Mortgage and Insurance Blog

Date - 22nd September 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 this week and we ENDEAVOUR to keep you up to speed.

 

This week Santander, Kensington, Bluestone, Leeds, Furness, Platform, Barclays, Melton, Ipswich, Mansfield and Nationwide all announced changes.

Many lenders now are offering their lowest ever mortgage rates and there are many lenders with sub 1% for 2 -5 years.

 

In criteria news, TSB has made significant changes to its self-employed criteria, including increasing its loan to income (LTI) multiple, to ensure its treatment of such borrowers is “clear and straightforward”.

Halifax have also revised their self- employed criteria.

Ipswich Building Society is improving its criteria for lending to older borrowers by allowing more flexibility when assessing SIPP/pension funds in affordability calculations for over 55s.

Leeds announces a change to their holiday let criteria and will now base their underwriting decision on affordability using an average of low, medium and high season expected rental income figures.

 

In wider news, more than half of new mortgage lending is going to borrowers who will not have paid off their home loan before their 65th birthday, according to a trade association.

Longer mortgage terms and an ageing population are helping to drive the trend towards later life borrowing, UK Finance said.

It said that in 2021, 52% of new homeowner mortgage lending has been for terms which will end beyond the main borrower’s 65th birthday. This is the first time this proportion has been reached, suggesting later life mortgage lending is set to become more significant, UK Finance said.

 

In Insurance news, there was more Covid-related group life financial payouts in the first half of 2021 than in the whole of 2020. Grid, the industry body for the group risk sector, says it supported 1,218 families of employees who died from Covid-19 with group life benefits.

This is over 35% more than the 891 families that were supported during 2020. The total value of group life benefits paid because of Covid-19-related claims stood at £125.7m for first half of 2021, compared to £93m for 2020.

The average lump-sum payment for Covid-19 related claims for 2021 was £98,112. It adds that 18% of all group life claims paid by insurers during first half of 2021 were related to Covid-19.

This is in line with Office for National Statistics figures for England and Wales, where Covid-19 made up just under 20% of all deaths in the working-age population over the same period.

 

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.

 

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

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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