Mortgages.

Mortgages are at the core of what we do. Here are some opportunities for your business and ideas to help your clients.

Have a tip or an idea you’d like to share?

E-mail it to communications@primis.co.uk and we’ll include it here.

Lemonade Homepage

Go back to our lemonade homepage to find more fantastic ideas from a variety of sources.

AUGUST

PRECISE: 1 in 5 landlords intend to remortgage within a Limited company tax structure

Did you know that around one in five landlords intend to remortgage within a limited company structure in the next year*?

According to the latest research by BVA BDRC, nearly half of landlords also say they intend to buy their next buy to let property as a limited company.

Precise Mortgages is here for brokers and their customers who need expert specialist support when buying as a limited company or considering remortgaging.

Our range of Buy to Mortgages is designed to give landlords the choice – a choice of products, the choice to explore new opportunities and the choice to manage their portfolio in the way they want. The range includes our exciting Summer Sizzler limited edition 5 year fixed rate mortgage that’s designed to help single dwelling limited company landlords make the most of the Stamp Duty holiday.

Find out more here.

* Source: BVA BDRC Landlords Panel Report Q2 2020 (slide 79)

SANTANDER VALUATIONS UPDATE

Find out more here.

SUMMER STATEMENT

SUMMER STATEMENT: STAMP DUTY ANNOUNCEMENT

Last week’s Summer Statement announced that the Stamp Duty threshold will increase to £500,000 with immediate effect – potentially saving house-buyers up to £14,999.

During this surge of demand for mortgages, we want to support you in ensuring that your customers have protection in place too.

Read the communication here.

PODCAST

ACCORD MORTGAGES: PODCAST WITH DOMINIC HODGE

Dominic Hodge is Accord Mortgage’s latest special guest for their podcast. Listen to Dom discussing how to support clients through change here.

PAYMENT HOLIDAYS

Nationwide Home Support Package Payment Deferrals – 06/07/20

As part of the Home Support Package, there are a number of options that are available to our members, including:

  • Make an underpayment
  • Product Switch
  • A new mortgage payment break, including the option of reduced payments
  • Change the mortgage term

We have put together a slide deck that provides an overview of each option, along with the information we will be asking for as part of the mortgage payment break application.

Progressive Building Society Mortgage Payment Deferrals Update – 22/06/20

Find out more.

Metrobank Payment Holiday Extensions – 19/06/20

Find out more.

HSBC – 18/06/20

Read more about next steps for payment holidays with HSBC here.

TEMPLATE

Much has been made of “payment holidays” and “deferred payments” offered by lenders to help those customers facing financial difficulty as a result of the COVID-19 crisis. But there is a general concern that customers may not fully understand the implications of this temporary financial respite and need financial expertise and guidance to help prevent future issues.

BBC

A cliff edge was looming. The first borrowers to have put off their mortgage payments would have had to start paying again next month.

The proposal to extend the scheme puts off the day of reckoning, but it could create an even bigger financial challenge for families later on.

Because the so-called mortgage holidays do not involve free money. You have to make up the shortfall afterwards.

It means that mortgage bills will be slightly higher when you resume paying, and they will be higher still if you extend for another three months.

Mortgage rates are relatively low and the cost is spread over 25 years, so hopefully the increase will be bearable.

That may not be the case with higher cost borrowing. The FCA will have to think much harder about whether extending holidays for credit cards and other debt is a good idea.

Source: BBC, Simon Gompertz, Personal Finance Correspondent
20 May 2020

Money Saving Expert

Martin Lewis has focussed his attention on mortgage payment holidays, which have been offered by many providers amid the lockdown crisis. Treasury figures have estimated that more than 1.8 million homeowners made the move to take a three-month mortgage holiday since the scheme was first announced in March. And the offer has been extended by an extra three months by the Chancellor Rishi Sunak to provide further assistance to those who need it most at this time. Payment holidays have, however, come under fire, as they do not mean ‘free money’, and result in homeowners having to meet the payments after the freeze.

Source: Martin Lewis, Money Saving Expert, 11 June 2020

Support

PRIMIS recommend that you make contact with your mortgage customers to ensure that they are well informed.

We have created a template to make this simple. The content has already been approved by PRIMIS’ Financial Promotions team.

The benefits of taking this action will be:

  • It provides an opportunity to engage and understand whether your customer has taken a payment holiday, how long for and ensure that they understand the implications of doing so.
  • You can offer advice – encourage customer to restart mortgage payments as soon as possible if they have elected to defer. Christopher Woolard, interim CEO at FCA says that if customers are in a position to restart their mortgage payments “it is in their best interests to do so”.
  • You can discuss what will happen when the payment holiday period comes to an end. What are their plans? Do they need additional assistance?
  • You have an additional opportunity to discuss income protection to mitigate future issues and the necessity for payment holidays in the future.

Click here to access templated material.

JULY

ULS TECHNOLOGY: LBTT AND LTT

Find out more here.

CIRENCESTER: FRIENDLY VOICE

We are delighted to announce that we have been able to extend your access to Friendly Voice until 31 July 2020.

Find out more here.

JUNE

PRECISE: NEW ELECTRICAL SAFETY STANDARDS FACTSHEET

The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 (No.312) will come into force on 1st July 2020. Take a look at Precise Mortgages’ new factsheet to find out more about what this means for landlords and how you could help your customers.

COVID-19 TEMPORARY ADVICE GUIDANCE

View the guidance here.

CREDIT SOURCING

Watch the demo here.

View the FAQs here.

Access the user guide here.

MAY

CREDIT SOURCING

Watch the demo here.

NEW BUY-TO-LET BAROMETER

Find out more here.

LENDER SERVICE LEVEL UPDATES

View the summary on our dedicated COVID-19 webpage.

BE IN THE KNOW: COMPLIANCE GUIDANCE

Our Compliance team have issued new guidance recently and we’ve created a handy summary for you. Click each item to find out more.

  1. Guidance on Distance Transactions.
  2. General update to the Prevention of Financial Crime Guidance , which included important changes to the requirements for the verification of identity.
  3. Compliance Newsletter which covered Vulnerable Customers, Fraud/Scams and Data Protection topics.
  4. Equity Release Guidance which included guidance following the Equity Release Council temporary relaxing the requirement for face-to-face independent legal advice.

Don’t forget, our compliance experts are on hand if you need any support:

  • For any AML, ID and customer due diligence queries, and to submit Suspicious Activity Reports please email mlro@primis.co.uk.
  • For queries relating to any cases, applications or general queries in relation to Financial Crime Guidance please email investigations@primis.co.uk.
  • To tell us about complaints, or if your query is about a complaint, please email solihull@primis.co.uk.

GIVING ADVICE IN LOCKDOWN

In our recent compliance communications we have talked about how brokers can compliantly make sales on a non-face-to-face basis. And many of our brokers have shown that, by being agile and using technology, they can continue to help clients and give great advice despite the restrictions that are in place.

However, the current situation has created new advice challenges. Read the full communication here.

APRIL

GIVING ADVICE IN LOCKDOWN

In our recent compliance communications we have talked about how brokers can compliantly make sales on a non-face-to-face basis. And many of our brokers have shown that, by being agile and using technology, they can continue to help clients and give great advice despite the restrictions that are in place.

However, the current situation has created new advice challenges. Read the full communication here.

REFERRAL JOURNEY

Cream Financial Solutions offer their best practice for asking for referrals.

Access the script here.

RATE SWITCH HELP AND SUPPORT

Get the answers you need quickly from Nationwide. Find out more here.

PRODUCT TRANSFER MATRIX

Access this tool here.

PANEL ENHANCEMENTS

Read more about the latest panel enhancements on page 09 of PRIDE Press.

PRODUCT TRANSFER – NOW IS THE TIME

Now could be an ideal time for you to focus on product transfers.

Find out more about the opportunities and read top tips here.