WewouldliketoprovideyouearlysightofourPaymentscheduletoyouoverthe festiveperiod:
Friday 19 December th
ThisisthelastBAC’spaymentbeforeChristmasandwill includeallmoniesreceivedandreconcileduptoWednesday 17 December.Paymentwilllandinadvisorsaccountson Monday22 December th nd
Wednesday 7 January th
ThefirstpaymentrunafterChristmas.Thiswillincludeall moniesreceiveduptoandincludingWednesday31 December.Paymentwilllandinadvisorsaccountson Friday9 January st th
Friday 16 January th
Returnstoourregularweeklyschedule Thiswillinclude allmoniesreceiveduptoandincludingThursday1 January-Wednesday14 Januaryinclusive.Paymentwill landinadvisorsaccountsonTuesday20 January st th th
AquickreminderthatbothOpenworkandJustMortgageshavestrictrulesaround whoyoucanreferbusinessto.
�� Youcanfindthefull,approvedlistoflendersandpartnershere: OpenworkMortgageProvidersandProducts
Youmayreceiveunsolicitedemails fromfirmsofferingservicessuchas secondcharges,bridgingfinance,or othertypesofspecialistlending. Thesefirmsoftenappearlegitimate butarenotapprovedbyOpenworkor JustMortgages.
�� Pleasedonotengagewithorreferanybusinesstocompaniesoutsidetheapproved list.Thesefirmshavenotbeenvetted,andnocontractualrelationshipexistswith OpenworkorJustMortgages,meaningyouwouldbeoperatingoutsidenetwork permissionsandcouldriskbreachingcompliancerequirements.
If you’re ever unsure whether a firm or referral is approved, please check first with your Area Director or Compliance team before responding.
The Co-operative Bank – Stress test change
Withimmediateeffect,yourresidentialclientsmaybeabletoborrowupto£32,000 moreasTheCo-OperativeBankhaveimprovedtheirMortgageStressTest.
What’s changed?
InMarch2025,theFCAreminded banksandbuildingsocietiesofthe flexibilityavailablewithinthecurrent stresstestingrules.
Inresponse,TheCo-OperativeBank madechangesinMay2025tothe stressrate,basedonloanpurpose and/orproduct.Theyhavefurther reviewedthosechangesandapplied anupdatedstressrateapproachto allresidentialmortgages
What does that mean for your residential clients?
Thankstothesechanges,yourclientsmaynowbeeligibletoborrowmore.Infact, basedontherevisedcalculations,theycouldpotentiallyborrowuptoanadditional £32,000.
Try their updated affordability calculators HERE, they might just open the door for you and your client!
Clydesdale Bank Improve
Interest Only Policy
We’veexpandedourLTVs,andgivenouraffordabilityassessmentarefreshto helpussayyestomoreofyourclients.
Larger LTVs
We’veincreasedourmaximumLTVforpartC&I,partIOto85%LTV,forloansupto £1.5m.
Upto75%LTVcanbetakenonaninterest-onlybasis. Anyextraborrowingupto85%LTVistakenonC&I. That’sthesameforalltherepaymentvehiclesweaccept.
We’vealsoditchedthe70%LTVrestrictionwehadfordownsizingonloansabove £1.5m,sodownsizingcannowbeusedupto75%LTVonaninterest-onlybasis. Anyborrowingabove75%LTVmustbetakenonC&I.
Here’sournewmaximumLTVsforinterestonlyandpart&part:
Revamped affordability
We’veupdatedouraffordabilityassessmentforinterestonlyandpart&partloans.
Insteadofcalculatingaffordabilityasiftheloanwerecapitalandinterest,wenow usetheactualrepaymenttype,sowecouldlendyourclientsmore.
It’sliveinour affordabilitycalculator,sowhynotgiveitatry.
Other changes
Wenolongerallowdebtconsolidationoninterestonly,unlessitwasusedfor propertyimprovementorrepair Instead,debtconsolidationneedstobeona capitalandinterestpartoftheloan
We’veclarifiedthatifwe’relendingonasecondhome,wedon’trequirea minimumamountofequity,likewedowhenaclientisdownsizingfromtheir mainresidence.
We’vetweakedsomeofourpolicywhenusingsaleofanotherproperty,cash savings,orinvestmentsasarepaymentvehicle.
Forfulldetailscheckoutourlendingcriteria.
Foreign Nationals Exclusives
We’redelightedtoannouncethatVidaHomeloanshaslaunchedarangeof exclusiveproducts,onlyavailabletoJustMortgagesandTheOpenwork Partnership,tosupportyourforeignnationalclients.
VidaHomeloans’exclusiveResidentialproductssupportforeignnationalslivingand workingintheUK,helpingthemtakethenextsteptowardhomeownership
12differentVisatypesaccepted
Upto90%LTVavailable
Generouslendingupto7xLoantoIncome
Complexcredithistoriesacceptedwithproductsacrossallcredittiers
Self-employed,contractorsandcomplexincomes
Debtconsolidationoptionsincluded Supportforsecondjobsandadversecredithistories
Theexclusiveproductsareavailableasastandard2-yearfixedrateandastandard 5-yearfixedrateacrossallofVida'scredittiers.
Availableto90%LTVwithaproductfeeof£995and£1,250cashbackthemaximum loansizeis£1.5m.A£195assessmentfeeispayableontheseexclusivesand standardvaluationfeesapply.
Homeloans
Guardian widens who can apply for their cover
Guardianhasannouncedchangestoits termsandconditionsthatwidenwhoca applyforitslifeandcriticalillnesscover updatesrelatetoresidencyrequiremen thelengthoftimeanapplicantneedsto beenregisteredwithaUKdoctor.
Fromtoday,applicantsforGuardian’sL Protection,LifeEssentials,CriticalIllnes Protection,orCombinedLifeandCritic IllnessProtectionmust:
•HavelivedintheUKforthepast6mon andhavetherighttoremain.
•BecurrentlyregisteredwithaUKdoct
Theseupdatedcriteriareplacethepreviousrequirementforapplicantstohavelivedin theUKandbeenregisteredwithaUKGPforatleast2years.
Thechangesdon’tapplytoIncomeProtection,whichretainstheexistingcriteria.All applicantsmuststillbeUKresidents.
FulldetailsoftheupdatedpolicytermsandconditionsareonGuardian’swebsite.
AMIViewpointisathoughtleadershipresearchinitiativeexploringkeyissuesinthe mortgageandprotectionindustry.Eacheditionincludesareportandevent presentingfindingsandexpertinsights.
Thisyear’sreportlooksatthepast,present,andfutureoftheprotection landscapewithafocusonconsumerbehaviour.
This45-minutevirtualsessionon5 Novemberat9:00amwillfeatureexpert insightsfromAMI,RoyalLondon,Legal&GeneralandTheExeter,basedonindepthresearchwith3,000UKadultsandadvisers th
Wewouldhighlyrecommendyouattendifyoucan.
Pleasevisitthebookinglinkbelowtoregister:
Defaultsfell:InQ3,secured-loandefaultsdeclined,thefirstannualdropsince 2022,signallingeasingstressonborrowers.
Mortgageproductsupplyandhigher-LTVoptions:Dealsat90%and95% loan-to-valuereachedtheirhighestlevelin17years,improvingaccessfor borrowerswithsmallerdeposits.
Positiveratecomparisons:Thoughrateshaveriseninrecentweeks,they remainmuchlowerthanpeaksin2023,forexample,borrowerswholockedin two-yearfixesinOctober2023paid~6.47%,comparedwith~4.98%today, meaningsignificantsavingsformany.
Bestdealspersist:Asof11October,theaveragetwo-yearfixedratestoodat ~4.51%,still0.35pplowerthanayearprior,showingthatrelativelyattractive dealsremainavailable
