Rates tailored towards your client’s individual circumstances
We’re proud to introduce our new pricing approach for Payment Term, Optional Payment and Interest Roll Up Lifetime Mortgages (Retirement Interest Only products will continue on the current pricing approach).
Key changes to be aware of
- We’re offering customers the best possible rate for their individual circumstances. All the details you provide could influence the rate.
- We now offer a suite of products with varying interest servicing options. To reflect this, we’ve changed the name of our Flexible Lifetime Mortgage to support you in conversations with your clients. It’s now the Interest Roll Up Lifetime Mortgage.
- We’ve made minimal changes to the adviser experience to reflect our new pricing approach.
- Exact rates will be available on all major sourcing sites when searching our products. Indicative rates will be available on all other sourcing systems.
- Our online portal gives you the exact rate for your client. There are no off-system processes for you to complete.
- We’ll continue to use our previous colour-based pricing approach for existing customers who require additional borrowing (drawdowns and further advances).
- If you have a pipeline case on the previous colour-based pricing approach, and meet the deadlines, you can continue with the rate you’ve already secured. Or, you can use the ‘update application’ screens in the portal to compare our new rates and make the best choice for your client.
Different circumstances can impact rate, so to get the best outcome for you and your client it’s important to use the most accurate information available as early as possible.
What’s changed in our Later Life Mortgage Portal
We’ve made a couple of changes to the portal:
- We’ll now be asking for you to confirm the Drawdown facility your clients need, both now and in the future.
- On the ‘Product selection’ page we will now show:
- The rate for the loan details you’ve provided.
- The maximum loan your client could have for each product.
Please note: Changing the loan amount may change your rate.
- It’s now clearer between KFI and Offer how long rates will be available for. There will be set time periods between KFI to DIP Illustration Produced, and DIP Illustration Produced to Offer for all cases. The portal will show these so you’ll know exactly when each individual cases rate will expire, making it much easier for you to manage.
| Journey | Working days |
|---|---|
| KFI to DIP Illustration Produced | 15 days |
| DIP Illustration Produced to Offer | 30 days |
| Offer valid for | 90 days (calendar days) |
Please note: To get to DIP Illustration produced, you need to allow time for any referrals to our underwriting team. We are currently in the process of updating our customer illustrations with these new deadlines. Refer to the portal for the correct dates and share with your customer.
If changes are required to the KFI once it’s been generated in the portal:
- Any changes to the information submitted could affect your client’s rate.
- Up to five KFIs can be generated to understand the effect that any potential changes may have.
- The ‘Update Application’ screens in the portal can be used to make changes to the KFI if necessary. This could impact the rate although there’s no obligation to accept this until you click ‘Submit’ (Only click Submit when you’re ready to accept the rate. You can’t go back to the previous rate after this).
- You can accept the rate when you click ‘Submit’.
- If you need to call us to talk about a specific case, we’ll be able to give you an indicative rate. For exact rates for your client, all details need to be entered in the portal.