Mortgage and Insurance Blog

Date - 18th August 2021

Written by Richard Johnson

 

Hello again readers,

 

I hope you are all keeping safe and well and if you need any assistance with your mortgage finance or insurance needs, please feel free to email / call me and I will be happy to help.

It has been a busy week in the interest rate world, with Pepper, Foundation, Accord, TSB, Coventry, Bank of Ireland, Nat West, Furness, Nottingham, Loughborough and Leek all announcing changes. 

 

In criteria news, Nat West announce changes to the rules for self employed applicants who have taken SEISS funds.

Nationwide make changes to the number of storeys allowed for ex-local authority blocks.

Lendinvest and Nationwide announce changes to applicants on “pre-settled” status.

Vernon and Loughborough now allow holiday let applications.

 

In wider news, The Treasury has collected £5.4bn in stamp duty during the first half of this year despite the tax holiday reducing or eliminating bills for many buyers. Stamp duty receipts for June alone reached £1.2bn, which is the third highest monthly total on record.

Analysis of official figures by Coventry Building Society found the £5.4bn collected by the Treasury on property sales between January and June was, considerably higher than the £4bn taken during the same period of 2020, during which time the property market was closed for several months due to lockdown. However, this year’s receipts were also 2% higher than the equivalent months in 2019, when they totalled £5.28bn.

 

In Insurance news, a couple of recent reports crossed my desk, the first of which shows Vitality paid out more than £90 million in life insurance, serious illness cover, and income protection cover claims during 2020. A total of £4m was paid in relation to Covid-19 claims, representing the fifth largest cause of life cover claims at 9%. According to Vitality, the majority of the Covid-19 related claims came from its eldest members with only one in four such claims concerning those under the age of 60. For critical illness cover, the top three areas of claims were cancer, stroke and nervous system, and heart and artery.

 And the second from comparethemarket.com, shows young adults are leading a surge in life insurance buying activity, with an 18% jump in overall policy sales since the pandemic began.

Data from the platform shows between March 2020 and March 2021 those aged 18-34 were the most active in this market. During this time, 40% of young adults with a life insurance policy bought cover after March 2020, compared to 17% across all age groups.

My advice to all client’s is don’t automatically look for the lowest premium offering, do check the claims history and terms and conditions and whether there are any additional offering included, for example virtual GP services. If you need help looking into the wordings and definitions of a new plan, please feel free to get in touch and I’ll be happy to help arrange the new cover.

 

I hope you found this post of interest and feel free to get in touch with me if you need any help with your mortgage or insurance needs,

 

All the very best,

 

Richard Johnson

Cert CII (MP), CeCM, AdvCemap, CeRGI

Mortgage and Insurance Consultant.

Mobile Phone ; 07881802962

Office : 0208 245 8464 direct dial

Email : richard@rjmortgagefinance.co.uk

 

 

 

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