MARKET OVERVIEW & KEEPING YOUR HEAD OVERCOMING AFFORDABILITY ISSUES THE PRESS, CLIENTS & ADVISERS IDENTIFYING OPPORTUNITIES FOR REFERRAL PULSE NEWS, VIEWS & UPDATES INGARDINTERMEDIARYSERVICES.CO.UK AUGUST 2023 DIGITAL EDITION THE
1 INSIDE THE SUMMER EDITION 02 DIRECTOR’S WELCOME A welcome from Ingard’s Directors 16 WHO TO CALL Got a case to place, refer, or need help with a process? Contacts for who at Ingard can help! 09 2023 TRAINING CALENDAR A look at the schedule for Webinars & Training in 2023 13 PROCESSES Bridging, commercial and packaging processes - we’ve got them wrapped up 03 MARKET OVERVIEW Nikki Haworth reviews 2023 so far, and talks about how we must keep our heads and carry on in these challenging circumstances AUGUST 2023 05 OVERCOMING AFFORABILITY ISSUES David Ewing discusses why affordability has become so complex, and how to find solutions to keep placing cases 07 INSIDE INGARD News, views and who’s who, including Our Coventry Event, Neil's 50th Birthday & more 11 THE PRESS, CLIENTS & MORTGAGE ADVISERS Natalie Haworth discusses the relationship between customers, advisers and lenders, and the media 23 YOUR ROUTE TO LENDER Your handy guide to every Lender on panel 19 IDENTIFYING OPPORTUNITIES FOR REFERRALS Natalie Haworth & Neil Mulhearn explain how to spot when a more specialist solution might be appropriate, and how referring certain types of business can retain clients and earn you more commission!
This publication is for intermediary use only and has not been approved for public use. 2 CONTRIBUTORS WELCOME FROM THE DIRECTORS Welcome to the Summer Edition of The Pulse. Once again, it’s been all change since the last edition. It certainly hasn’t been a relaxing start to the Summer holidays for those of you hoping for a break, with rates changing left, right and centre. It’s also raining again, but what else would we expect?! We are at least starting to see some positive signs with inflation figures, and some lenders reducing interest rates in recent weeks. We look at some of the issues we’re facing at the moment such as affordability and increased press coverage of mortgages, and discuss ways to navigate this challenging market and continue to find solutions for your clients. We wish you all a well deserved holiday and hope you return refreshed and ready to help more clients! David Ewing & Nikki Haworth NIKKI HAWORTH Sales & Marketing Director, Ingard NEIL MULHEARN Training & Compliance Manager, Ingard NATALIE HAWORTH Finance Manager, Ingard LOUISE MOORES Broker Support Manager, Ingard DAVID EWING Managing Director, Ingard
3 MARKET OVERVIEW & In the last edition of the Pulse in April base rate was 4.25% and it looked like things were starting to settle down. How wrong can you be?! Being an adviser has always had its ups and downs, but WOW, is it tough right now?! The base rate is now at 5% with the next announcement due this week, and industry expert predictions suggest this could go as high as 6.5%. Swap rates went through the roof, before starting to come down again over the last 2 weeks. Advisers are being hit on a daily basis with a barrage of rate changes as lenders compete to be bottom of the sourcing table rather than the top! Mortgage costs are now at their highest since August 2008 during the Global financial crisis and according to Moneyfacts, the average 2-year fixed rate stands at 6.66% (a certain horror film pops into my mind when I see that figure)! Trying to explain to a client who is already worried, that rates are disappearing so quickly with little notice is extremely difficult. Sitting on a lender’s website trying to secure a rate well into the night (if you can even get into it), only for the system to crash on you, is also taking its toll and patience is wearing thin. The Press as usual aren’t being helpful. They’re commenting on every rate announcement using worst case scenarios, causing panic all around! More on this later… I’d love to be a fly on the wall when the Governor of the Bank of England holds the next MPC meeting on 3rd August – surely raising rates even further will affect the same people who are already struggling and crying out for help, and will be counter-productive, unless he is planning a crash and recession?? In an effort to portray how helpful they are being, the Government has just forced the Mortgage Charter onto the lenders. Supported by the FCA and 90% of lenders, the Mortgage Charter will allow home loan customers to switch to interest only for up to 6 months or extend their term without it affecting their credit score. There’s a real danger, as we saw with payment holidays during the Pandemic, borrowers will do this without taking any proper advice from a broker, thinking it’s ‘a nice to have’ and not realising the consequences. They need to be aware that shifting their mortgage to different terms could cost them tens of thousands of pounds more over the long run. Interest-only mortgages are cheaper as they involve only making monthly interest payments, but not repaying any of the debt. Switching to an interest-only mortgage, even for a short period, will leave the borrower with less time to repay the mortgage balance once they switch back. As a result, when they switch back to a repayment loan, more will eventually have to be repaid each month to make up for missed time. The alternative is that they will finish their mortgage term with debt left to clear. Similarly, extending a mortgage's term can reduce monthly repayments but will mean that the debt incurs more interest over time. Homeowners are also protected from repossession for 12 months when they miss a mortgage payment, however landlords with BTL mortgages are not covered by this. At the time of writing, only TSB are extending the full Mortgage Charter options to BTL customers. Customers approaching the end of a fixed rate deal will also have the chance to lock in a new deal up to 6 months ahead and request a better like for like deal with their lender right up until the new rate starts if one is available. Most of the main lenders offered all or some of these options before anyway but they are now committed to doing so by the Charter. Labour then announced it was hosting an emergency mortgage summit with mortgage brokers, overseen by the shadow chancellor and shadow housing secretary. Rob Sinclair of AMI was also involved to ensure
there is a deeper understanding of all of the issues from people who work with borrowers on the front line on a daily basis. The Mortgage Charter, however, doesn’t cover Mortgage Prisoners, which is appalling. They are already stuck with a rate that’s unfair (and often variable) and now they’re going to suffer further! As I write this, it was announced that the rate of inflation had actually dropped slightly to 7.9% which By Nikki Haworth was good news, but still four times the government’s aim of 2%. On this news however, swap rates have started to reduce so there is a glimmer of hope that mortgage rates may start to reduce or at least stabilise. We have already seen some lenders reduce their rates, but it will take time to see whether this was just down to initial overpricing, and of course could change again following the MPC announcement. In a bid to fulfil its manifesto commitment to build one million homes over the course of this Parliament, the Government plans to convert “shops, takeaways and betting shops”. Housing and levelling up Secretary Michael Gove announced measures to build homes in urban areas and unblock the planning system. How this will work in practice remains to be seen. Gove has also said the government should ‘relax the pace’ of change laid out before landlords to upgrade the energy performance of private rented homes by 2028. Gove said: “We do want to move towards greater energy efficiency, but just at this point, when landlords face so much, I think that we should relax the pace that’s been set for people in the private rented sector, particularly because many of them are currently facing a big capital outlay in order to improve that efficiency.” Industry body the National Residential Landlords Association (NRLA) said landlords needed Government to lay out clear plans of how they can improve the efficiency of rented homes. Consumer Duty has arrived. Its aim is to raise the bar for retail financial services and place good consumer outcomes at the heart of everything they do. We’ve spent months working on this and we are confident we are fully prepared. Following the implementation of the AR Regime last December, figures show that there are now only 35,000 AR’s, down from 43,000 in 2020. There are still as many clients that need help, in fact there are probably even more in this difficult economic climate, so on a positive note, there should be plenty of business out there for you to go at! So as always, Keep Calm and Carry On, and let’s see what the second half of 2023 brings! 4 KEEPING YOUR HEAD
5 OVERCOMING AFFO Affordability is one of the biggest obstacles faced by mortgage advisers, particularly in the current market. You are having to work much harder to place cases, with 94% of brokers surveyed by MBT saying that affordability has become more complicated this year. Firstly, interest rates and therefore payments are higher, leading to significant increases for those coming off fixed rates, or who are on variable rates. In July, the average 5-year fixed rate was above 6%. The cost-of-living crisis has meant increased costs across the board, particularly on food items, and although energy costs eased slightly, they are expected to rise again this Winter, with the Government being asked to step in again to help. All of these factors have created a perfect storm, and restricted affordability. This, and ongoing effects of the Pandemic, have all led to more clients with adverse credit, and more who have complex incomes as many have taken on additional employment to help make ends meet. According to a recent Pepper Money & MBE poll, 15.1% of all adults have experienced some form of adverse in the last three years. Saving for a deposit has also become more difficult, at a time when landlords are increasing rents to cover their increased costs. According to House Buyer Bureau, the housing affordability ratio has more than doubled since the 70’s, with house prices sitting at 8.8x the average earnings. Today’s buyers have a tough task! There are 3 main issues to overcome in relation to affordability. Of course, you have the difficulty of actually placing the case with a suitable lender, which has become much more time consuming. Once you’ve found a lender, you’re having to process applications swiftly, before the rate you’ve quoted is removed by the lender! Then, you have had to alter the way you discuss products with your clients. You will have spoken to clients recently who you are able to place, but who scoff when you tell them the rate available to them. Rather than being focused on the headline rate, you need to be explaining that you have found a deal where the monthly payments are affordable, and that provides them with the solution that they need. The other issue when affordability restrictions are tight, is the increase in clients trying to push fraudulent applications past brokers and lenders. Many lenders have reported an increase in staged income, fabricated or altered payslips or bank statements, and undisclosed adverse credit. Please take this as a reminder to carry out your due diligence in full prior to submitting a DIP. If something isn’t adding up, speak to us before proceeding any further and don’t be pressured by the client. Don’t put your livelihood at risk! So, how do we best overcome these affordability issues, and provide solutions for as many clients as possible? Education is key! It’s vital you understand the different solutions available from each lender, and keep informed when lower rates are released, and of course when rates are being removed. Many clients won’t be aware of certain products which could work for them, so this is where your expertise should come into play. For example, does the client have a relative who would be happy to go on the mortgage with them, but not on the property deeds? A joint borrower sole proprietor (JBSP) mortgage maybe an option. Could the client look at similar properties through the shared-ownership scheme? Do they have a gifted deposit which isn’t from a blood relative, and think they cannot be placed? Would they be in a better financial position by consolidating debts using a second charge? Keep in mind all product options you can arrange, and that you can refer to Ingard, think outside the box, and find that solution. You also need to be able to deal with complex incomes and credit issues. Make sure that you understand how each lender will assess the client’s income, what level of adverse they would accept, and what evidence they require. Finding that lender who will use the latest years’ figures, or 100% of commission may make the difference between the client getting the required loan amount or not. Does the lender work off registered or satisfied dates for CCJs? Do they ignore missed payments for certain items such as utilities or phones? It’s more important than ever to be obtaining a credit file from your clients to avoid wasting time with lenders who won’t accept the application. Landlords have been severely impacted by changes to taxation and legislation in recent years, and now by interest rate rises. Whilst some are selling up, many experienced landlords are looking to increase their portfolios. Again, to find solutions for landlords, you need to understand how different lenders may be able to help in different scenarios, and need to be looking at the client’s whole portfolio to ensure you give the correct advice. Will the lender stress at payrate if the client takes a 5-year deal? Will the case fit on a product with a higher
By David Ewing 6 ORDABILITY ISSUES arrangement fee but a lower rate? Could additional income be used with a lender who allows to-slicing? Does the property have an EPC rating which would qualify for a lower rate? These are all things you should be considering when looking to place a BTL mortgage. At Ingard, we’ve seen a significant increase in product transfer activity in recent months, and expect this to continue. In the current market, this is often the most cost-effective and convenient option for the client. In some cases, it may be the only option. Whilst a product transfer usually negates the need for the lender to assess the client’s affordability, you must still do this, and address any potential issues with the client. You are giving the client new advice on the suitability of the new rate. Many clients are also looking to secure a rate as far in advance as possible, and then keep looking at remortgage rates in the meantime. It’s also important to remember that it is not only low/middle income borrowers who are at risk to market volatility. Higher earners tend to “fly closer to the wind” when it comes to debts. They don’t just borrow more than lower earners, but they borrow a higher percentage of their income, and are more likely to have debts on a variable rate. They may be trying to sustain a lifestyle they can no longer afford, such as expensive cars or private tuition fees. According to Hargreaves Lansdown, only 11% of the top fifth of earners are considered resilient. This highlights the importance of keeping in contact with ALL of your clients to review their finances. Use your Hotbox to monitor Annual Reviews due and products expiring in the next 6 months. Be pro-active and start the conversations. Remember, that you will have clients still on fixed rates who are yet to be impacted. Make sure you are the “go to” expert to help new and existing clients through this difficult period.
7 INSIDE INGARD Our latest news, views and who’s who at Ingard HQ COVENTRY TRAINING ACADEMY - JUNE 2023
8 @IngardFinancial @Ingard @IngardBroker NEIL TURN'S 50! MONTHLY TRAINING From the beginning of 2023 we have been running Mortgage or Insurance training each month, and these have proved popular with you all. Those of you on our July training session will have noticed the balloons in the background, as we celebrated our Compliance Manager Neil’s 50th Birthday. We would love to hear from you on what training topics you would like us to cover in future sessions, as these are created based on your feedback and observations from file reviews. We have August and September planned with the following topics: 2nd August 2023 at 10 am Insurance – Income Protection 6th September 2023 at 10 am Mortgage - Sourcing
9 Events Schedule Jan - Jun 2023 JAN FEB MAR APR MAY JUN 11/01/2023 Virtual Mortgage Clinic 18/01/2023 Gen H Webinar 08/02/2023 Virtual Mortgage Clinic 15/02/2023 Tandem Webinar 27/02/2023 Insurance Training 02/03/2023 Mortgage Training 08/03/2023 Virtual Mortgage Clinic 15/03/2023 Compliance & TML Webinar Apr 2023 The Pulse 05/04/2023 Virtual Mortgage Clinic & Insurance Training 19/04/2023 Scottish Widows Webinar 10/05/2023 Virtual Mortgage Clinic & Mortgage Training 10/05/2023 Mortgage Training - Fraud & Due Diligence 17/05/2023 West One Webinar 07/06/2023 Virtual Mortgage Clinic & Insurance Training 14/06/2023 Livemore Webinar 20/06/2023 Face to Face Training Academy
10 Events Schedule Jul - Dec 2023 JUL AUG SEP OCT NOV DEC 05/07/2023 Virtual Mortgage Clinic & Mortgage Training 05/07/2023 Mortgage Training - Existing Clients & Hotbox Use 12/07/2023 Pepper Money Webinar Aug 2023 The Pulse 02/08/2023 Virtual Mortgage Clinic & Insurance Training 02/08/2023 Insurance Training - Income Protection 16/08/2023 Zephyr Homeloans Webinar 06/09/2023 Virtual Mortgage Clinic & Mortgage Training 06/09/2023 Mortgage Training - Sourcing 13/09/2023 Zurich Webinar 11/10/2023 Virtual Mortgage Clinic & Insurance Training 11/10/2023 Insurance Training 18/10/2023 Compliance & Paragon Webinar 08/11/2023 Virtual Mortgage Clinic & Mortgage Training 08/11/2023 Mortgage Training 15/11/2023 Pepper Money Webinar Dec 2023 The Pulse 06/12/2023 Virtual Mortgage Clinic & Insurance Training 13/12/2023 Live Webinar - Preparing your 2024 Marketing Plan
11 THE PRESS, CLIENTS & The relationship between the press, clients, and us as mortgage advisers is a tricky one. Both the media and the Government have come under fire recently for their role in contributing to the difficulties in the mortgage market. Whilst its useful for clients to be aware of what’s going on, there is often too much “scaremongering” in the way articles are worded, which is irresponsible. There are constantly increasing headline rates shown in bold, phrases like “not seen since the financial crisis”, and regular stories of individuals and businesses who are struggling. Although Government support is covered, there’s little to steer clients in the direction of the people who can really help them; YOU. Often, articles deal in averages. One recent article covered the average incomes for each age group and average house prices, explaining that the lowest income to house price ratio was between aged 40 and 49 at 7.4 x income. Whilst lenders no longer rely solely on income multiples, we all know that this suggests that Mr & Mrs average would never be approved for a mortgage, and this was the lowest income multiple. However, we also know that we are managing to place clients, so this doesn’t quite ring true. Too much doom and gloom in the news can cause clients to disconnect and just believe they cannot be helped, or creates a sense of panic. It also causes a general lack of confidence in the market for buyers and sellers. None of this is helpful. On the flip side, when there are positives such as rates reducing, the media won’t mention this! Unfortunately, bad news sells. There’s also the risk of clients trusting the word of unqualified individuals because they have read something in the news, for example, good old Michael Gove. In June, he suggested that 25 year fixed deals were the way to ease the cost-of-living crisis. Yes, these products are available and can be right for some clients, but people need to take advice on these things, and their thought processes and requirements must be fully documented. If rates reduce during this period, it would be the adviser receiving the complaint for fixing the client in for such a long term, not Michael Gove! There is a reason that Martin Lewis will always have another expert with him or have content checked by them, before giving information on areas he is not qualified in. The media can also be guilty when giving what may be considered good news, of doing so without providing all the facts, leaving us to clean up the mess later. One example of this, would be the announcement of the Skipton BS 100% mortgage (before details were communicated to brokers).
Initially, this sounded great for those looking to buy. Then, the calls started to come through, and we had to break the news that actually, the client would not qualify E.g., they didn’t have 1 years’ history of rent payments. Learn to use these situations to your advantage. Perhaps they can’t have what they wanted, but can you find an alternative, or at least let them know what’s needed to assist them in the future? There’s been a lot of news coverage on the support being offered by Banks and Building societies to struggling borrowers. 32 lenders have agreed to the Mortgage Charter. This includes allowing a temporary switch to interest only or change to the mortgage term, returning to the original deal after 6 months. Lenders also agreed to a 12-month delay before taking repossession proceedings against borrowers unable to pay, and to allowing clients to lock in a deal up to 6 months ahead of their current deal expiring. In the right circumstances, this support will help certain clients, but you need to make sure your clients fully understand the consequences before going ahead. They need to be aware that switching to interest only will move the end of the term and mean paying more overall. Whilst a client’s credit score shouldn’t be affected by changing payments temporarily, this could still impact their ability to borrow in the future. We saw this with payment holidays taken during Covid, which lenders allowed, but then when looking to place new mortgages, lenders were asking questions around these being taken, and turning down applications on the back of it. They should therefore only consider temporary changes if they really need to. It’s also vital they discuss and agree with their lender. They cannot just cancel their direct debit or stop paying! Of course, you can use media and marketing in the right way, particularly social media. Make sure you are spreading the word about what you can do to help customers. Ask your clients to refer you to friends and family, and for testimonials. People need help from advisers more than ever right now, as more and more fall outside the “norm” for high street lenders and into the “complex”. Remember, clients don’t have direct access to many of the products you do, particularly with specialist lenders. Many are turned away by the high street, believe they can’t get a mortgage, and give up, when you may be able to find a solution for them. In 2022, the intermediary share of mortgage business rose to 84%, and IMLA expect this to rise to 90% by 2024. That’s a huge number of potential clients. Let them know you are there and can help! 12 & MORTGAGE ADVISERS By Natalie Haworth
13 FULL REFERRAL INGARD GIVE THE ADVICE, YOU EARN 50% OF THE PROC AND BROKER FEE. YOU WILL ALSO RECEIVE WEEKLY UPDATES ON THE PROGRESS. 1Once you have identified an opportunity, email [email protected] with an overview of the deal, and any additional information or documents you have already obtained E.g., a Fact Find, ID, Bank Statements, Credit File, Proof of Income. Feel free to follow up with a call to discuss. 3 We will source the deal with the Lenders on our vast panel. We can copy you in if you would prefer to stay involved and help the client with signing documents etc. or we can take over this completely. 2 One of the Ingard Team will let you know they have picked up your enquiry, and will then make contact with the client. Please make sure contact details provided are accurate, and let us know if there is a particular time they should be contacted, or anything else we need to know E.g., a language barrier. 4 A DIP or Heads of Terms will be issued, breaking down the product details and fees for the client. If the client wishes to proceed and accepts the terms provided, Ingard will request the £500 commitment fee. 5 Once the commitment fee has been received, a full Application will then be submitted to the Lender. 6 Once assessed by the Lender, the Valuation will be instructed. Some Lenders may want to visit the client at the property/site, particularly for commercial or complex deals. 7 Providing the valuation is satisfactory, the Offer will be issued. 8 Solicitors will be instructed and legal work to progress the case to completion will begin. 9 Ingard will liaise with you, the client and Lender’s solicitors and the client themselves, to complete the case as quickly as possible. 10On completion, Ingard will chase the commission. You will receive 50% of the Broker Fee and Procuration Fee in your next payment following receipt of the commission. BRIDGING & COMMERCIAL PROCESS 10 SIMPLE STEPS TO SUCCESS!
14 1 Your mortgage process will begin as normal. Issue your Terms of Business, complete a Fact Find with the client, assess all proof of income, bank statements etc. carry out your due diligence, and complete your Anti-Money Laundering checks as normal. 3 Email [email protected] asking us to package the case for you, and include details of the product you are recommending. Attach all case documents you have so far. Remember to provide a PDF of your Fact Find. Do not press submit business on 360 as no Application has been submitted at this stage. 2 Source the best deal for the client based on their requirements. If the most suitable option is a lender Ingard packages for, that’s the time to get in touch. If you are struggling to find a suitable Lender from your sourcing, feel free to contact us to discuss the case, as we may be able to point you in the right direction. 4 One of the Ingard Team will check the documents provided against the Lender’s packaging requirements. They will provide you with a shopping list with any additional requirements the Lender may have or forms the client will need to complete. Remember, they are checking documents have met the Lender’s packaging requirements, not checking your advice. 5 Once all documents have been received and checked, a DIP will be submitted to the Lender. Provided this passes with no further requirements, we will check with you and the submit the full Application. 6 You will then be provided with a copy of the DIP, Lender’s KFI and Application Form so that you are able to write your Suitability Letter and put your case together. 7 Fully submit your sale on 360 as normal within 7 days of the Application being submitted. Your compliance will be checked, and you will be chased by the Admin team for any outstanding documents from Ingard’s point of view. 8 Lender updates will be sent to us as the Packager, but we will keep you in the loop. If any further documents are required or there are any queries in order for the case to progress, we will liaise with you as the adviser. You remain the one in contact with the client at all times. 9 A Valuation will be instructed, and Offer issued providing this is satisfactory. 10Our Admin team will chase solicitors to progress the case through to completion as quickly as possible, and then chase the proc fee and broker fee where applicable. PACKAGING PROCESS RESIDENTIAL & BTL Remember, we package for these Lenders YOU ADVISE – INGARD PACKAGE TO THE LENDER ON YOUR BEHALF. DO SLIGHTLY LESS, EARN MORE! THERE WILL BE NO COMPLIANCE CUT ON THE COMMISSION. YOU CAN CHARGE YOUR NORMAL BROKER FEE AS PER YOUR TERMS OF BUSINESS AND RECEIVE 100% OF THIS. PLEASE REFER TO THE ROUTE TO LENDER GUIDE FOR THE PERCENTAGE OF THE PROC FEE WE CAN PAY OUT TO YOU (NET COLUMN). NO PACKAGING FEES ARE PAYABLE BY THE CLIENT.
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INGARD’S SPECIALIST TEAM IS AVAILABLE TO ASSIST YOU WITH: STANDARD MORTGAGES, BUY-TO-LET, EQUITY RELEASE, SECOND CHARGE, PROTECTION, BRIDGING AND COMMERCIAL Neil Mulhearn [email protected] Simon Greaves [email protected] Our Network members and specialist team are ably supported by our highly experienced Administration team: Emily Grindley [email protected] Rose Miller [email protected] All new case referrals and packaging requests should follow the Initial Enquiry Sheet process and be submitted to: [email protected] For all other queries: [email protected] 01702 538 800 We’re committed to helping you identify the best solution for your clients’ needs and will support you to prepare complete and compliant cases for submission to the lender, through to offer and then completion and will help you to overcome any hurdles you may encounter along the way. OUR DIRECTORS AND MANAGEMENT TEAM: Case Updates & Outstanding Compliance [email protected] File Review Responses & Pre-Approvals [email protected] Email Contacts Neil Mulhearn Compliance Manager [email protected] 01702 538 818 Compliance, Training & Equity Release Nikki Haworth Sales & Marketing Director [email protected] 01702 538 800 Business Generation & Major Concerns Business Generation & Major Concerns David Ewing Managing Director [email protected] 01702 533 400 Natalie Haworth Finance Manager [email protected] 01702 538 800 Commission Queries & Compliance Louise Moores Broker Support Manager [email protected] 01702 533 401 Broker Support 16 MEMBERS | YOUR DEDICATED SUPPORT TEAM @IngardFinancial @Ingard @IngardBroker
We are passionate about making the process of providing an underwriting decision as easy and straightforward as possible and we work alongside our medical exam suppliers, technology partners such as iGPR. co.uk and our internal Data Science Teams to find ways to make the journey as quick as possible for customers to receive acceptance terms. We also constantly review and refine our underwriting approach to acceptance of customers to ensure that our approach to all types of risks is robust and fair. It is common in the protection market for providers to reassure a high proportion of their business to large reinsurance companies. Zurich is different. “Often, the insurance company itself doesn’t hold a large amount of the risk of claims; it is passed across to reinsurance companies,” says Nicky Bray, chief underwriter at Zurich. “Where Zurich differs from a lot of our competitors is that we are very keen to retain a lot of the risk of claims ourselves.” This lies at the heart of Zurich’s underwriting philosophy and approach, and from it, other key features stem. Let’s take a closer look at what advisers need to know about Zurich’s underwriting philosophy: 1. We want to have a balanced group of customer risks Typically, Zurich retains a high proportion of any cover, with the remainder going to an external reassurer. “We are in the risk business,” explains Nicky. “We are a large, global company and here to manage risk. We feel the combination of our UK underwriting development team, which I head, our actuarial team and our Zurich Global underwriting team means we have the expertise to be able to assess and accurately manage the risk of claims. “We are also a large and very stable company financially, so we can take on and cover many potentially very large policies as a result.” However, attracting a select groups of customers – people in the armed forces or those with diabetes, for example – would concentrate risk in those areas. “We are not trying to be selective,” says Nicky. “We want to be as accurate as we possibly can across all types of customer risk and attract all types of customers. “If a war broke out, such as happened in the past with the Falklands or the conflicts in Afghanistan, and Zurich had proportionately more customers who were in the armed forces, we could end up with some exceptionally high claims costs.” 2. We aim to be fair and accurate in every condition we look at The higher level of risk that Zurich retains necessitates a keen focus on evaluating risks. “We always strive to ensure that our underwriting philosophy is balanced ,” says Nicky. “The risk of a claim comes right back to Zurich so we have to make sure we have assessed the customer’s health, occupation, habits and lifestyle to ensure they are not going to be an early or very high claim whilst offering terms to as many customers as possible.” The focus is on sustainability – for the business and customers. Although Zurich is trying to accept more customers at the point of sale, it must balance this with accurately assessing the risks to arrive at a decision that is fair and accurate. “We try and keep the balance between doing the underwriting as quickly as we can and as much of it at the point of sale with the online application journey as possible, with the need in some cases to come back to the customer and ask them more questions or go and obtain a report from their GP in order to reach a fair and accurate underwriting decision.” In the case of customers with mental health conditions there is an emphasis on asking more open questions. This allows the customer to paint a fuller picture of their condition and for underwriters to then undertake a fair assessment. “Mental health is so much more subjective,” says Nicky. “Rather than going down the route of ‘computer says no’ we’d rather allow the customer to give us more information with the idea that we can then give them better terms even if that takes another 24 to 48 hours [than a point-of-sale decision].” 3. We look at each customer individually Zurich uses guidance on medical conditions from its reassurers but its underwriting team often undertakes its own research. A good example of this relates to the outbreak of Covid-19. “We started looking at data from across the world and established that although people with a high BMI, diabetes or respiratory problems were probably a higher risk, they weren’t so high that we had to decline more than before.” FIVE KEY POINTS ABOUT ZURICH’S UNDERWRITING PHILOSOPHY Understanding an insurer’s underwriting philosophy can pay dividends for advisers applying for protection for their clients. Financial journalist Jennifer Hill talks to Nicky Bray, chief underwriter at Zurich, to distil its underwriting philosophy into five key points. 17
While some insurers started to refuse to accept customers with an extra mortality risk of ‘plus 100’ (twice as likely to die than the average person), Zurich was happy to consider customers with ‘plus 200’ extra mortality (three times the risk of dying compared with the average person). “That was an example of where, by being masters of our own fate, we can look at certain conditions and do something slightly different,” says Nicky. Zurich’s rapid and pragmatic approach to the risks posed by the Covid-19 pandemic allowed it to continue offering the same underwriting outcomes to more than 98% of customers compared with prior to the outbreak. Zurich increased its maximum extra mortality risk to ‘plus 250’ in October 2021 and has since decided to retain that level instead of reverting to the pre-pandemic level of ‘plus 400’ (five times the risk of dying compared with the average person). “If somebody has got quite a significant illness, they may unfortunately now be at higher risk of passing away because the NHS is no longer in a state to be there for everybody in an emergency, and treatments for some conditions are being delayed for longer,” says Nicky. Because few customers have a very high extra mortality risk, Zurich is still able to consider most people. Examples of customers who may no longer qualify include those with type 2 diabetes that is poorly controlled, those who have recently suffered a heart attack or stroke, or those with more significant or severe multiple sclerosis. 4. We constantly review and refine our underwriting approach Zurich uses regular insights from its claims experience, post-issue sampling outcomes and net promoter score (NPS) responses to ensure that its approach to all types of risks is robust and fair. One area we continue to look at is the value of the medical evidence we request, especially medical exams where the customer may be inconvenienced to attend an appointment. During the pandemic we reviewed what was commonly found on exams and this highlighted the ongoing need for face-to-face medical exams for higher amounts of cover as a material proportion of customers were discovered to have high blood pressure that they weren’t aware of. High blood pressure is known as the “Silent Killer” as there are usually no symptoms of it. Nearly half a million people missed out on being diagnosed and treated for high blood pressure during the pandemic due to the lack of face-to-face health-checks and the NHS are expecting to see more heart attacks and strokes in the next few years as a result, emphasising the importance for us as an insurer to identify this type of risk on customers applying for high levels of cover. At present, we are looking into reasons why customers don’t take up acceptance terms to see if it needs to make improvements to how it communicates underwriting outcomes and how it explains its decisions. An assessment of how many people accept rated terms and proceed to policy found that few customers are prepared to pay the premiums if ratings go very high, even where the option is given to reduce the level of cover rather than paying a higher premium “We see the longer-term effects of the pandemic and general strain on the NHS,” says Nicky. “It is becoming more costly to get reports on customers’ health from GPs and if a high proportion of those customers don’t take up those terms when offered we would prefer to focus our efforts on being able to provide more resource and support to those customers who are more likely to proceed to a policy. 5. For us to be fair and accurate, we need customers to be as honest as possible Zurich and the wider industry continue to see a material level of misrepresentation on applications. “The most common areas of misrepresentation are smoking (that they smoke or how much they smoke), alcohol, drug use and mental health conditions,” says Nicky. “Being honest about these could make a difference to what our decision should be.” Another common area of misrepresentation is customers not disclosing complications relating to existing conditions – customers with diabetes not disclosing that they are already suffering from eyesight or heart problems, for example. Zurich samples a proportion of policies each month whereby a point-of-sale decision was given, requesting a GP report to check that the answers given on the application were indeed correct. It has tended to find that in a small but material number of cases, the misrepresentation is severe enough that the policy has to be rescinded. Your Protection Consultant at Zurich is Julianne Rothwell, if you need any help or have queries please do contact her. Julianne Rothwell Protection Consultant Direct Line 01793 405 962 Email [email protected] 18
19 IDENTIFYING OPPORTUN In the current climate and with ever increasing complexities with client circumstances, more and more people have needs which don’t fit the standard or “vanilla” residential mortgage application criteria. What do you do when a client calls with something out of the ordinary? Perhaps you might look at a specialist lender, but what then? Think outside the box! Could a more specialist solution be suitable for your client? If you are dealing with older customers, are you considering whether Equity Release, over 55’s or a RIO (Retirement Interest Only) mortgage might be the answer? Whilst rates have risen, the gap between residential and lifetime mortgage rates has narrowed in the last year. More and more over 55s are turning to lifetime mortgages. By unlocking the equity in their property, clients can access tax-free funds for home improvements in order to remain in their home, to support living expenses, or perhaps support relatives with their expenses, or a deposit for their own home. The need for Bridging Loans is growing rapidly. According to Knowledge Bank, the most popular search criteria this year is “regulated bridging”. Perhaps the most common reason for this, is chain breaks. Bridging can be the perfect solution, when time is of the essence to avoid losing a property, especially when you know the exit via a remortgage is perfectly viable, just not quick enough! As well as speed, a bridging loan can help where a property may not be deemed as mortgageable by mainstream lenders. Perhaps there is no kitchen or bathroom, but the client intends to do some refurbishment, meaning the property will quickly become mortgageable. Bridge to let options are particularly helpful for landlords looking to buy at auction and flip to let or sell quickly. A good broker can make all the difference when dealing with bridging finance, to link all parties together and ensure smooth and quick completion. According to a Finbri poll, 64% of those taking out bridging finance used a broker, and would do so again! You may come across clients looking to purchase new premises, or the premises they are currently
By Natalie Haworth & Neil Mulhearn 20 NITIES FOR REFERRALS renting, to run their business from or to let to another business. We can help both types of client, so don’t run away from this. Commercial and semicommercial property can deliver stronger yields, so some investors are looking to expand in this area, as well as with HMO’s and MUFB’s. We have seen a significant increase in second charge enquiries this year. There are a number of reasons for this. Clients are looking to consolidate debts, to make monthly outgoings more manageable. Others are looking to make home improvements, rather than risking a move in the current market. Many are still on competitive fixed rates, and would face early repayment charges, and/or high remortgage rates. Remaining on a lower rate for the first charge and only taking a higher rate on the additional borrowing is often working out as the cheapest solution at the moment. Also, there has been a huge increase in product transfers in recent months. Some of these clients would like to borrow more, but their only option has been to remain with their existing lender, and perhaps they do not meet criteria for a further advance, or the lender won’t allow the purpose of the capital raising. Many have restrictions on what the additional funds can be used for. Don’t forget, we have insisted on sourcing all alternative options for clients for a number of years, but this has become even more prevalent with the introduction of Consumer Duty on 31st July. Many clients may not know what a second charge or further advance is, so you can’t rely on them asking you. You are the adviser, and as such need to source and discuss all options for them. In such a volatile market, you cannot afford to shy away from complex deals, or those you are unable to write yourself. By referring in your second charge, bridging, commercial and equity release deals, or in fact anything you are uncomfortable dealing with, you can earn a significant amount of commission, for very little work. This provides your client with the solution they need, and importantly retains the client, rather than you losing them to another broker or lender directly! Win-Win!
21 properties on one application using our commercial porta l * Up to The detail • All properties on the application must complete the same day • Multi property applications must comprise of two or more properties of the same type • Multi property applications cannot mix purchase and remortgage transactions on one application • When lending on 6 flats in a block, 6 or more properties in a street or postcode (and the applicant(s) have over 40% exposure), it will be necessary to obtain a RICS Red Book Report which includes a single investment valuation. We’ll base our lending on the lower of the market valuation or the single investment valuation • Properties can be released from the portfolio subject to any applicable early repayment charges. The portfolio will require re-weighting to ensure the original loan to value, interest cover ratio, and any loan covenants continue to be met (please note properties cannot be added or substituted following completion). For purchase products – Legal, valuation and funds transfer fees will apply. For remortgage products: Individual landlords – Free legal fees, free valuation and no funds transfer fee Companies landlords – Assisted legal fees, free valuation and no funds transfer fee Conveyancing • We’ll instruct our own conveyancer for all applications via the commercial portal • Applicant(s) will be responsible for the total legal costs required to undertake the mortgage transaction (including the costs of the solicitor acting for Aldermore) • For more information, see our buy to let legal fee scale Buy to let portfolios Multiple properties on one application FOR INTERMEDIARY USE ONLY Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 204503). Registered Office: Apex Plaza, Forbury Road, Reading, RG1 1AX. Registered in England. Company No. 947662. Invoice Finance, Commercial Mortgages, Property Development, Buy-To-Let Mortgages and Asset Finance lending to limited companies are not regulated by the Financial Conduct Authority or Prudential Regulation Authority. Asset Finance lending where an exemption within the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 applies, is exempt from regulation by the Financial Conduct Authority or Prudential Regulation Authority. ARM449-0422-600163 intermediaries.aldermore.co.uk 0333 321 1000 *Cross border applications must be on separate applications. For example a portfolio of 6 properties, with 4 in England and 2 in Scotland would result in 2 multi property applications. ** not all properties need to meet the minimum interest cover ratio for the application to be considered. Submitting multi property buy to let portfolios on one application is ideal for individual and company landlords who want the convenience of managing their portfolio on one mortgage account. One affordability stress test across the portfolio** One review date on product rate maturity One underwrite One account number and annual statement One set of packaging requirements 30
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23 MORTGAGES & BUY TO LETS Lender Submission Route Product Type Gross Fee Net Fee Contact Details Accord Mortgages Mortgage Club - Brilliant Refer to Brilliant 08451 200 883 Aldermore Bank Direct (Mortgage & Buy to Let) Residential Buy to Let Retention Specialist Buy to Let 0.55% 0.65% 0.35% 0.65% 0.55% 0.65% 0.35% 0.65% 0333 321 1000 Bank of China (UK) No Club Refer to Lender 08456 027 083 Bank of Cyprus Full Referral All 0.40% 0.38% 01702 538 800 Bank of Ireland Mortgage Club - Brilliant Refer to Brilliant Website 02072 362 000 Barclays Mortgage Club - Brilliant Refer to Brilliant Website 03450 733 330 Bath Building Society Mortgage Club - Brilliant Refer to Brilliant Website 01225 475702 Beverley No Club Refer to Lender 01482 881 510 Bluestone Mortgages Direct All 0.60% 0.50% 0800 368 1833 BM Solutions Mortgage Club - Brilliant Refer to Brilliant Website 08458 505 000 The Cambridge Building Society Mortgage Club - Legal & General Refer to L&G Website 03456 013 180 Castle Trust Packaged All 1.10% 0.70% 01702 538 800 (Packaged) Central Trust Packaged Residential - Unencumbered Only 2.00% 1.00% 08000 608 855 (Packaged) Chorley Building Society Mortgage Club - Brilliant Refer to Brilliant Website 01257 235 000 CHL Mortgages Direct Buy to Let 0.55% 0.55% 01252 365 888 Clydesdale Bank PLC Mortgage Club - Brilliant Refer to Brilliant Website 08447 360 034 Coventry Mortgage Club - Brilliant Refer to Brilliant Website 08001 217 788 Cumberland Building Society Direct All 01228 403 141 Darlington Mortgage Club - Brilliant Refer to Brilliant Website 01325 366 366 Dudley Building Society Mortgage Club - Legal & General Refer to L&G Website 01384 231 414 Earl Shilton Building Society No Club Refer to Lender 01455 844 422 Ecology Building Society No Club Refer to Lender 01535 650 770 Family Building Society Direct All owner occupier products (excluding Family Mortgage & Offset Mortgage) Offset Mortgage Family Mortgage Buy to Let Mortgage Product Switches Further Advances 0.40%* 0.50%* 0.55%* 0.50%* 0.20%* 0.25%* 0.40%* 0.50%* 0.55%* 0.50%* 0.20%* 0.25%* 01372 744 155 Foundation Home Loans Mortgage Club - Brilliant Refer to Brilliant Website 0344 770 8032 Fleet Mortgages Direct All 0.50% 0.45% 01252 916 800 Furness Building Society Mortgage Club - Brilliant Refer to Brilliant Website 08000 220 568 Generation Home Direct All 0.40% 0.40% 07723 954 895 Godiva Mortgage Club - Brilliant Refer to Brilliant Website 08001 217 788 Halifax Mortgage Club - Brilliant Refer to Brilliant Website 03456 025 317 Hampshire Trust Bank Direct BTL & MHO 1.20% 1% 0207 862 6262 Hanley Economic Mortgage Club - Legal & General Refer to L&G Website 01782 255 159 Hinckley & Rugby Building Society Mortgage Club - Legal & General Refer to L&G Website 08004 346 343 Hodge Bank Direct 50+ 50+ Additional Borrowing RIO RIO Additional Borrowing Holiday Let Holiday Let Additional Borrowing 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0.55% 0800 138 9109 Holmesdale Building Society Mortgage Club - Brilliant Refer to Brilliant Website 01737 232 310 HSBC Direct Residential Buy to let Retention 0.40% 0.50% 0.20% 0.40% 0.50% 0.20% 0345 600 5847 Kensington Direct All 0.50% 0.40% 0800 011 1020 Kent Reliance Mortgage Club - Brilliant Refer to Brilliant Website 0345 122 0033 MEMBERS | ROUTE TO LENDER
24 MORTGAGES & BUY TO LETS CONTINUED Lender Submission Route Product Type Gross Fee Net Fee Contact Details Keystone Property Finance Direct Specialist Buy to Let 0.80% 0.80% 0345 148 9086 Landbay Packaged or Direct Buy to Let - Individual Buy to Let - Ltd Co Buy to Let - Loyalty Remortgage 0.85%* 0.85%* 0.35% 0.50%* 0.50%* 0.30% 020 7096 2700 (Packaged) Leeds Building Society Mortgage Club - Brilliant Refer to Brilliant Website 0345 050 5075 Leek United Building Society Mortgage Club - Legal & General Refer to L&G Website 01538 384 151 Lendinvest Direct Residential Buy to Let 0.60% 0.70% 0.50% 0.60% 0800 130 3388 Livemore Captial Direct Standard*an additional 0.13%gross every year thereafter for up to 15years Enhanced available on our 20year and Fixed for Life products 0.55% 1.10% 0.55% 1.10% 0203 011 4990 Loughborough Building Society No Club Refer to Lender 01509 610 707 Manchester Building Society Mortgage Club - Brilliant Refer to Brilliant Website 01619 238 030 Mansfield Building Society No Club Refer to Lender 01623 676 345 Market Harborough Direct 0.35% 0.35% 01858 412 610 Marsden Building Society No Club Refer to Lender 01282 440 583 Melton Mowbray Mortgage Club - Brilliant Refer to Brilliant Website 01664 414 141 Metro Bank Direct Residential Buy to Let Rate Switch - Residential Rate Switch - Buy to Let 0.40% 0.43% 0.30% 0.30% 0.38% 0.41% 0.285% 0.285% 0203 427 1019 Molo Finance Direct All 0.50% 0.45% 0333 006 8288 Monmouthshire No Club Refer to Lender 01633 844 370 MPowered Mortgages Direct Residential Buy to Let 0.40% 0.60% 0.40% 0.60% 0800 260 5949 MT Finance (BTL) Direct Buy to Let 0.60% 0.60% 0203 051 2331 Nationwide Mortgage Club - Brilliant Refer to Brilliant Website 08005 453 131 Natwest Direct Residential Buy to Let Retention 0.40% 0.45% 0.20% 0.40% 0.45% 0.20% 03459 001 110 Newbury Direct Residential & Buy to Let Retention 0.37% 0.20% 0.35% 0.18% 01635 555 777 Newcastle Mortgage Club - Brilliant Refer to Brilliant Website 03456 064 488 Norton Finance Packaged All 3.50% 1.75% 01702 538 800 (Packaged) Nottingham Direct All 0.40% 0.40% 03444 814 444 Norwich & Peterborough No Club Refer to Lender 03453 002 511 Paragon Mortgages Direct Residential Buy to Let Retention 0.55% 0.55% 0.40% 0.55% 0.55% 0.40% 08000 522 222 Penrith No Club Refer to Lender 01768 863 675 Pepper Money Direct All 0.50% 0.40% 03333 701 105 Platform Direct Residential Buy to Let Retention 0.40% 0.48% 0.30% 0.37% 0.43% 0.30% 03450 701 999 Post Office for Intermediaries Mortgage Club - Brilliant Refer to Brilliant Website 0345 266 8928 Precise Mortgages Direct Residential Buy to Let Retention 0.60% 0.60% 0.30% 0.50% 0.50% 0.28% 08001 164 385 Principality Mortgage Club - Legal & General Refer to L&G website 01179 331 644 Progressive Building Society Mortgage Club - Legal & General Refer to L&G Website 02890 244 926 Saffron Building Society Mortgage Club - Legal & General Refer to L&G Website 08000 721 100 Santander Direct Residential Buy to Let Retention 0.36% 0.45% 0.20% 0.36% 0.45% 0.20% 08000 851 390 Scottish Building Society No Club Refer to Lender 01313 137 700 Scottish Widows Bank Mortgage Club - Brilliant Refer to Brilliant website 03458 450 829 Skipton Building Society Mortgage Club - Brilliant Refer to Brilliant Website 03458 501 755 MEMBERS | ROUTE TO LENDER
Submission Routes Explained: It is very important that you use the correct submission route when submitting business to a lender, to ensure you receive the highest procuration fee and get paid quickly on completion. Direct - This means Ingard has an agency agreement with the lender and will receive payment directly from the lender on completion. Mortgage Club - This means the lender can be accessed through a mortgage club and Ingard will receive payment from the mortgage club on completion. No Club - Contact the lender to find out how they will accept business from you and notify Ingard that you are submitting business to the lender so that we can expect payment on completion. Packaged- Packaged business needs to be submitted to the lender by Ingard’s Specialist Team, but the advice is given by you, and all compliance documents should be provided as normal. A Packaging Process Guide is located in the Document Library section of the Case Portal. Full Referral- This means you are referring the case in full for someone in Ingard’s Specialist Team to give the advice, and deal with all compliance. Some lenders will also only accept business where a member of Ingard’s Specialist Team has provided advice and processed the case. * Where there is the option to submit business packaged or direct, please be aware that if you submit the business direct then you will receive less commission. On packaged business, Ingard does not take a compliance cut and the lender may pay a higher procuration fee. MORTGAGES & BUY TO LETS CONTINUED Lender Submission Route Product Type Gross Fee Net Fee Contact Details State Bank of India Direct Professional BTL Non Professional BTL 0.75% 0.50% 0.75% 0.50% 0344 967 1860 Suffolk Building Society Mortgage Club - Brilliant Refer to Brilliant Website 0330 123 1073 Tandem Specialist Mortgages Packaged Direct All All 1.0% 0.60% 0.50% 0.50% 01702 538 800 (Packaged) 01253 603 951 Teachers Building Society Mortgage Club - Legal & General Refer to L&G Website 01202 843 550 Tipton & Coseley Building Society Mortgage Club - Legal & General Refer to L&G Website 01215 572 551 The Mortgage Lender Packaged Direct Specialist Mortgage Specialist Buy to Let Residential Buy to Let Product Transfers 0.80% 0.85% 0.60% 0.60% 0.30% 0.50% 0.50% 0.50% 0.50% 0.28% 01702 538 800 (Packaged) 0344 257 0418 The Mortgage Works Mortgage Club - Brilliant Refer to Brilliant Website 08005 453 131 Ulster Bank Ltd Mortgage Club - Legal & General Refer to L&G Website 02890 275 965 United Trust Bank Packaged Direct Unencumbered FTB/Purchase & Remortgage BTL - Standard BTL - Non Standard Unencumbered FTB/Purchase & Remortgage BTL - Standard BTL - Non Standard 1.00% 0.80% 0.90% 1.50% 1.00% 0.45% 0.50% 0.80% 0.90% 0.40% 0.45% 0.75% 0.90% 0.40% 0.45% 0.75% 01702 538 800 (Packaged) 0207 190 5555 Vernon Building Society No Club Refer to Lender 01614 296 262 Vida Homeloans Mortgage Club - Brilliant Refer to Brilliant Website 03300 246 246 Virgin Money PLC Mortgage Club - Brilliant Refer to Brilliant Website 03456 001 516 West One Direct Residential BTL 0.50% 0.60% 0.40% 0.50% 0333 123 4556 Zephyr Homeloans Mortgage Club - Brilliant Refer to Brilliant Website 0370 707 1894 MEMBERS | ROUTE TO LENDER
Issued: July 2023 SPECIALIST MORTGAGES & BUY TO LETS - FULL REFERRAL / PACKAGED Submission Route: Ingard’s Specialist Team. Call 01702 538 800 or email [email protected] Lender Submission Route Product Type Gross Fee Net Fee Al Rayan Full Referral Home Purchase Plan Buy to Let Purchase Plan 0.35% 0.50% 0.35% 0.50% Bank of Cyprus Full Referral Specialist Buy to Let 0.40% 0.38% Cambridge & Counties Bank Full Referral Specialist Buy to Let 1.00% 0.50% Central Trust Packaged Specialist Mortgage - Unencumbered Only 2.00% 1.00% Interbay Full Referral Specialist Buy to Let 1.50% 0.75% Landbay Packaged Individual Buy to Let Ltd Company Buy to Let 0.85% 0.85% 0.50% 0.50% Norton Home Loans Packaged Specialist Mortgage & Buy to Let 3.50% 1.75% Shawbrook Bank Full Referral Specialist Buy to Let Dependent on product - refer to Ingard Tandem Specialist Mortgages Packaged Direct All All 1.0% 0.60% 0.50% 0.50% The Mortgage Lender Packaged Direct Specialist Mortgage Specialist Buy to Let Residential BTL Product Transfer 0.80% 0.85% 0.60% 0.60% 0.30% 0.50% 0.50% 0.50% 0.50% 0.28% Together Full Referral Residential Consumer BTL BTL & Home Own Bus Loan 1.5% 1.5% 1.25% 0.75% 0.75% 0.65% United Trust Bank Packaged Direct Unencumbered FTB/Purchase & Remortgage BTL - Standard BTL - Non Standard Unencumbered FTB/Purchase & Remortgage BTL - Standard BTL - Non Standard 1.00% 0.80% 0.90% 1.50% 1.00% 0.45% 0.50% 0.80% 0.90% 0.40% 0.45% 0.75% 0.90% 0.40% 0.45% 0.75% * Where there is the option to submit business packaged or direct, please be aware that if you submit the business direct then you will receive less commission. On packaged business, Ingard does not take a compliance cut and the lender may pay a smaller procuration fee. MEMBERS | ROUTE TO LENDER SECOND CHARGE MORTGAGES Castle Trust Central Trust Equifinance Evolution Money Norton Home Loans Precise Mortgages Shawbrook Bank Step One Finance Together United Trust Bank BRIDGING LOANS Affirmative Alternative Bridging Big Property Finance Bridging Finance Solutions Castle Trust Funding 365 Hampshire Trust Bank Interbay LendInvest Mercantile Trust MFS Mint Bridging MTF Oakbridge Octane Octopus Real Estate Peninsula Finance Precise Mortgages Roma Shawbrook Bank SoMo Bridging Together True Bridging United Trust Bank West One COMMERCIAL LOANS Bank of Cyprus Barclays Commercial Cambridge & Counties Bank Interbay Julian Hodge Bank Lloyds Bank Mercantile Trust Metro Bank Natwest Octane Octopus Real Estate Redwood Bank Santander Commercial Shawbrook Bank State Bank of India Together Submission Route: Ingard’s Specialist Team. Call 01702 538 800 or email [email protected] Submission Route: Ingard’s Specialist Team. Call 01702 538 800 or email [email protected]. Submission Route: Ingard’s Specialist Team. Call 01702 538 800 or email [email protected]
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