Capital Choice Plus With Cashback

Applications on the current rates can be submitted up until Thursday 31 March 23:59.

more2life Flexi Choice criteria changes

From Monday 14 March, more2life is making some changes to the Flexi Choice criteria to now include:

• Up to 100% flat roof
• Up to 3 satisfied or unsatisfied CCJ’s

And more relaxed criteria regarding:

• Proximity to commercial
• Septic tanks
• Unadopted roads
• Ex-local authority/council houses & bungalows
• Laing Easyform & Cross wall construction

Plus, the following builder’s warranties are no longer accepted:

• Zurich Municipal New Build Guarantee
• Principal
• A Foundation 15 Certificate

Pure Retirement Classic Criteria changes

From Tuesday 15 March, Pure Retirement is making some changes to the Classic criteria to now include:

• Up to 100% flat roof
• Up to 3 satisfied or unsatisfied CCJ’s

And more relaxed criteria regarding:

• Max number of storeys for flats
• Unadopted roads
• Laing Easyform construction
• Cross wall construction
• Septic tanks

Heritage product update

From Wednesday 2 March, Pure Retirement is making some changes to the Heritage range:

• Introducing a new LTV tier product – Heritage Super Max Plus
• Introducing new fees package (cashback) product options for Heritage Max Plus and Super Max tiers
• Making some LTV adjustments at selected ages for Heritage Max, Max plus, Super Max
• Withdrawing the Heritage Plus LTV tier
• Increasing interest rates on all Heritage products

Heritage Renovate withdrawal

With effect from Tuesday 1 February 2022 the Heritage Renovate range will be withdrawn from new business.

Any pipeline cases currently at application stage will continue to be honoured.

Submission Dates:

• You can request Renovate KFIs until 23:59 Monday 31 January 2022
• Submit Renovate applications by 23:59 Monday 14 February 2022

Aviva variable ERC change

From 24 January, Aviva is launching a new Variable Gilt Index Early Repayment Charge (ERC), which replaces the current Individual Gilt ERC for all new business customers who choose this option, rather than a Fixed Percentage ERC.

Aviva has updated its gilt ERC so that all new borrowing uses the FTSE 15 year Actuarial Gilt Index as a single reference point.

For further information and FAQs on Variable Gilt Index ERC please visit Aviva webpage.

Heritage Criteria change

From 21 January Pure Retirement has implemented the following changes to the Heritage range:

• Properties with private drainage where the septic tank is shared by no more than 2 properties, and a formal agreement is in place for maintenance and access can be considered.
  • All cases will be referred to funder for individual consideration.
  • The tank can be outside of the curtilage of the subject property, but formal agreements need to be in place for maintenance and access.
• Charging orders can now be considered in line with the CCJ criteria, up to a value of £20,000.
  • Orders between £10,000 - £20,000 will require funder approval.
  • The charge must be repaid on completion.

Criteria changes

From Monday 17 January, Just is making some changes to its lending criteria:

• Limiting the LTV on flats and maisonettes to 85% of the product LTV
• Blocks of flats with 100% flat roof standard construction are acceptable
• Properties with private drainage where the septic tank is shared by no more than 2 properties and a formal agreements is in place for maintenance and access can be referred for individual consideration
• Northern Ireland listed properties can be referred for individual consideration for B1 & B2 categories. Categories A & B+ cannot be considered.
• Charging orders can be considered in line with our CCJ criteria
• Properties with restricted ownership covenants cannot be considered

For pipeline quotes impacted by the above, applications will be accepted up to Monday 31 January.

All applications are subject to approval and all properties are subject to a satisfactory valuation report.

The updated version of Just Lending Criteria Guide is available on justadviser.com.

m2l launched Maxi Choice Extra

From Friday 7 January, more2life will be offering a new Maxi Choice plan – Maximum Choice Extra.

This plan will offer both Lump Sum and Drawdown options and will offer the standard Maximum Choice Features. It will have the same criteria as the Maximum Choice Super range but flas will not be accepted. Rates from 3.93% MER.