Welcome to Advise Wise Market News, the news feed where you can find the latest from the later life market, including rate changes, product and process updates and market events.
Market news
Aviva rate change
Aviva is changing interest rates from Tuesday 21 December on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. Application deadlines for KFIs based on previous rates: 6 January 2022.
There are no changes to the interest rates on additional borrowing.
Just extends medical underwriting to J6 series
From Tuesday 21 December 2021 Just is expanding the medically underwritten option to the J6 LTV series.
Canada Life wellbeing services
Canada Life has launched WeCare, an extensive range of virtual health and wellbeing services from Teladoc Health. All provided confidentially and available from the comfort of their homes for new and existing home finance customers and their immediate family.
WeCare consists in:
- Access UK-based GPs virtually for confidential medical advice 24/7
- Private prescriptions can be arranged and delivered at home
- Second opinions from consultants on diagnosis or treatment needs
- Professional mental health support, including life events counselling and bereavement sessions
- Help with healthy living, including meal planning and get fit programmes
- Expert legal and financial guidance on divorce, property disputes, probate, budgeting and more
- Access at any time
WeCare is available around the clock and can be accessed by
- Downloading the WeCare Programme app
- Visiting website at wecare-cl.com
- Calling the helpline on 0208 068 0035
Canada Life rate change
From Wednesday 15 December, Canada Life is decreasing interest rates on existing products on additional borrowing. New rates from 2.65%.
Canada Life product update
Canada Life is making some improvements to Lifestyle Select Options from 9am on Wednesday 15th December, including:
- introducing two new products: Lifestyle Select Ultra Lite (Standard & Flexible) and Lifestyle Select Super Lite (Standard & Flexible)
- making Lifestyle Select Gold Plus available to customers aged 55-59
Advise Wise live webinar
“Your clients are unique, your advice should be too”
When: Wednesday 15 December, 10am
Join our upcoming live webinar, in collaboration with Just, introducing their latest innovation, bespoke medical underwriting.
Craig Faulkiner, our Head of Distribution, and Matt Latham, Specialist Account Director at Just, will explain why you should always add medical information to the case and how it can help you personalise your advice, to fit your client's unique circumstances and drive a bespoke client outcome.
The webinar will end with a live Q&A session at the end, where the speakers will answer to all your questions!
Flexi choice rate decrease
From 11 December, more2life is reducing interest rates across Flexi Choice plans. New rates from 2.74% MER.
Pure Classic rate decrese
From 10 December, Pure Retirement is decreasing interest rates on the Classic range, by up to 0.15%MER.
All KFIs are valid for 21 days.
M2L rate decrease
From Friday 10 December, more2life is decreasing interest rates on Maximum Choice & Maximum Choice Plus plans, on new business. New rates from 3.68% MER.
Sovereign rate decrease
From 9 December Pure Retirement is reducing interest rates on Sovereign and Sovereign Elite ranges.
Canada Life rate decrease
From 9 December Canada Life is decreasing interest rates on:
- Lifestyle Select Lite, new rates from 2.81%MER
- Lifestyle Select Gold, new rates from 2.99%MER
- Lifestyle Select Gold Plus, new rates from 3.55%MER
The rate changes apply to further borrowing on existing loans.
Deadlines:
- Request a KFIbefore 9am on 9 December
- Submit the application before 5pm on 23 December
L&G product update
From 9 December, L&G is:
1) Introducing 2 new, higher LTV Flexible and Optional Payment LTM lump sum products, Purple and Maroon
The products will be available on a no-fee and £599 arrangement fee basis for a limited time only.
Main features:
- Both products will be Lump Sum Only (i.e. there will be no drawdown facility);
- The highest LTV product, Maroon, will only be available to Sole Applicants;
- Both products will not be available for properties built within the last 10 years;
- Minimum property value: £100k.
2) Amending some of Violet’s LTVs very slightly.
For Violet pipeline cases. to secure the current LTVs and interest rates:
- Generate an Illustration by 6pm on Thursday 9 December
- Submit the DIP by COB on Thursday 16 December
- The valuation needs to be carried out by Tuesday 11 January
- Submitt all supporting documentation by Thursday 20 January
- The case needs to be offered by Thursday 3 February
- Completion will need to take place within the 50 day offer validity period.
L&G rate change
From 9 December, L&G is reducing interest rates on its entire range of lifetime mortgages by up to 0.08%.
LV= rate decrease
From 10 December, LV= is decreasing interest rates on Drawdown+ and Lump Sum+. New rates from 2.88% MER.
Pure Retirement Heritage rate reduction
From 8 December, Pure Retirement is decreasing interest rates on Heritage Plus, Max and Max Plus. This applies to the fixed/Gilt ERCs, Freedom 20 and 40 ranges.
No changes to the Heritage Super Max product.
Just rate decrease
From 8 December Just is decreasing rates on J2.5, J3, J4 and Green series.
Just is also removing the age brackets on the J6 series, and making some changes to the interest rates.
New rates:
- J2.5 from 3.85% MER
- J3 from 3.90% MER
- J4 from 3.98% MER
- J6 from 4.35% MER
- Green series from 3.75% MER
LV= rate reduction
From Friday 3 December, LV= is decreasing rates on Drawdown+ and Lump Sum+.
New rates from 2.95% MER.
Pure Retirement Sovereign rate reduction
On Friday 3 December Pure Retirement has reduced interest rates on all the Sovereign products including the Sovereign Elite range. All KFIs are valid for 21 days.
Pure Retirement Classic rate decrease
From 1 December Pure Retirement is reducing interest rates on the Classic product range by up to 0.10% MER.
All KFIs are valid for 21 days.
Pure Retirement Sovereign rate reduction
From 1 December Pure Retirement is reducing interest rates on all Sovereign and Sovereign Elite products.
New rates from 2.78% MER.
All KFIs are valid for 21 days.
Aviva Gilts and Variable ERCs update
From Friday 3 December, as part of a regular review, Aviva will be refreshing its Gilts and variable early repayment charges to ensure they remain accurate.
These changes are applicable to the individual gilt-based early repayment charge only.
The changes will be applicable to new business, additional borrowing and drawdowns on all fixed interest rate products.
Deadlines for applications based on previous Gilts is Monday 16 December.
L&G interest rate reduction
From Wednesday 1 December at 6pm, L&G is reducing interest rates by up to 0.10% on its Lifetime Mortgage range.
Canada Life rate changes
From Monday 29 November, Canada Life interest rates are:
- decreasing on Lifestyle Select Lite, new rates from 2.93%MER
- decreasing on Lifestyle Select Gold, new rates from 3.12%MER
- increasing on Lifestyle Select Gold Plus, new rates from 3.61%MER
The rate changes apply to further borrowing on existing loans.
Pipeline cases
If your client wants to take advantage of the existing rates, generate a KFI before 9am on Monday 29 November.
If you have already generated a KFI and your client would like to proceed,submit the application before 5pm on Monday 13 December.
Aviva rate change
From 29 October, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
There are no changes to the interest rates on additional borrowing.
Applications on current rates will be accepted by Thursday 11 November.
Aviva rate change
From Tuesday 30 November, Aviva will change interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. There are no changes to the interest rates on additional borrowing.
Application deadlines for cases based on previous rates is Monday 13 December.
OneFamily product changes
From 1 December, OneFamily is making the following changes to its product range
-
Removal of variable interest payment rate (Lite and Standard) products from new business
Deadline for Variable Interest Payment applications will be 30 November.
-
Variable rate product changes:
The CPI will be increasing to 3.1%. The new MER rates on Variable rate:
- Variable Lite Interest Roll up with Voluntary Payment: 5.40% (5.54% AER)
- Variable Standard Interest Roll up with Voluntary Payment: 5.80% (5.96% AER)
Just rates decrease
From Thursday 25 November, Just is decreasing interest rates on:
- J2.5 series, new rates from 3.91% MER
- J3 series, new rates from 3.96% MER
- J4 series, new rates from 4.08% MER
- J6 series, new rates from 4.49% MER
- Green series, new rates from 3.81% MER
Pure Retirement Sovereign rate decrease
From Wednesday 24 November, Pure Retirement has decreased interest rates on all Sovereign and Sovereign Elite products.
All KFIs are valid for 21 days.
Pure Retirement Heritage rate reduction
From Wednesday 24 November, Pure Retirement is reducing interest rates on the Heritage Super Max (Fixed, GILT ERCs, Freem 20 and 40).
New rates from 4.18% MER.
Changes to OneFamily SLTV Product
From Tuesday 23 November, OneFamily is making the following changes to the SLTV product:
- Rate reduction to 6.09% (currently 6.29%)
- 2% cashback
- LTV’s increased by 0.5% starting at 40.5% (currently 40%)
Changes to the Pure Retirement Sovereign range
From Tuesday 23 November, Pure Retirement is making changes to the Sovereign and Sovereign Elite ranges:
- Flexible pricing
- New Sovereign product options
- Additional price points
- Defined Drawdowns
- Improved drawdown pricing
- Minimum age 55
- Aligned LTVs
- Improved pricing
Submission deadlines for current Sovereign range products:
- Request KFIs by 23:59 Monday 22 November 2021
- Submit applications by 23:59 Monday 6 December 2021
- Apply for Further Advances by 23:59 Wednesday 24 November 2021
Pure Retirement Classic rate decrease
From Tuesday 23 November, Pure Retirement is reducing interest rates on the Classic product range by up to 0.09%MER.
All KFIs are valid for 21 days.
Pure Heritage Supreme products withdrawal
From Wednesday 24 November, Pure Retirement is withdrawing all variants of the following Heritage products from the market:
- Heritage Supreme
- Heritage Supreme Plus
- Heritage Supreme Max
Submission deadlines on these products:
- Request KFIs by 23:59 Tuesday 23 November.
- Submit applications by 23:59 Tuesday 7 December.
Pure Retirement Sovereign rate reduction
From Thursday 18 November, Pure Retirement is reducing interest rates on Sovereign and Sovereign Elite A, B and C products. Sovereign products D, E and F remain unchanged.
New rates from 2.85% MER.
LV= rate decrease
From Thursday 18 November, LV= is decreasing interest rates on:
- Lifetime Mortgage Drawdown+
- Lifetime Mortgage Lump Sum+
New rates from 3.03% MER
Four Pillar of Wellness event
When: 1st December, 10am
Join Pure’s BDM, Jane and L&D Manager, Jonathon, for a training session on understanding the four pillars of wellbeing and tips on how to manage stress with fun exercises for you to take part in, from desk yoga to mindfulness to boost your energy and resilience.
Aviva rate change
From Tuesday 16 November, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
Application deadline for pipeline cases: 29 November.
No changes to the interest rates on additional borrowing.
L&G rate decrease
From 6pm on 11 November, L&G is reducing interest rates on its Lifetime Mortgage range by up to 0.23%.
Pure Retirement Emerald rate increase
From Wednesday 10 November, Pure Retirement is increasing interest rates on the Emerald range, by up to 0.21%MER.
Submission deadlines:
- Request KFIs by 23.59 on 10 November
- Submit applications within 21 days of KFI
- All KFIs are valid for 21 days.
Pure Retirement Sovereign rate decrease
From Tuesday 9 November, Pure Retirement is decreasing interest rates on the Sovereign range and Sovereign Elite range products A,B,C.
New rates from 2.94%MER.
Products D, E and F remain unchanged.
Pure Retirement Heritage rate increase
From Wednesday 10 November Pure Retirement is increasing interest rates on the core Heritage range (fixed and gilt ERCs) Freedom 20 and Freedom 40. New rates from 3.80%MER.
Deadlines:
- Request KFIs by 23.59 Tuesday 9 November
- Submit applications by 23.59 Tuesday 23 November
- Deadline fo further advances: 00.01 Saturday 13 November
Just rate increase
From Wednesday 10 November, Just is increasing interest rates on J1, J2, J2.5 and Green series. New rates from 3.70%MER.
For any pipeline quotes, submit the application before close of business on Wednesday 24 November.
Pure Retirement product update
When: 25 November 10am
Join Pure BDM Jane Mullan who will introduce new changes to the Sovereign product range, plus many other updates.
Pure ‘The Unplaceables’ webinar
When: 10 November 10am
Join Pure BDM Anna Thompson, with Jane Hanlon from Advise Wise and Matt Taylor from Equilaw to discuss your hard cases to place.
To submit your case, you can send it to marketing@pureretirement.co.uk
LV= rate reduction
From Friday 5 November, LV= is decreasing interest rates on Drawdown+ and Lump Sum+. New rates from 3.08% MER.
m2l Flexi Choice rate decrease
From Thursday 4 November, m2l is decreasing interest rates across Flexi Choice plans. New rates from 2.95% MER.
Pure Retirement Classic rate decrease
From Wednesday 3 November, Pure Retirement is reducing interest rates on the Classic product range by up to 0.59% MER.
All KFIs are valid fro 21 days.
L&G criteria improvement
From 6pm on Tuesday 2 November L&G is able to lend:
- in single names for Co-habiting (not married) couples and
- for customers where there is a Debt Management Plan in place.
L&G rate reduction
From 6pm on Tusesday 2 November, L&G is reducing interest rates on its entire range of lifetime mortgages by up to 0.24%.
Canada Life rate changes
From Tuesday 2 November Canada Life is:
- increasing the LTVs on Capital Select Lite, Capital Select Gold, Capital Select Gold Plus, Capital Select Platinum and Capital Select Platinum Plus
- increasing the rates on Capital Select Gold Plus and Capital Select Platinum
- decreasing the rates on Capital Select Platinum Plus
New rates from 4.59%MER.
The rate changes apply to further borrowing on existing loans, but the LTV changes do not.
Application submission deadline: 5pm on Tuesday 16 November.
Canada Life Lead Generation workshop
When: 4 November - 18 November
Supporting advisers to grow their equity release business.
Duration: 5 hours.
More2life increases Flexi Premier procuration fee
From 2 November, more2life is increasing the maximum procuration fee on all Flexi Choice Premier plans from £10,000 to £20,000.
The increase to the maximum procuration fee will apply to new applications only from Tuesday 2 November. Any existing applications will remain capped at £10,000.
There are no changes to the procuration fees on standard Flexi Choice plans, on which the procuration fees will remain capped at £10,000.
Pure Retirement increases procuration fee cap on Classic Elite
From 2 November, Pure Retirement is increasing the broker procuration fee cap on all Classic Elite cases to £20,000 (currently £10,000).
The increased cap will apply to all new KFIs from 2 November. Any pipeline cases will continue on the £10k cap.
A £10,000 cap will remain on Standard Classic cases.
Just rate increase
From Wednesday 27 October, Just is increasing interest rates on J6. New rates from 4.64% MER.
Application deadline: close of business Wednesday 10 November.
LV= rate increase
From Wednesday 27 October, LV= is increasing interest rates on Drawdown+ and Lump Sum+.
New rates from 3.38% MER.
Application deadline: 12:00 midday, Wednesday 10 November.
Canada Life rate change
From Tuesday 26 October, Canada Life is increasing interest rates on the following Lifestyle Select options:
- Lite (Standard and Flexible), new rates from 3.03% MER
- Gold (Standard and Flexible), new rates from 3.15% MER
- Gold Plus (Standard and Flexible), new rates from 3.40% MER
- Additional borrowing for the above products
Sumbission deadlines:
- Generate a KFI before 9am on Tuesday 26 October.
- Submitt the application before 5pm on Tuesday 9 November.
Pure Retirement Sovereign rate change
From Monday 25 October, Pure Retirement is increasing interest rates on Sovereign band A by up to 0.03%MER and decreasing interest rates on Sovereign band C and D by up to 0.10%MER.
New rates from:
- Sovereign range 2.96%MER
- Sovereign Elite range 3.46% MER
Submission deadlines:
- Request KFIs by 23:59 on 24 October
- Submit applications by 23:59 on 7 November
Pure Retirement Sovereign rate change
From Monday 25 October, Pure Retirement is increasing interest rates on Sovereign band A by up to 0.03%MER and decreasing interest rates on Sovereign band C and D by up to 0.10%MER.
New rates from:
- Sovereign range 2.96%MER
- Sovereign Elite range 3.46% MER
Submission deadlines:
- Request KFIs by 23:59 on 24 October
- Submit applications by 23:59 on 7 November
Aviva launches Fixed ERC’s
From Thursday 21 October 2021 Aviva allows all new equity release customers to choose whether to have an early repayment charge based on gilts as per its current T&Cs or select the new fixed percentage charge.
These new Aviva product variants are available to source via Advise Wise immediately.
Pure Retirement Emerald increase
From Thursday 21 October, Pure Retirement is increasing interest rates by up to 0.20% MER on the Emerald range.
Submission deadlines:
- Request KFIs on the current rates by Wednesday 20 October 2021
- Submit applications within 21 days of KFI
Pure Retirement Heritage increase
From Wednesday 20 October, Pure Retirement is increasing interest rates on the Heritage, Freedom 20 and Freedom 40 ranges. New rates from 3.60% MER.
Submission deadlines:
- Request KFIs on the current rates by 23:59 Tuesday 19 October 2021
- Submit applications on the current rates by 23:59 Tuesday 2 November 2021
Just rate increase
From Wednesday 20 October, Just is increasing interest rates on:
- J3 series, new rates from 4.05% MER
- J4 series, new rates from 4.19% MER.
For any pipeline quotes, submit the application before close of business on Wednesday 3 November. Any applications received after this date will be on the new interest rates.
Pure Classic criteria changes
From 16 October, Pure Retirement is making the folowing criteria changes to the Classic range:
- Max loan amount increased to £540k in Scotland and Wales (previously £515k)
- Flat roof: Maximum increased from 25% to 50%.
Pure Retirement Sovereign rate increase
From Thursday 14 October, Pure Retirement is increasing interest rates on bands A,B,C and D. This also applies to the Sovereign Elite range. E and F will remain unchanged. New rates from 2.93% MER.
Submission Deadlines:
- Request KFIs on the current rates by 23:59 Wednesday 13 October 2021
- Submit applications on the current rates by 23:59 Wednesday 27 October 2021
LV= rate increase
From Friday 15 October, LV= is increasing interest rates on Drawdon+ and Lump Sum+. New rates from 3.09% MER.
For pipeline cases, the application deadline is 23:59 Friday 29 October.
L&G rate increase
From 6pm on Wednesday 13 October, L&G is increasing interest rates by up to 0.39% across all its lifetime mortgage products.
To secure the current rates:
- Generate a KFI by 6pm on Wednesday 13 October
- Submit the DIP by 5pm on Wednesday 20 October*
- The valuation needs to be carried out by Monday 15 November
- Submit all supporting documentation by Wednesday 24 November
- The case needs to be offered by Wednesday 8 December
- Completion will need to take place within the 50 day offer validity period
- Pipeline cases which require a re-offer after 6pm on Wednesday 13 October will be offered on the prevailing rates at the time.
*If you have generated a KFI on L&G old portal Apply Online, which has now closed, you must submit the application by 5pm on Wednesday 20 October. After this time you must generate and proceed with a new KFI on L&G new Later Life Mortgage Portal.
Aviva rate change
From Tuesday 12 October, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
There are no changes to the interest rates on additional borrowing.
Deadlines:
- Submit applications based on previous rates (version 24.9.2021) by 19 October and 25 October (version 6.10.2021)
Pure Retirement Heritage range changes
From Monday 11 October, Pure Retirement is making the following changes to the Heritage range:
Leasehold Flats/Maisonettes Max LTV Cap
- For flats and maisonettes, new 85% max LTV cap
- This will apply to all Heritage products (GILT/Fixed ERCs, Freedom 20 & Freedom 40)
Launch of 3 New LTV Tier products offering LTVs up to 58.50% (dependent on age):
- Heritage Supreme (fees package option available with choice of 1% or 2% cashback)
- Heritage Supreme Plus (fees package option available with choice of 1% or 2% cashback)
- Heritage Supreme Max (fees package option available with 1% cashback)
- These products will be available with Fixed or GILT ERCs
- Not available on Freedom 20 or Freedom 40
- Higher min property value of £100,000 (vs. £70,000 for the rest of the Heritage range)
- 85% max LTV cap
The following further underwriting criteria restrictions will apply to these products only:
Underwriting Restrictions for Heritage Supreme, Supreme Plus and Supreme Max:
- No leasehold title
- No properties with estate rent charges
- No flat roof exceeding 30%
- No age-restricted properties
- No properties located on Scottish Islands
- No listed buildings
- No lodgers/tenants
- No annexes or self-contained accommodation
- No properties with Type 1 Japanese Knotweed
- No pre-1900 timber frame properties
- No thatched roofs
- No modern methods of construction
- No properties adjacent to commercial premises
- No unsatisfied CCJs
- No unsatisfied IVAs or Debt Management Plans exceeding £10,000
Pure Retirement launches Emerald range
On Wednesday 6 October, Pure Retirement has launched the new Emerald range, offering its highest LTVs and flexible pricing solutions to meet the needs of customers.
Emerald product features include:
- High LTVs available, up to 57.5%
- ERC-free repayments, up to 12%
- 4% cashback available on all products
- Direct Debits facility available
- Fee-free options available on all products
- Standard range (non-cash-back) ERCs begin at 7%
LV= rate increase
From Friday 8 October, LV= is increasing interest rates on:
- Lifetime Mortgage Drawdown+, new rates from 2.94% MER
- Lifetime Mortgage Lump Sum+, new rates from 2.95% MER
Applications based on previous rates must be submitted by Friday 22 October.
Aviva property webinar
Join Aviva property webinar, a joint presentation by Neil Uttley, Equity Release National Sales Manager and Andrew Turner, In-House Chartered Surveyor.
You’ll discover more about:
- The common misconceptions concerning valuations and how to assess property values
- How to deal with complex and often difficult property scenarios
- Aviva lending criteria that lets us to say yes to more customers
- The role of the valuer and what’s expected of them.
When:
Friday 8 October, 10am - Register
Wednesday 13 October, 2pm - Register
Friday 15 October, 10am - Register
Aviva rate change
From Wednesday 6 october, Aviva interest rates are increasing or remaining the same on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. There are no changes to the interest rates on additional borrowing.
Applications based on previous rates will be accepted until Tuesday 19 October.
L&G rate increase
From 6pm Tuesday 5 October, L&G is increasing interest rates across all products by 0.21%.
To secure the current interest rates:
- Generate an illustration by 6pm on Tuesday 5 October
- Submit the DIP by 5pm on Tuesday 12 October*
- The valuation needs to be carried out by Friday 5 November
- Submit all supporting documentation by Tuesday 16 November
- The case needs to be offered by Tuesday 30 November
- Completion will need to take place within the 50 day offer validity period.
*For KFIs generated on the older, Apply Online, portal you must submit the application by 5pm on Tuesday 12 October 2021.
Any cases received outside of the timescales described above will not be honoured.
Please note, following a DIP decision, if you choose to Edit DIP you will lose your current product/rate choice and only be able to proceed on prevailing rates at the time.
Pipeline cases which require a re-offer after 6pm on Tuesday 5 October will be offered on the prevailing rates at the time.
Property valuations
Consider submitting your Full Mortgage Application (FMA) on the Later Life Mortgages Portal as early as possible to ensure you meet the deadline for valuations.
If the independent valuer provides a lower property valuation than your clients estimate, your client may be able to switch to a product with higher LTVs. L&G will also consider honouring the interest rates available at the time the illustration was produced (providing there are no other changes to the application).
Canada Life rate increase
From Wednesday 6 October, Canada life is increasing interest rates on
- Lifestyle Select Lite, new rates from 2.93%MER
- Lifestyle Select Gold, new rates from 3.11%MER
- Lifestyle Select Gold Plus, new rates from 3.30%MER
The new interest rates will also apply to additional borrowing.
To take advantage of the existing Lifestyle Select Option terms:
- Generate a KFI before 9am on Wednesday 6 October.
- If you have already generated a KFI, submit the application before 5pm on Wednesday 20 October.
Pure Retirement Sovereign rate increase
From Tuesday 5 October, Pure Retirement is increasing interest rates on:
- Sovereign A, new rates from 2.79%MER
- Sovereign B, new rates from 2.87%MER
- Sovereign C, new rates from 2.99%MER
This rate increase also applies to the Sovereign Elite range products. Sovereign products D – F remain unchanged.
Submission Dates:
- The deadline for KFIs on the current rates is 23:59 Monday 4 October 2021
- The deadline for applications on the current rates is 23:59 Thursday 14 October 2021
Pure Retirement exclusive product launch event
When: 5 October, 10.30am
Join Pure Retirement for a virtual product launch event, hosted by Jane Mullan, Pure BDM for the South, who will be joined by Craig Faulkiner, Head Of Distribution at Advise Wise. The event will cover Pure Retirement new lifetime mortgage and how it could support your client’s changing needs with flexible solutions.
L&G rate increase
From 6pm Wednesday 29 September, L&G is increasing interest rates by up to 0.18% across all of its lifetime mortgage products.
To secure the current interest rates:
- Generate the KFI by 6pm on Wednesday 29 September
- Submit the application by 5pm on Wednesday 06 October*
- The valuation needs to be carried out by Monday 01 November
- All supporting documentation required must be with L&G by Wednesday 10 November
- The case needs to be offered by Wednesday 24 November
- Completion will need to take place within the 50 day offer validity period.
*For Illustrations generated on the new, Later Life Mortgage Portal, you must submit the Decision In Principle (DIP) by 5pm on 06 October. You should also consider submitting your Full Mortgage Application (FMA) on the Later Life Mortgages Portal as early as possible to ensure you meet the deadline for valuations.
Any cases received outside of the timescales described above will not be honoured.
Pipeline cases which require a re-offer after 6pm on Wednesday 29 September will be offered on the prevailing rates at the time.
LV= rate increase
From Wednesday 29 September, LV= is increasing interest rates on:
- Lifetime Mortgage Drawdown+
- Lifetime Mortgage Lump Sum+
New rates from 2.75% MER.
Deadline to submit applications based on lower rates is 13 October.
Aviva rate change
From Friday 24 September, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible option, on new business only. No changes to the interest rates on additional borrowing.
Deadlines:
- Applications based on previous rates will be accepted until 7 October.
Applications received from 8 October wil be processed using the new interest rates. - If an initial offer expires on or after Friday 24 September, the new offer will be based on new interest rates.
Pure Retirement Heritage rate reduction
From Thursday 23 September, Pure Retirement is reducing interest rates on:
- Heritage Max (ages 55-75 only), new rates from 3.71% MER
- Heritage Max Plus, new rates from 3.72% MER
For Heritage Max, there will be no rate reduction for ages 76+. This reduction applies to the following Heritage ranges: Fixed / GILT ERCs, Freedom 20, Freedom 40 and Renovate.
There is no rate reduction to the Heritage Plus or Super Max products.
Pure Retirement Classic rate increase
From Thursday 23 September, Pure Retirement is increasing interest rates on the Classic range, by up to 0.13% MER.
New rates from 2.56% MER.
- Flexible Products – changes to go live after 18:00, Thursday 23 September 2021. Applications must be made within 21 days of the KFI.
- Static Products (including further advances / cash releases) – changes to be live by 00:01 on Friday 24 September 2021. Applications on the old rates for further advances can be submitted (as long as the KFI is generated before the above date) up until 23:59 Thursday 7 October 2021.
Canada Life withdraws Prestige Options
From 23 September 10am Canada Life is withdrawing Prestige Options from the market.
If your client wants to take advantage of the existing Lifestyle Select Option or Prestige Option product terms, generate a KFI before 9am on Thursday 23 September.
If you have already generated a KFI and your client would like to proceed, submit a linked applications before 5pm on Friday 8 October.
Canada Life rate change
From 23 September 10am Canada Life is increasing interest rates on
- Lifestyle Select Lite (Standard and Flexible), new rates from 2.71% MER
- Lifestyle Select Gold (Standard and Flexible), new rates from 2.85% MER
- Additional borrowing for the above
Just introduces medical underwritten option
From Monday 20th September 2021 Just is expanding the Just For You Lifetime Mortgage to include a medically underwritten option on the J1-4 LTV series.
This brand new option allows intermediaries to offer a lifetime mortgage solution that is personalised to their clients using their health and lifestyle conditions.
With the Just For You Lifetime Mortgage medical underwriting, six in 10 people could borrow more, or get a better interest rate to reduce their borrowing costs, allowing intermediaries the ability to deliver solutions unique to every client.
Pure Retirement Classic rate increase
- Flexible Products – changes from 18:00, Friday 17 September 2021. Applications must be made within 21 days of the KFI.
- Rate increases by upto 0.12% MER
- Static Products (including further advances/cash releases) from Saturday 18 September 2021. Applications on the old rates for further advances can be submitted (as long as the KFI is generated before the above date) up until 23:59 Friday 1 October 2021.
Pure Retirement Classic rate decrease
- Flexible Products – changes from 12 noon Thursday 16 September 2021
- Rate reductions by upto 0.12% MER
- Please note all KFI’s are valid for 21 days
Pure Sovereign rate increase
From Friday 17 September Pure Retirement is increasing interest rates on:
- Sovereign A – new rates from 2.53% MER
- Sovereign B – new rates from 2.64% MER
- Sovereign C – new rates from 2.76% MER
Submission Dates:
- The deadline for KFIs on the current rates is 23:59 Wednesday 16 September 2021
- The deadline for applications on the current rates is 23:59 Wednesday 29 September 2021
LV= offers free valuations
From Tuesday 14 September LV= is offering free valuation on all new business applications, regardless of property value.
LV= won’t charge for the initial valuation, but any re-valuations or additional borrowing valuations will be charged at the rates applicable at the time.
LV= rate decrease
From Tuesday 14 September, LV= is decreasing interest rates on:
- Lifetime Mortgage Drawdown +, new rates from 2.65% MER
- Lifetime Mortgage Lump Sum +, new rates from 2.65% MER
Just rate reduction
On Monday 13 September Just is decreasing interest rates on
- J2.5 series, new rates from 3.79% MER
- J3 series, new rates from 3.80% MER
- J4 series, new rates from 3.92% MER
- J6 age 68-85 series, new rates from 4.55% MER
- Green series, new rates from 3.69% MER
For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates.
There are two tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
- If servicing below 25% of the monthly interest there will be no reduction
- If servicing 25.01% + of the monthly interest amount there will now be a 0.05% reduction
- All cashback is capped at £20,000 from J1-J5
- J6 has uncapped cashback
Pure Retirement Heritage rate reduction
From Friday 10 September, Pure Retirement is reducing interest rates on Heritage Super Max , new rates from 4.00% MER.
This apply to all ages and to the Fixed, Gilt ERCs, Freedom 20 and Freedom 40 ranges.
There is no rate reduction to the Heritage Plus, Max, Max Plus products or the Heritage Renovate range.
Aviva rate change
From 8 September, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
- Applications based on previous interest rates will be accepted until Tuesday 21 September 2021.
- When the rate has increased, applications received from 22 September will be processed with the new rates.
- All pre-sales illustrations produced on or after Wednesday 8 September 2021 will automatically be processed using the new LTVs and new interest rates.
Aviva LTV change
From 8 September 2021 Aviva will change LTVs used to determine the maximum a customer can borrow on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business and additional borrowing.
As part of this change, Aviva will be merging the LTV scales for the two products on non-medically enhanced business, so all customers will be able to obtain a reserve on the highest available LTVs.
- All pre-sales illustrations produced on or after Wednesday 8 September 2021 will automatically be processed using the new LTVs.
- For additional borrowing applications received up to and including Tuesday 21 September 2021 will be processed using the current LTV table.
- All additional borrowing applications received from Wednesday 22 September 2021 will be processed using the new LTV table.
- Where terms have been offered and the customer wishes to make an alteration to the loan, the new offer will be based the new LTV table.
- If an initial offer expires on or after Wednesday 8 September 2021, Aviva will issue a new offer based on new LTVs which will be guaranteed for 7 days.
Please request a new pre-sales illustration in the following circumstances:
- If an application has been declined due to no further funds being available on current LTVs and you would like to check if funds are available using the new LTV table.
- If an offer has already been issued and you would like to check if the new LTV table impacts the loan amounts.
L&G launches new Premiere products
From Monday 6 September 6pm, L&G is launching Premier Lifetime Mortgages, available to customers with properties worth at least £1million and offer rates 0.1% lower than the equivalent standard £599 fee products.
Key Features:
- Flexible and OPLM versions available
- Black and Yellow LTVs only
- £599 arrangement fee
- Variable ERCs
- Min initial advance is £50k and no max
- No max limit to the property value
The Financial Reporter Later Life Lending Roadshow
15 September in Weybridge. Register now
16 September in Walsall. Register now
29 September in Northampton. Register now
30 September in Barnsley. Register now
Canada Life latest report
In collaboration with the ERC and other industry experts, Canada Life has produced a new report “Home advantage: intergenerational perspectives on property wealth in later life”, offering insights into how trends have altered the life experiences of adults now in their thirties and sixties.
Key areas explored in the report:
- The legacy of pension freedoms and low interest rates leading to new, more flexible ways of achieving retirement income security
- Increasing property costs and challenges around affordability resulting in more homeowners taking out longer term mortgages that will need to be provisioned for
- Changing perceptions over the role of property wealth in funding retirement, with a growing acceptance of debt in later life
Learn more about these trends by downloading the report.
OneFamily enhances its LTM service and processes
OneFamily is introducing Nitro Sign, enabling you to add your signature to your customers application quickly and easily. The software is free and easy to use, with no download necessary, and ensures your legally binding digital signature is sent safely and securely. The use of electronic signature solution removes the need for wet signatures on the mortgage application form.
Nitro Sign will now enable you to read the required declarations to your customer and confirm their understanding and acceptance, by signing electronically on their behalf, in three easy steps:
- You’ll receive an email from OneFamily containing a link to ‘Sign the document’. Click the link to open up the Declaration.
- Read the declarations to your customer, then confirm their understanding and acceptance by either drawing, typing or uploading your signature in the relevant box.
- Click the ‘Submit’ button and OneFamily will receive your signed document instantly. You’ll also be emailed a copy for your records.
If you have any questions on how to use Nitro Sign, please get in contact with OneFamily Mortgage Operations Team on OFLMprocessorsmailbox@onefamily.com or 0800 802 1645* (Option 3).
Just product changes
From Thursday 2 September, Just is amending the max customer age cap of 85 to apply to initial advances only.
Just rate decrease
From Thursday 2 September, Just is decreasing interest rates on:
- J3 series, new rates from 3.92%
- J4 series, new rates from 4.07%
For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates.
There are two tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
- If servicing below 25% of the monthly interest there will be no reduction
- If servicing 25.01% + of the monthly interest amount there will now be a 0.05% reduction
All cashback is capped at £20,000 from J1-J5. J6 has uncapped cashback.
Pure Retirement Unplaceable webinar
When: 8 September, 10-11am
Hosted by Anna Thompson, joined by:
- Les Pick, Head of Sales and Nicola Palmer, Business Development Manager at Canada Life,
- Peter Barton, Head of Equity Release at Ashfords Solicitors
- Jane Hanlon, Mortgage Club Manager and Craig Faulkiner, Head of Distribution at Advise Wise
If you would like one of your cases discussing, please email marketing@pureretirement.co.uk
Pure Retirement Sovereign rate reduction
From Tuesday 31 August Pure Retirement is decreasing interest rates on Sovereign A products, including Sovereign Elite A. New rates from 2.46% MER.
Products B to F remain unchanged.
LV= Wealth & Wellbeing webinar
Webinar - From lockdowns to lifts: how the UK’s financial habits have shifted through Covid-19 and beyond
When: Tuesday 14 September at 10am
Covid-19 has fundamentally shifted the financial needs and priorities of the UK population. Since the start of the pandemic, LV= has been tracking financial and wellbeing trends of the UK population and publishing the findings in its quarterly LV= Wealth and Wellbeing report.
The session will be run by Head of Customer Insight, Sarah Havard-James, who oversees the research. Sarah will be sharing the story so far, trends through Covid-19 and beyond, and setting out the key findings from the latest research.
Sarah will also be joined by Business Development Managers from both Savings and Retirement and Equity Release, who will be discussing what client planning opportunities these trends and insights present for financial advisers.
The event offers 30 minutes of CPD to attendees, and there will be a short Q&A session at the end.
Pure Retirement Heritage rate reduction
From Friday 27 August, Pure Retirement is decreasing interest rates on Heritage Max Plus & Super Max, both GILT and Fixed ERC, along with Heritage Freedom 40 & Freedom 20 Max Plus and Super Max. New rates from 3.55% MER.
Pure Retirement Classic rate decrease
From Monday 23 August, Pure Retirement is decreasing interest rates on the Classic product range. New rates from 2.47% MER.
For drawdowns and Further Advances the changes will go live at 00.01 on Tuesday 24 August. All KFIs are valid for 21 days.
Aviva rate change
From Friday 20 August, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
Applications based on previous rates will be accepted until Friday 3 September.
L&G rates decrease
From 6pm, Thursday 19 August, L&G is reducing interest rates on Navy, Indigo and Violet variants. For pipeline cases you can:
- Select a new plan, after the rate change goes live, if you haven't submitted a Full Mortgage Application yet
- If you've already submitted an application but haven't received an offer yet, LG will automatically offer on the new rates
- Generate a new KFI
- Ask L&G to reoffer an existing application by filling out this online form or calling L&G on 03330 048444 (option 2)
LV= rate decrease
From Thursday 19 August, LV= is decreasing interest rates on:
- Lifetime Mortgage Drawdown+. New rates from 2.72% MER
- Lifetime Mortgage Lump Sum+. New rates from 2.73% MER
Pure Broker Client mobile app
Pure Retirement just updated its Broker Client mobile app, giving you access to your lifetime mortgage business, whilst on the move.
Pure introduces Heritage Max age cap
From Wednesday 18 August, Pure Retirement is introducing a max age cap of 85 to Heritage Standard range (Fixed/GILT ERCs) and Heritage Renovate.
For Heritage Freedom 20 and Freedom 40, the current max age cap of 80 will remain.
Pure Retirement Sovereign rate reduction
From Monday 16 August, Pure Retirement is decreasing interest rates on the Sovereign range, on A-B-C products. Products D,E,F remain unchanged.
New rates from 2.52% MER.
Just rate changes
From Friday 13 August, Just is :
- Decreasing interest rates on J3. New rates from 3.98% MER.
- Decreasing rates on J4. New rates from 4.08% MER.
- Decreasing rates on J6. New rates from 4.46% MER.
- Removing the current £20,000 cashback cap on J6.
- Introducing two additional cashback tiers to J6.
- Introducing a max age of 85 across the entire Just For Your Lifetime Mortgage range. This will apply to new business customers and further advances.
Pure Classic rate decrease
From 10 August, Pure Retirement is reducing interest rates on the Classic product range, by up to 0.10% MER.
New rates from 2.53% MER. All KFIs are valid for 21 days.
Pure Retirement Heritage rate reduction
From Tuesday 10 August, Pure Retirement is reducing interest rates on Heritage Max Plus and Super Max (Fixed, GILT ERCs, Freedom 20 and Freedom 40). New rates from 3.55% MER.
Canada Life new Lifestyle Select Options
From Tuesday 10 August, Canada Life is introducing a new range of Lifestyle Select Options, which replace the current Lifestyle Options range.
The Lifestyle Select Options retain the same product features as Lifestyle Options, while also offering the new facility to accept voluntary overpayments.
The Lifestyle Select Options allow repayment contributions of up to 10% of the initial loan amount each year. Customers won’t be obliged to make payments and any contributions they make will be free from early repayment charges, allowing customers to choose what suits them best.
Canada Life is also closing the Lifestyle Options to new business. Lifestyle Option KFIs will be available until 9am on Tuesday 10 August. Completed applications will be accepted until 5pm on Thursday 30 September.
If you have already submitted an application and would like to take advantage of the new voluntary overpayment feature, get in touch with Canada Life Applications team asking to switch the case to the new Lifestyle Select Options. They will let you know the next steps.
The voluntary overpayment feature is only available to new customers proceeding on the Lifestyle Select Options. It will not be available to existing Lifestyle Options customers.
Canada Life rate decrease
From Tuesday 10 August, Canada Life will decrease the interest rates on:
- Lifestyle Select Lite (Standard and Flexible) - new rates from 2.66% MER
- Lifestyle Select Gold (Standard and Flexible) - new rates from 2.82% MER
- Additional borrowing for the above products - new rates from 3.20% MER
LV= important update
LV= is migrating all existing customer lifetime mortgages across its Equity Release Portal, with some changes for your clients and additional borrowing process.
- There will be some small changes to T&C for certains groups of customers, effecting from 9 August. View all details
LV= has written to all impacted customers, to inform them of any changes and confirm there is no action required on their part. - From 23 August, all requests for additional borrowing should be made via the Equity Release portal and paper application will be no longer accepted after 5pm 20 August 2021.
Read FAQ on applications in progress
Read about the new format for additional borrowing applications
Pure Classic rate reduction
From Friday 6 August, Pure Retirement is reducing interest rates on the Classic product range. New rates from 2.57% MER.
LV= Doctor Services
LV= has improved its Doctor Services that provide your clients and their families with expert medical support from day one of their lifetime mortgage.
- Extended all six services to your clients’ spouse/partner
- Unlimited consultations with a UK doctor via Remote GP available 24/7
- Five in-app enhancements
If your client was registered for LV= Doctor Services prior to January 2021, they’ll be prompted to upgrade the app and complete a new medical profile in order to access the newly improved services. New users can continue to follow the usual process and simply register and download the app.
If your client has any app or registration queries, they can contact our partner Square Health at customerservice@squarehealth.com or 01753 440366.
For more info, visit the LV= site.
L&G rate reduction
From Thursday 5 August 6pm, Legal & General is reducing interest rates on the majority of its products, apart from the Navy, Indigo and Violet variants, by up to 0.15%. For pipeline cases:
- If you have not yet submitted an application you can generate a new KFI after 6pm on Thursday 5 August.
- If you have submitted an application but have not yet received an Offer of Loan, and these new interest rates are lower, L&G will automatically offer on these new rates for acceptable cases.
- If you’ve already received an offer and would like L&G to re-offer on these new rates, generate a new KFI for your client.
Aviva rate change
From Thursday 5 August, Aviva is changing interest rates. Application based on previous interest rates will be ccepted until 11 August (Flex Tool version 19/7/2021) and 18 August (Flex Tool version 29/7/2021).
Pure Retirement Sovereign rate reduction
From Thursday 5 August, Pure Retirement is decreasing interest rates on the Sovereign range, on A-B-C products. Products D,E,F remain unchanged. New rates from 2.61% MER.
Sovereign Elite range products are also reducing in line with the above, with new rates from 3.11% MER.
Pure decrease rates on Classic range
From Friday 30 July, Pure Retirement are decreasing rates on their Classic range by up to 0.24%. All KFIs are valid for 21 days from the date they were produced.
Just changes to rates and LTV’s
From Friday 30 July, Just are making some changes to their Just For You lifetime mortgage:
- Increasing the LTV’s and making some interest rate changes to the J3 LTV series. Rates start from 4.10% MER
- Introducing 3 additional cashback tiers to the J4 LTV series. Up to 5% Cash Back available
- Decreasing the interest rates on the J5 LTV series - New rates from 5.60%
- For any pipeline quotes, Just will need to receive applications before close of business on Friday 13 August. Any applications received after this date will be on the new interest rates.
Canada Life rate decreases
With effect from 10am on Friday, 30 July, Canada Life are decreasing the interest rates on:
- Lifestyle Lite (Standard and Flexible) - New rates from 2.70% MER
- Lifestyle Gold (Standard and Flexible) - New rates from 2.86% MER
- Additional borrowing for the above products
Pure introduce new Heritage tier
From Friday 30 July, Pure Retirement are introducing a new LTV tier to their Heritage range called Heritage Super Max.
- This LTV tier will be available with Fixed/GILT ERCs and available on Freedom 20 and Freedom 40 (however not available for Heritage Renovate)
- There is a maximum age cap of 85
- The maximum loan size is £800k (as per Heritage Max Plus product)
- All other Heritage product/underwriting criteria will apply
- The starting interest rate is 4.31% MER for all ages
Aviva rate change
From Thursday 29 July, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. Applications based on previous interest rates (quoted since Monday 19 July) will be accepted until Wednesday 11 August.
Pure Retirement Sovereign rate change
From Tuesday 27th July, Pure Retirement are decreasing rates on their Sovereign A-C products:
- Sovereign 2.62% MER - 5.87% MER
- Sovereign Elite 3.12% MER - 3.28% MER
Sovereign products D, E, F remain unchanged.
Note that the Sovereign Elite range products are also reducing in line with the above.
Aviva webinars
Topic: Can stronger house prices help equity release?
The webinars are will be hosted by Hansen Lu who will be taking a look at the impact of the housing market on equity release.
The events quality for CPD.
Pure rate decrease
From Thursday 22 July, Pure Retirement is decreasing rates on Heritage products for clients aged 55-75:
- Heritage Plus - new rates from 3.55% MER
- Heritage Max - new rates from 3.73% MER
This reduction applies to all Heritage ranges: Fixed, Gilt ERCs, Freedom 20 and Freedom 40.
Pure rate decrease
From 12pm on Thursday 22 July, Pure Retirement are decreasing rates on their Classic range, 2.72% - 4.19% MER.
L&G rate decrease
From 6pm on Wednesday 21 July, L&G are reducing the rates on all of their lifetime mortgages by up to 0.13%.
L&G product update
L&G have introduced a NEW Later Life Mortgage portal and are inviting advisers to sign up to the new portal and gain access to these new features over the coming weeks. If you would like to sign up to be invited for priority access please click here:
Changes include an option for fixed ERC’s.
| Year 1-5 | Year 6-8 | Year 9 | Year 10 | Year 11 | Year 12 | Year 13 | Year 14 | Year 15 |
| 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
The thresholds for large loans are also changing, meaning they will no longer be rebating the commission over the cap, to the client as cashback.
- £700,000 - £1,199,999.99 = 0.04% rate reduction
- £1,200,000 or above 0.09% rate reduction
The standard product variant (£0 Arrangement Fee) will also be removed for loans above £700,000 as it’s better value for money to have the lower rate with the £599 fee payable, this can be added to the advance.
Criteria changes
- Reducing the minimum property value on houses and bungalows from £100K to £70K (with exception of violet scheme together with flats, ex council, ex housing association and ex MoD properties remain at £100K)
- Reducing the minimum leasehold term plus age of youngest borrower to 175 years
If you would like more details or have any questions, please call the Advise Wise Mortgage Desk on 0333 050 8771.
Canada Life KFI and letter enhancements
From Wednesday 21 July, Canada Life are enhancing their initial advance KFIs and offer letters.
The most important changes are:
- Expanding Section 5. Details on how interest is charged and compounded, and how it will increase over time. Also, more about the interest rates applied to additional borrowing.
- Detailing more in Section 11. More information about some of the fees which are payable.
- Including an introduction on our offer letters. The introduction clearly explains which documents are enclosed with the offer, how long the offer is valid for, and what your customer needs to do next.
- Updating Special Conditions of the offer. Added more detail to some of their standard Special Conditions.
Pure Retirement introduces self-service-bookings for customer valuations
From the 28 July Pure Retirement is introducing Self-Service-Bookings for customer valuations, available on Classic products through Countrywide surveyors. Your customers will be able to book their own valuation appointment, directly from their mobile.
5 steps to make the valuation process quicker:
- Customer receives a text message with a link to Countrywide’s booking portal
- Simply click the link, enter the property postcode and the estimated value of the property
- Provide the house number, name, and telephone number of the person at the property on the valuation day
- The customer chooses from the appointment slots available
- The appointment is confirmed on screen, booked into the surveyor’s diary and a confirmation text is sent to the customer
Canada Life rate decrease
From Tuesday 20 July, Canada Life is decreasing interest rates on:
- Lifestyle Lite (Standard and Flexible) - new rates from 2.78% MER
- Lifestyle Gold (Standard and Flexible) - new rates from 2.94% MER
- Lifestyle Gold Plus (Standard and Flexible) - new rates from 3.20% MER
- Additional borrowing for the above products.
Aviva rate change
From Monday 19 July, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. Applications based on previous interest rates will be accepted until Sunday 1 August.
Sovereign rate decrease
From Thursday 15 July, Pure Retirement is decreasing interest rates on Sovereign and Sovereign Elite product range, to Sovereign A-D products. Products E and F remain unchanged. New rates from 2.67% MER.
Classic rate decrease
On Thursday 15 July, Pure Retirement is decreasing interest rates on the Classic range. New rates from 2.72% MER.
Just rate change
From Thursday 8 July, Just is increasing interest rates on J1, J2 and J2.5 series and decreasing interest rates on J6 series. New rates from:
- J1 - 3.59% MER
- J2 - 3.71% MER
- J2.5 - 3.80% MER
- J6 - 4.66% MER
Canada Life Future-Proof your Business workshops
Canada Life is introducing a new series of workshops to support you and ensure best customer outcomes. The workshops are free to attend and are made up of:
- Six distance learning videos, provided to you in advance of the workshop and available on-demand
- A two-day long online training course, with Canada Life and Fortica Ltd
All workshops will be hosted online, and you can join on one of the following set of dates:
- Tuesday 20 July (Day 1) and Wednesday 21 July (Day 2)
- Tuesday 3 August (Day 1) and Thursday 5 August (Day 2)
Please note, you need to be available on both dates when you book your place, Canada Life is unable to accept delegates for just Day 1 or Day 2.
Pure unplaceables webinar
When: 14 July, 10-11am
Hosted by BDM Daniel Edmondson, joined by Peter Barton from Ashfords Solicitors and Jane Hanlon and Craig Faulkiner from Advise Wise.
Canada Life rate decrease
From Tuesday 6 July Canada Life is decreasing interest rates on Lifestyle Lite Standard & Flexible options, including additional borrowing. New rates from 2.87% MER.
Pure Retirement Classic Drawdown product changes
From Monday 5 July Pure Retirement is:
- Increasing LTVs on the Classic Drawdown Flex products
- Introducing a drawdown variant of the Classic Elite products. For the Elite products the min initial advance remains at £100,000 and the total amount of borrowing, including the drawdown facility, cannot exceed £2 million.
Pure Classic rate decrease
From Thursday 1 July Pure Retirement decreased interest rates on the Classic product range by up to 6 bps MER.
L&G rate reduction
From Wednesday 30 June at 6pm, L&G is reducing interest rates on some of its lifetime mortgage range by up to 0.20%.
For pipeline cases:
- If you have not yet submitted an application you can generate a new KFI after 6pm on Wednesday 30 June.
- If you have submitted an application but have not yet received an Offer of Loan, and these new interest rates are lower, L&G will automatically offer on these new rates for acceptable cases.
- If you’ve already received an offer and would like L&G to re-offer on new rates, generate a new KFI ffor your client.
- If you have an application that has already been offered and require an extension, please check if the new rates are more beneficial for your client before submitting this request.
Just launches Fixed Early Repayment Charge option
On Wednesday 30 June Just is launching its Fixed Early Repayment Charge (ERC) option, offering customers the certainty of costs upon early exit of their lifetime mortgage.
Just will offer the Fixed ERC option alongside its current Variable ERC structure, with no differential in pricing between the two options.
- All existing lending criteria and product feature options remain unchanged
- The Fixed ERC option will be available to new customers only
- The desired ERC option must be chosen at outset and once the initial advance has completed cannot be changed
- The ERC option selected for the initial advance will continue to apply to all subsequent advances
- There will be no changes to the current Variable ERC structure
Just fixed ERC’s will start at 10% in year 1, stepping down 1% each year until year 10, with a 1% charge to apply between years 10-15. From year 16 onwards, no ERC is to apply.
- For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates
- There are two tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
If servicing below 25% of the monthly interest there will be no reduction
If servicing 25.01% + of the monthly interest amount there will now be a 0.05% reduction - All cashback is capped at £20,000
Aviva rate decrease
From Friday 25 June, Aviva is reducing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible option, on new business only.
There are no changes to the interest rates on additional borrowing.
Canada Life Lead Generation Workshops
Canada Life introduces a new series of Lead Generation Workshops, designed with qualified equity release advisers in mind. The workshops are free to attend and consist of a stand-alone one-day virtual workshop, where you’ll learn:
- How to create a new income stream
- How to become the local area expert for later life lending
- How to grow your business through professional connections
- How to market your business in a structured and focused way
Available dates: 8 - 14 - 29 July, 12 August
Pure Retirement launches Heritage Freedom 20
From Thursday 24 June Pure Retirement is launching Heritage Freedom 20, a brand new product variant that will accompany the existing Heritage Freedom 40 products as part of the ‘Heritage Freedom’ range:
Key Features:
- 20% overpayments allowed per year ERC free
- 12 payments allowed per year (min payment £500)
- Fixed ERCs (GILT ERC option not available)
- Max age at application of 80 years
- Available on the same 3 LTV tiers as the standard Heritage range (Plus, Max, Max Plus)
- Priced +5bps above the standard Heritage range
- £895 arrangement fee and £600 legal fee contribution as per standard Heritage range. No fees package product/2% cashback option available.
- Rates from 3.73% MER
Pure Retirement Heritage range changes
From Thursday 24 June, Pure Retirement is also making changes to the Heritage Freedom 40:
- Reducing interest rates on Freedom 40 products by 10bps MER. New rates from 3.83% MER
- Introducing a max age cap of 80 years
There is also an increase to the Heritage Max Loan Size :
- Increasing the max loan size on all Heritage products from £800k to £1m (for all regions)
- This change applies to all Heritage products except for Max Plus products which will remain at £800k.
- The max loan size increase applies to all Heritage ranges (Fixed/GILT ERCs and Freedom 40)
Canada Life ER Exam Workshops
Canada Life introduces its next series of Equity Release Exam Workshops. The workshops are free of charge to attend and have been designed for mortgage advisers who are looking to add the equity release qualification to their toolkit. Canada Life have teamed up with Fortica Ltd, and will help you to prepare for either the Certificate in Equity Release (CII) or the Certificate in Regulated Equity Release (CeRER) (LIBF).
- Three distance-learning modules, provided to you in advance of the workshop
- A day-long online training course, with Canada Life and Fortica Ltd
Available dates
All workshops will be hosted online, and you can join on one of the following days:
- Tuesday 13th July
- Tuesday 27th July
- Tuesday 10th August
The exam itself is not included in the workshop, and delegates are responsible for any fees associated with the exam.
ERC publishes second edition of its Adviser Guide
The Equity Release Council has refreshed and relaunched its popular Adviser Guide for Equity Release.
The guide is available to ERC members to view by clicking here.
A webinar will take place at 10am on Wednesday 23 June, to mark the launch of the adviser guide. To register, click here
Pure Sovereign rate decrease
From Monday 21 June, Pure Retirement is decreasing interest rates on the Sovereign product range, bands A, B and C. New rates from 2.73% MER.
This also applies to the Sovereign Elite range. New rates from 3.23% MER.
Bands D, E and F will remain unchanged.
Pure Retirement introduces Sovereign partial repayments
With effect from Monday 21 June, Pure Retirement is introducing optional ERC free partial repayments on the Sovereign range.
Repayment details:
- Annual allowance - 10% of advances per annum
- Max 12 payments per annum
- Min payment amount of £50
- Min outstanding balance following repayment of £1,000
- Direct debit, standing orders and debit card payments allowed
- Applies to all Sovereign products (standard & Elite range)
- Available for new lending only
Pure Classice rate decrease
From Friday 18 June, Pure Retirement has decreased interest rates on the Classic product range, by up to 0.05% MER. New rates from 2.72% MER.
Aviva rate change
From 18 June, Aviva is changing interest rates on Lifestyle Lump Sum Max and Lifestyle Flexible option, which can decrease or stay the same. Changes apply to new business only.
There are no changes to the interest rates on additional borrowing.
Pure product updates
From Wednesday 16 June Pure Retirement is:
- Withdrawing the Drawdown and Midi LTV tier products from new business.
- Introducing LTVs on the Heritage Max Plus product for joint life customers aged between 55-59. The new LTVs will match the current single life LTVs for ages 55-59
Submission Deadlines
The deadline for KFIs on the Drawdown/Midi products is 23:59 Tuesday 15 June 2021
The deadline for applications on the Drawdown/Midi products is 23:59 Tuesday 29 June 2021
Pure Retirement Heritage rate reduction
From Wednesday 16 June Pure Retirement is reducing interest rates on Heritage products:
- Heritage Plus, new rates from 3.68% MER
- Heritage Max, new rates from 3.82% MER
This reduction applies to all Heritage ranges: Fixed, Gilt ERCs and Freedom 40.
Pure Retirement Classic Flexible Elite product changes
Pure Retirement is making changes to the Classic flexible Elite products:
- Increases in maximum LTVs
- Max loan amount increase from £1.85million to £2 million
- Max property value increased from £5million to unlimited
Aviva webinar
Topic: Reserves - because advice is personal
When: 3 dates available
The webinar will be hosted by Neil Uttley, who will take you through why you need to be fully knowledgeable on the topic, what support is available to help you, some vital areas to consider and Aviva’s pricing and processes.
The event qualifies for 45 minutes CPD with an opportunity to ask Aviva experts questions.
Register for Thursday 17 June, 10am
L&G rate reduction
From 6pm on Monday 14 June L&G is reducing interest rates on the Flexible and Optional Payment Black, Orange, Turquoise, Teal, Inigo and Violet variants, by up to 0.06%. New rates from 2.94% MER.
If you have already received an offer and would like L&G to re-offer based on the new rates, log into the KFI portal and generate a new KFI.
LV= rate increase
From Tuesday 15 June LV= is increasing interest rates on:
- Lifetime Mortgage Drowdown+ Cashback, new rates from 3.00% MER
- Lifetime Mortgage Lum Sum+ Cashback, new rates from 3.09% MER
KFIs on current lower rates will be available until 17.30 Monday 14 June. Applications must be fully submitted by 23.59 Monday 28 June.
Pure Retirement Classic rate decrease
From Friday 4 June, Pure Retirement is decreasing interest rates on the Classic product range. New rates from 2.76% MER.
My Care Consultant Launch New Paying For Care Guide
When: 16 June, 10am
In association with Pure and Advise Wise, My Care Consultant launch their new booklet, ‘Paying for Care: Important things you and your family should know’. Attendees will receive a gift pack following the event from My Care Consultant, including 6-weeks free access to Care Box and direct and immediate access to some of the most popular resources in Care Box.
The Financial Reporter Digital Equity Release Event
When 9 June 10am
Join the Financial Reporter for their Digital Equity Release Roadshow event.
Pure update: new product launch
When: 30 June, 10am
Hear more about the new product from Pure’s BDM, Daniel Edmondson, in an exclusive launch event. You’ll be able to hear first-hand about how Pure's new product could support your changing client needs.
Just rate change
From Friday 4 June, Just is:
- increasing interest rates on J1, J2, J2.5 and Green serie. New rates from 3.49% MER.
- decreasing rates on J4 series. New rates from 4.20% MER.
For any pipeline quotes, applications must be submitted before close of business on Friday 18 June. Any applications received after this date will be on the new interest rates and LTV’s.
Just is also aligning the single and joint life LTV’s on the J4 series.
The ERC refreshed adviser guide to ER webinar
When: 23 June, 10-11am
Topic: The ERC's refreshed adviser guide to Equity Release.
Hosted by Pure Retirement, The Equity Release Council and Advise Wise.
Join us for the launch of the Equity Release Council's 2021 refresh of The Adviser Guide To Equity Release, where you'll have access to a packed schedule of speakers from across the industry and a range of guests.
Canada Life introduces new forms
From Tuesday 1 June, Canada Life is updating their application forms to reflect a change made by their conveyancing team. The new application forms are available from today, and Canada Life will continue to accept the old ones until 5pm on 30 June. After this date, only applications submitted on the new forms will be accepted. View the new application forms here.
Canada Life underwriting approach webinar
When: Thursday 3 June, 10-10:45am
Q&A session at 11- 11:30am
Topic: “Our underwriting approach”
Join Canada Life for their next “In the Know” webinar, hosted by Les Pick, Head of Sales, who will be joined by:
- Alun Griffith, Senior Associate, Eversheds Sutherland
- Nicola Palmer, Business Development Manager, Canada Life
- Paul O'Hara, Senior Underwriting Manager, Canada Life
The panel will discuss a range of topics, exploring some of the most frequent questions to help you to recognise what Canada Life underwriters consider and how they reach their decisions.
Pure Retirement Classic rate decrease
From Thursday 27 May, Pure Retirement is reducing interest rates on Classic Max Plus, Super Max, Super Max Plus and Supreme products. New rates from 3.22% MER.
All other Classic products remain unchanged.
LV= update
Following the lifting of lockdown restrictions, the progress with the vaccination of the over 60’s and the extremely low number of remote valuations taking place, LV= will be removing the option for a remote valuation from next week.
If your client requires a remote valuation, generate the KFI by 23:59 Wednesday 2 June.
Applications can be submitted (as long as the KFI is generated before 23:59 Wednesday 2 June) until 23:59 Wednesday 9 June.
Pure Retirement Classic rate decrease
From Wednesday 26 May Pure Retirement is reducing interest rates in Classic Supreme and Supreme Plus products. New rates from 3.87% MER.
Aviva rate change
From Wednesday 26 May 2021 Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
Applications based on previous rates will be accepted until Wednesday 9 June.
There are no changes to the interest rates on additional borrowing.
Reserve release interest rates are tailored to a customer's personal circumstances and will be based on the day the reserve release is requested. The customer can arrange for the payment to be made up to 10 working days in the future and the interest rate provided will be guaranteed.
With effect from Wednesday 26 May 2021, Aviva is also increasing the maximum loan amount from £600,000 to £1,000,000.
Changes to Aviva cash reserves
From Thursday 20 May Aviva is making changes to its Cash Reserve Drawdown:
- New minimum cash release: £500, replacing the previous minimum of £2,000. This increased flexibility means that customers aren’t obliged to borrow more than they need.
- Individually tailored interest rates: all customers applying for drawdown will be offered a rate individually tailored to them and their circumstances, ensuring a much more personalised approach to the cost of the loan. Factors, such as the customer’s health and lifestyle information where qualifying medical enhancements were applied to the policy and changes to house value and their age, will all be taken into account.
The new features will be available to both new and existing customers and applies to both Lifetime Flexible Option and Cash Reserve Option products.
Just rate decrease
From Thursday 20 May, Just is reducing interest rates on the cashback variants on J6 series.New rates from 4.68% MER.
For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates.
There are two tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
- If servicing below 25% of the monthly interest there will be no reduction
- If servicing 25.01% + of the monthly interest amount there will now be a 0.05% reduction
Pure Retirement Heritage rate reduction
From Tuesday 18 May, Pure Retirement is reducing interest rates on the Heritage Fixed ERC range and all Heritage Freedom 40 products. New rates from 3.69% MER.
Pure Retirement Classic rate decrease
From Friday 14 May, Pure Retirement is reducing interest rates on Classic Max, Max Plus and Super Max. New rates from 3.14% MER. All the other products remain unchanged.
L&G product update
From 6pm on Thursday 13 May, L&G is reducing the minimum age on its Violet product variants, from 60 to 55, on both Flexible and Optional Payment options. These new ages are available on the same terms as the current Violet products in the range and your customer(s) must meet the following criteria:
- Must take at least 80% of the maximum available to them as an initial advance; and
- Must proceed with a physical valuation.
To take advantage of these changes, generate a KFI after 6pm on Thursday 13 May. If you already received an offer and would like L&G to to reoffer for the new ages, generate a new KFI for your client from L&G KFI portal.
Pure Classic Flex Pricing Lunch event
When: 19 May, 10am
Topic: Classic Flex Pricing launch
Join Pure’s National Account Manager Hattie, for the Classic Flexible Pricing Launch event, where she will be discussing the new changes to Pure’s classic range.
Pure Retirement Heritage rate reduction
From Tuesday 11 May, Pure Retirement is reducing interest rates on Heritage Plus, Heritage Max and Heritage Max Plus products. New rates from 3.69% MER.
LV= live webinar
When: 11 May, 10am
Topic: Conveyancing process of Lifetime Mortgages
Join LV= on their next live webinar. Enact will also be co-presenting on the Webinar and will be providing valuable insight into the conveyancing process as well as sharing best practice and top tips for getting cases to completion. Register your place
Pure Retirement Classic rate decrease
From Saturday 8 May, Pure Retirement is decreasing interest rates on Classic Supreme products. New rates from 3.93% MER.
Pure Retirement Sovereign rate decrease
Pure Retirement is decreasing interest rates on the Sovereign A and A Elite products. Products B-F will remain unchanged. New rates from 2.75% MER.
Canada Life rate change
From Thursday 6 May, Canada Life is reducing interest rates on Capital Select Gold Plus Standard, Flexible and Cashback. New rates from 4.30% MER.
Canada Life is also increasing LTVs by up to 1% on:
- Capital Select Gold Plus Standard, Flexible & Cashback
- Capital Select Platinum Standard, Flexible & Cashback
- Capital Select Platinum Plus Standard, Flexible & Cashback
Just rate decrease
On Thursday 6 May, Just is decreasing interest rates on J3 and J6 series. New rates from 3.96% MER.
Pure Retirement May’s Unplaceables event
When: 12 May, 10am
Hosted by Oure Retirement BDMs with Jane Hanlon from Advise Wise and Matt Taylor from Equilaw.
To discuss one of your cases, please email marketing@pureretirement.co.uk.
Pure Retirement Update with Chris Fitch
When: 26 May, 10am
Join Pure Retirement update with Vulnerability Lead at Money Advice Trust, Chris Fitch, as he discusses “What are our customers vulnerable to?”.
Pure Classic rate decrease
From Saturday 24 April Pure Retirement is decreasing interest rates on Classic Super Lite, Super Lite Plus, Max, Super Max and Super Max Plus. New rates from 2.76% MER.
Just rate change
As of Friday 26 March, Just is increasing interest rates on J1, J2 ,J2.5 and Green LTV series. New rates from 3.24% MER.
Deadline to submit the application for any pipeline quotes is 9 April.
Mortgage Lender Benchmark survey
Smart Money People is back with their sixth bi-annual Mortgage Lender Benchmark survey, and they’d love you to leave feedback on the last five lenders you have tried to place applications with, whether successful or not.
It’ll take no more than 15 minutes to complete, and to say thank you, they’ll send you a £10 Amazon voucher within two working days. As an extra thank you, they’ll also enter you into a prize draw to win an Amazon voucher worth £100 (T&C’s).
Smart Money People won’t share any personally identifiable information with any lenders or technology providers, so you can feel free to share all your honest thoughts on how lenders are really doing. The independent nature of our research is really important and wouldn’t be possible without you. Your feedback will again play an important role in shaping the intermediary mortgage market.
Aviva rate change
From Friday 23 April, Aviva is changing interest rates on both Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only. There are no changes to the interest rates on additional borrowing and reserved release.
Application based on current rates will be accepted until 6 May.
Pure Retirement Classic rate change
From Friday 16 April, Pure Retirement is decreasing interest rates on Classic Midi, Midi Plus, Max, Supreme Max, Supreme Max Plus, Supreme, Supreme Plus. New rates from 3.09% MER.
Pure Retirement is also increasing interest rates on Classic Lite and Elite Lite. New rates from 2.91% MER.
L&G live webinar
Topic: Closing the gender gap: value of advice for fairer financial futures
When: Thursday 29 April, 10- 10.45am
In the latest episode of ‘In conversation with…’, L&G panel of experts will discuss how advisers can play a critical role in finding financial fairness for women in later life.
L&G rate change
From Wednesday 14 April 6pm, Legal & General is reducing interest rates across its lifetime mortgage range by up to 0.18%.
- For pipeline cases, if you have not yet submitted an application you can generate a new KFI after 6pm on Wednesday 14 April.
- If you have submitted an application but have not yet received an Offer of Loan, and these new interest rates are lower, L&G will automatically offer on these new rates for acceptable cases.
- If you’ve already received an offer and would like L&G to re-offer on one of these new rates, generate a new KFI or request a new offer via Apply Online.
Just rate change
From 14 April Just is:
- Increasing interest rates on J1 and J2 series. New rates from 3.34% MER
- Decreasing interest rates on J3 and J4 series. New rates from 4.07% MER
Application deadline for any pipeline quotes is Wednesday 28 April. Any applications received after this date will be on the new interest rates.
LV= rate decrease
From Tuesday 13 April, LV= is decreasing interest rates on Drawdown + and Lump Sum +. New rates from 2.99% MER.
LV= is also removing the price differential on its cashback product variants in this rate change, and also removing the end date for cashback.
LV= reserve the right to withdraw cashback product variants in the future.
Please note that both cashback and non-cashback variants will remain displayed in LV= portal, with the same interest rates; so you will need to ensure you select the correct product.
Pure Classic rate increase
From 13 April, Pure Retirement is increasing interest rates on Classic Super LITE, Super LITE Plus, Elite Super LITE and Elite Super LITE Plus products. New rates from 2.88% MER.
To benefit from current rates:
- Request KFis by 23.59 on Monday 12 April
- Submit the application on the old rates by 23.59 Monday 26 April.
Pure Classic rate decrease
From 10 April, Pure Retirement is decreasing interest rates on Classic Lite Plus, Max, Max Plus, Super Max, Super Max plus, Supreme and Supreme Plus products.
New rates from 3.04% MER.
Pure Retirement April events
- 14 April - The Unplaceables webinar
- 15 April - Digital Roadshow: Financial Reporter
- 21 April - Update with My Care Consultant
- 28 April - An introduction to Unbiased
Just product update
From 9 April, Just is making changes to the J6 LTV series and the monthly payment option.
For J6 Just is:
- Reducing the minimum age to 55
- Reducing the minimum property value to £100,000
- Introducing the option of a cash facility (as per other J series)
- Introducing the monthly payment option (as per other J series)
For the monthly payment option:
- Just is amending the level of reduction for those customers servicing >25.01% of the monthly interest amount from 0.20% to 0.05%.
- From Friday 9 April for those customers servicing >25.01% of the monthly interest amount there will be a reduction of 0.05% to the roll-up interest rate.
Deadline for pipeline cases:
For those quotes in the pipeline servicing >25.01% interest and receiving a discount of 0.20% to the roll-up interest rate, applications must be received by Friday 23 April in order to hold the rate.
As of Friday 9 April, all new quotes will be on the new terms.
Pure Heritage rate decrease
From 9 April, Pure Retirement is decreasing interest rates on Plus, Max & Max Plus products, on both GILT and Fixed ERC, within the Heritage and Freedom 40 ranges.
New rates from 3.69% MER.
Heritage Standard and Midi will remain unchanged.
Aviva rate change
From 8 April, Aviva is changing interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
For pipeline cases, the deadline to submit the application based on previous rates is 21 April 2021.
No changes to the interest rates on additional borrowing and reserve release.
Hodge product update
From 29 March Hodge is increasing maximum LTV to 75% across its entire later life mortgage range.
L&G rate change
From Tuesday 30 March L&G is changing interest rates:
- Black, Pink and Orange products will increase by up to 0.08%
- The remainder of L&G lifetime mortgage range will be reduced by up to 0.18%
To secure the current interest rates:
- Generate the KFI by 6pm on 30 March 2021
- Submit the application by 5pm on 8 April 2021
- The valuation needs to be carried out by 30 April 2021
- All supporting documentation required must be submitted by 11 May 2021
- The case needs to be offered by 24 May 2021
- Completion will need to take place within the 50 day offer validity period.
Hodge survey
Hodge is currently reviewing its mortgage contract variation process, and would love to hear your feedback.
Complete this short survey and as a thank you for taking part, Hodge will enter you into a prize draw to win a £100 Amazon voucher.
Pure Retirement Classic rate change
From Friday 26 March, Pure Retirement is decreasing interest rates on the Classic range. New rates from 2.78% MER.
LV= rate change
From Thursday 25 March, LV= is decreasing interest rates on Lifetime Mortgage Drawdown+ and Lump Sum+. New rates from 2.99% MER.
Aviva rate change
From Wednesday 24 March 2021, Aviva interest rates will increase or remain the same on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
Deadline for application based on previous rates is 8 April 2021. If the property valuation is outside 10% of the estimate, please include a new quote. If the property valuation is within 10% of the estimate, please include the original quote.
Aviva flexibility increase
Aviva is increasing the time that they will accept a new business and additional borrowing application to secure an interest rate. This is an increase to Aviva’s existing process of 1 week.
With immediate effect Aviva will allow a 2-week (14 days) period to receive an application following change to an interest rate.
Pure Retirement new products
Pure is introducing two new products to their Classic range on Friday 19 March.
These products are called Classic Supreme and Classic Supreme Plus, with rates from 4.27% MER.
- They have higher LTVs than previously available on Classic, with a maximum LTV of 54%!
- They are available for lump sum only.
Just rate increase
From 18 March Just is increasing interest rates on J3 LTV series.
New rates from 4.17% MER
Applications for any pipeline quotes need to be submitted before close of business on 1 April. Any applications received after this date will be on the new interest rates.
Canada Life rate increase
From 10am on 18 March, Canada Life is increasing interest rates on Lifestyle Lite and Lifestyle Gold. New rates from 2.92% MER.
The new interest rates will also apply to additional borrowing. All other Lifestyle Option interest rates remain unchanged.
To take advantage of existing product terms
- Generate a KFI before 9am on Thursday 18 March
- Submit the application before 5pm on Wednesday 31 March.
Pure Retirement Heritage rate increase
From Thursday 18 March, Pure etirement is increasing interest rates on Heritage Plus, Max and Max Plus.
This rate increase applies to both GILT and Fixed ERC products, along with the corresponding Heritage Freedom 40 products. The Heritage Drawdown and Midi products remain unchanged.
- The deadline for KFIs on the current rates is 23:59 Wednesday 17 March 2021
- The deadline for applications on the current rates is 23:59 Wednesday 31 March 2021.
Pure Retirement Classic rate reduction
Pure Retirement is reducing interest rates on Classic Midi, Max and Max Plus from Monday 15 March. New rates from 3.13% MER.
All other Classic products will remain unchanged.
Advise Wise live webinar
Topic: Lender spotlight: L&G underwriting criteria
When: Thursday 18 March, 11am
The webinar will be hosted by Craig Faulkiner, our Head of Distribution, joined by Jo Wilson, Key Account Manager at L&G Home Finance.
Pure Retirement Sovereign rate increase
From Monday 15 March, Pure Retirement is increasing interest rates on the Sovereign Product range. New rates from 2.80% MER.
This rate increase also applies to the Sovereign Elite range products. Sovereign products D – F remain unchanged.
To Take advantage of current rates you need to:
- Request a KFI by Sunday 14 March
- Submit the application by Sunday 28 March
Canada Life Capital Select Options changes
From 10am on Monday 15 March, Canada Life is increasing LTVs on:
- Capital Select Super Lite (+3%)
- Capital Select Lite (+2%)
- Capital Select Gold and Gold Plus (+0.5%)
Canada Life is also decreasing interest rates on Capital Select Platinum and increasing interest rates on:
- Capital Select Super Lite
- Capital Select Lite
- Capital Select Gold
- Capital Select Gold Plus
- Capital Select Platinum Plus
The new interest rates will also apply to additional borrowing.
To take advantage of the existing product terms, you will need to:
- Generate a KFI before 10am on Monday 15 March.
- Submit the application before 5pm on Monday 29 March
Aviva rate change
From Wednesday 10 March, Aviva is making changes to interest rates on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.
There are no changes to the interest rates on additional borrowing or on reserve release.
Applications for quotes with previous rates will be accepted until Tuesday 16 March.
Later Life Lending survey
BestAdvice is seeking the views of later life advisers and mortgage brokers for its second Later Life Lending Report, following the success of its inaugural report in 2020. There is a questionnaire which takes less than five minutes to complete and BestAdvice will hold a prize draw, with one respondent receiving £100 in Amazon vouchers.
The cut-off date is 18 March 2021.
L&G rate change
From Monday 8 March at 6pm, L&G is increasing interest rates on all lifetime mortgage products by up to 0.23%.
To secure the lower rate for your client(s).
- Generate a KFI on the Advise Wise Platform by 6pm on 8 March 2021
- Submit the application by 5pm on 15 March 2021
- The valuation needs to be carried out by 9 April 2021
- All supporting documentation required must be with us by 19 April 2021
- The case needs to be offered by 3 May 2021
- Completion will need to take place within the 50 day offer validity period.
Current rates for cases submitted outside of the above deadlines will not be honoured.
For any pipeline cases already at offer stage which require a re-offer you will need to generate a new KFI and request a re-offer through Apply Online, prior to 6pm on 8 March, as cases will be offered on the prevailing rates at the time you submit the re-offer request.
Just rate change
From Monday 8 March, Just is increasing interest rates on J1, J2, J2.5, Green, J3 and J4 LTV series as well as decreasing interest rates on our J6 LTV series.
Just is also increasing the maximum loan from £800,000 to £1,000,000 for the J1, J2, J2.5, Green and J3 LTV series for properties located in England, Scotland and Wales.
Pure and Advise Wise “Unplaceables” webinar
When: 10 March 10am
Join Pure Retirement and Advise Wise for another “Unplaceables” Zoom webinar. Hosted by Pure BDM Jane Forshaw, joined by Jane Hanlon, Mortgage Club Manager at Advise Wise and Matt Taylor from Equilaw.
If you would like any of your cases discussing during the Unplaceables, please email marketing@pureretirement.co.uk
Advise Wise webinar
Topic: Placing tricky properties just got easier
When: Thursday 11 March, 11am
The webinar will be hosted by Craig Faulkiner, Head of Distribution at Advise Wise and will cover the new underwriting feature, recently introduced on the Advise Wise Platform.
We’ll show you how to input optional property criteria and how this automatically filters your product results. You’ll also be able to suggest what criteria we should add next.
Pure Retirement Heritage rate increase
From Friday 5 March Pure Retirement is increasing interest rates on the Heritage Core Range. New rates from 3.69% MER.
This rate increase applies to both GILT and Fixed ERC products, along with the corresponding Heritage Freedom 40 products.
The deadline for submission of application on current rates is 00.01 Friday 19 March.
Canada Life Webinar
Topic: Exploring the competency framework
When: Tuesday 16 March, 10-11am
This webinar will explore the purpose of this new framework, how to use it, and how it can add value to you and your firm. The panel will also discuss how the framework can support existing training, as well as how it can be used to benchmark knowledge and skills.
The panel of experts
Les Pick, head of sales, Home Finance, will be joined by:
- Andrew Kerry, Financial Solutions Manager, StepChange
- Donna Bathgate, Chief Operating Officer, Equity Release Council
- James Sudworth, Adviser, The Equity Release Experts
- Jon Dunckley, Managing Director, Fortica Ltd
LV= rate change
With effect from Thursday 4 March, LV= is increasing interest rates on Lifetime mortgage Drawdown+ and Lifetime Mortgage Lump Sum+.
LV= Lifetime Mortgage changes
With effect from the 4 March, LV= will make the following changes to all new business products:
- Removing the 12 month waiting period
- Minimum repayment reduced from £250 to £50
- Clients can now make unlimited repayments totalling up to 10% of total advances, without incurring an ERC
- Early repayment charge period runs from the completion date of the original loan, rather than the date of each withdrawal
Canada Life rate increase
From Tuesday 2 March, Canada Life is increasing interest rates on Lifestyle Lite and Gold including Flexible variants. New rates from 2.69% MER. The new interest rates will also apply to additional borrowing.
Pure Retirement events
- 17 March - Pure Update with Jacqueline Berry from My Care Consultant
- 24 March - Marketing Skills Workshop
- 31 March - Cyber Crime event with Eddie Lamb from Hiscox Insurance
Pure Classic rate change
From Tuesday 2 March, Pure Retirement is increasing interest rates on Classic range.
New rates from 2.85% MER.
Aviva webinar
Topic: “Navigating the complexity of flexibility”
Three sessions available, hosted by Neil Uttley, National Sales Manager
- Thursday 4 March, 2 - 2.45pm Register now
- Friday 5 March, 10 - 10.45am Register now
- Tuesday 9 March, 10 - 10.45am Register now
New competency framework
Developed collaboratively by the Equity Release Council, Canada Life and specialists from across the sector, the framework has been designed to support financial advisers in their professional development and support best practice in the equity release and later life lending market.
The framework consists of six in-depth modules, and each module explores a different area of the market:
- Know your industry
- Know your market
- Know your client
- Know your soft skills
- Know your products
- Know your process
Pure Sovereign rate change
From Wednesday 24 February, Pure is increasing rates on Sovereign and Sovereign Elite ranges (LTV bands A,B,C).
New rates from 2.47% MER
To secure the current interest rates:
- Generate a KFI by Tuesday 23 February
- Submit the application by Tuesday 9 March 2021
Pure Heritage LTV change
With effect from Wednesday 24 February, Pure is making some max LTV increases to the following two Heritage product tiers:
- Heritage Plus
- Heritage Max Plus
The max LTV increases will apply to both Plus and Max Plus GILT and Fixed ERC products, along with the corresponding Heritage Freedom 40 products.
There will be no changes to any of the current Heritage rates.
Just product changes
Just is increasing the LTV’s on the J3 LTV series between ages 55 to 74 and from ages 79 to 84 and introducing a new cashback variant on the J2 LTV series from Wednesday 24 February.
- For customers who choose to take the option of a cash facility, there will be a 0.05% increase to the MER rates
- There are two tiers of interest rate reduction for those customers who choose to service some or all of the monthly interest:
- If servicing below 25% of the monthly interest there will be no reduction
- If servicing 25.01% + of the monthly interest amount there will be a 0.20% reduction
- All cashback is capped at £20,000
L&G rate increase
On Wednesday 24 February at 6pm, L&G are increasing interest rates by up to 0.35% across all lifetime mortgage products.
To secure the current interest rates:
- You must generate the KFI by 6pm on 24 February 2021
- You must submit the application by 5pm on 3 March 2021
- The valuation needs to be carried out by 26 March 2021
- All supporting documentation required must be with us by 7 April 2021
- The case needs to be offered by 21 April 2021
- Completion will need to take place within the 50 day offer validity period.
Current rates for cases submitted outside of the above deadlines will not be honoured.
For any pipeline cases already at offer stage which require a re-offer you will need to generate a new KFI and request a re-offer through Apply Online, prior to 6pm on 24 February, as cases will be offered on the prevailing rates at the time you submit the re-offer request.
New ERC Social Care Report
The New Social Care Report, supported by Pure and My Care Consultant, is now available.
The new report features insights on the role of property wealth in supporting a broader, sustainable care funding solution.
- 60% of over-50s fearful of having to move into residential care homes
- Half have not thought about how to pay for future care needs
- Only 12% of the over-50s have made any plans or provisions
- 4.1m people have had to sell an elderly relative’s home to pay for care needs
The report is free and can be found on the Equity Release Council website.
LV= introduces 1% cashback option
From 18 February, LV= is introducing a 1% cashback option to its Lifetime Mortgages, initially as a 2 month limited special deal.
These cashback products are in addition to the existing product offering.
The below products will all benefit from this option;
- Lifetime Mortgage Lump Sum+ (on loans above £50,000)
- Lifetime Mortgage Drawdown+ Lite
- Lifetime Mortgage Drawdown+ Standard 1-2-3
- Lifetime Mortgage Drawdown+ Max
- Lifetime Mortgage Drawdown+ Platinum
- Lifetime Mortgage Drawdown+ Platinum+
The Cashback products are restricted to a Full Valuation.
Rate changes and deadlines table
View the tableAdvise Wise in the press
- Advise Wise introduces primary surveyor information enhancing adviser support in later life lending Published: 17 September 2024
- Advise Wise introduces affordability tags to enhance Consumer Duty compliance and improve customer outcomes Published: 11 September 2024
- Advise Wise introduces API integration with Canada Life Published: 31 July 2024
- Advise Wise adds Newbury Building Society Retirement Interest-Only (RIO) plans to its platform Published: 13 June 2024
- Advise Wise appoints Aaron Conlon as Managing Director Published: 21 May 2024
Missing information?
Please email any lender/solicitor updates to our dedicated mailbox.
