JUST MORTGAGES NEWS
Just an update
Monday 23rd March. This week's headlines:
ICYMI – UPDATE ON HOMEBUYER APP STABILITY
WeissuedthiscommunicationviaemailonThursday19 March,but repeatingthemessagebelowincaseyoumissedit: th Wewantedtoprovideaclearandconciseupdateonthecurrent positionregardingtheHomebuyerApp/ClientPortalwithin Smartr365,followingongoingfeedbackandrecentdiscussionswith theirproductteam.
Firstly,aremindertoonlyusethe“WebApp”versionofthe Homebuyerapplication.Appversionsdownloadedfromthe Apple/Googlestoreshouldnotbeused.“WebApps”effectivelyuse thedevicesbrowserbutstilllookandfeelverymuchlikeanappand areapopularwaytodeliverstableapplicationperformance.
Current Position
TheHomebuyerApp/ClientPortalplatformisnowoperatinginasignificantly morestableandreliablestate.
Performanceisbeingcloselymonitoredonanongoingbasis.
ThemajorityofthecoreFactFindjourneyisnowfullyoperational,with14 sectionslivebytheendofthisweek.
Fulljourneyparityacrossallsectionsisexpectedbytheendofnextweek(Fri27 )th Previousissuesrelatingtodocumentuploadandprocessinghavenowbeen resolved,witherrorvolumesreducedtozero
Known Remaining Issues
Whileprogresshasbeenstrong,therearestillsomeremaininglimitationsaffecting specificsectionsoftheclientportal.Theseareexpectedtoberesolvedbynext week.
Advisorsshouldbeparticularlyawareofpotentialissueswithinthefollowingareas:
Building&ContentsInsurance
YourHealthInformation
ExistingCover
ProtectionPolicies
Pensions
Investments
Recommended Approach (Interim)
Untilfullresolutionisconfirmed,werecommend:
Exercisingcautionwhenincludingtheabovesectionswithintheclientportal journey
Whereappropriate,deselectingthesesectionsfromtheclient-facingFactFind toavoiddisruption.
Continuingtoreportanyissuesviatheusualchannelssowecanmaintain visibilityandescalationwhereneeded.
Weappreciatetherearestillintermittentchallenges,buttheoveralltrajectoryisvery positive,withthemajorityoffunctionalitynowstableandtheremainingfixesinthe finalstages.
Wewillcontinuetokeepyouupdatedaswemovetowardsfullresolution.
If you have any immediate concerns or feedback, please do not hesitate to raise them.
AMI HIGHLIGHTS THE FCA'S REGULATORY PRIORITIES
TheAssociationofMortgageIntermediaries(AMI)hashighlightedtheFCA’sregulatory priorities.Here’sthefullnotefromAMI:
What are the new Regulatory Priorities Reports?
TheFCAannouncedearlierthisyearthatitplanstoreplacemorethan40portfolioletters withnewsector-specificRegulatoryPrioritiesreports.ThesereportswilloutlinetheFCA’s workineachsector,itsplannedactivitiesandtheexpectationsithasoffirms,while highlightingkeyareaswherestandardsshouldbeimproved.
AMIactivelyengageswiththeregulatortoreviewthenewMortgageandInsurance RegulatoryPrioritiesreportsandwiderinitiatives,providinginsightsthathelpinfluence theirpolicywork.
Key priorities from the Mortgage report
WorkundertheMortgageRuleReviewtocontinue,withfocusonsimplificationof mortgagerulestosupportconsumersreachtheirhomeownershipgoals.
Explorationofsupportavailableformortgageborrowersinfinancialdifficultyand potentialforimprovementsforsignpostingtoavailableresources.
Expectationsthatresponsiblelendingensurestherightoutcomeisachievedforeach customer.
Aspartofthebroaderworkonqualityofadvice,theywillbecontinuingwithworkwithin thesecondchargemarket.
Focusondebtconsolidationacrossfirstandsecondchargemortgagesensuring productrecommendationsaresuitableforconsumerneeds.
Arequirementforrecord-keepingtobemoreextensiveinordertoproperlyevidence suitabilityofadvice.
FCAhasfoundevidenceofconditionalselling(estateagentsrequiringconsumersto usespecificmortgageintermediaries)andwillbelookingtoaddressthis.
Key priorities from the Insurance report
Improvingconsumerunderstanding,claimshandlingandservicequalityremainsakey focus–especiallyfollowingtheWhich?supercomplaint.
Continuetoincreaseaccesstoinsurancetoprotectconsumersandthereforeimprove theiroverallresilience
Ongoingsupportofgrowthandinnovationwithintheinsurancemarket.
Ongoingrulereviewstohelpsimplifyregulationandencourageinnovationwithinthe market.
WhataretheFCAareexpectingfirmstodoasaresultofthereport?
TheFCAhighlightseveralexpectationsfromfirmsgoingforwardinbothreports Wehave highlightedthekeyactionsthatmemberscantakeinourfactsheetsbelow.
Mortgage report - FCA expectations»
Insurance report - FCA expectations»
Tohelpmembersputtheguidanceintoaction,AMIwillcollateourkeyfactsheetsand membercommunicationslinkedtothetopicshighlightedbytheFCA.Wewillsharethis withmembersandidentifywhereadditionalsupportmayberequired.
Wemaintainongoingengagementwiththeregulator,ensuringmembers’perspectivesare heardandwelcomeyourfeedbacktosupportourdiscussionswiththeFCA.
SANTANDER’S BROKER
PERCEPTION BAROMETER IS BACK
Clients need your support
LastDecember,SantanderlauncheditsnewBrokerPerception Barometer,aquarterlylookathomeowners’perceptionofmortgage brokers.
OnFriday13March,Santander’slatestwaveoftheBarometerwas launchedanditmakesforfascinatingreading.Forthesecondquarter runningitrevealsthattwothirdsofhomeownersfeelthatthey couldn’thavegonethroughthehomebuyingorremortgagingprocess withoutthesupportoftheirbroker.Italsoshinesalightonthe experienceoffirst-timebuyersandshowsthecriticalrolebrokersplay supportingthisaudience.Somuchso,thattwofifthsofFTBs admittedtoWhatsappingtheirbrokeratleastweeklyduringthe purchase.
SantanderwillberunningtheBarometeronaquarterlybasistogeta freshviewofconsumers’attitudesandexperiencesofusingabroker.
HSBC | DON'T GIVE MORTGAGE
FRAUD A CHANCE
FollowingthesuccessofitsQ1Fraudwebinars,HSBCisexcitedto announceitiscontinuingtheseforQ2.
TheseCPDaccreditedsessionswillgiveyoupracticalinsightsintothe latestfraudtrends,helpyourecognisesuspiciousmortgage applications,interpretCIFASalerts,andspotkeyredflags.HSBCwill alsocoveremergingrisks,sharestrategiestoprotectyourclientsand guideyouonkeepingyourbusinesssecureandcompliant.
It’sagreatchancetosharpenyourfraudpreventionskillsandboost yourconfidenceintacklingfinancialcrime.Don’tmissout!
How to register (all last 45 minutes)
Simply clickonyourpreferredoptionbelowandenteryourdetails:
Monday 20th April – 1:00pm
Tuesday 12th May – 09:30am
Friday 19th June – 12:00pm
Onceconfirmed,pleasesavetheinvitationtoyourcalendar.
Please note, you must register and attend the webinar individually to receive your CPD certificate.
UPFRONT COSTS A REASON FOR HESITATION? NOT ANYMORE.
YoutoldPrecisethatupfrontcostswereholdingyourresidentialcustomers back.So,theyacted.They’vescrappedstandardvaluationfeesonproperties upto£400kandreducedtheassessmentfeetojust£99.
Availableacrossallproducts.
This will:
Reduceupfrontcostsforpurchasesandremortgages Removebarrierswherefeescannotbeaddedtotheloan Makeiteasierforyoutosubmitcases
PROTECTION & GI NEWS
Reaching Resilience Report & March Webinars
LV=recentlylaunchedtheirnewReachingResiliencereport,consumer researchthatexploresfinancialresilienceamongstUKworkersandhow preparedthey’dbetoexperienceaprotectionevent.Thereportispacked withinsightstofuelyourprotectionconversationsin2026,including actionabletakeawaysyoucanuseinyourapproach.
The report looks at:
Thegapbetweenperceivedfinancialresilienceandreality, Alookattrendsbycoreclientgroupsincludingfirsttimebuyers, parents,andself-employed Whatthismeansforprotectionconversationswithyourclients.
YoucanaccesstheReachingResiliencereporthere.
JoinLV=wheretheywillbesharingafewstatisticsfromthereportwhilst alsohighlightingkeybenefitsforyourclientrecommendationsregister below:
Wednesday 25 March 10:00 th Friday 27th March 12:00
MESSAGE FROM OPENWORK: CLOSURE OF VITALITY PMI REFERRAL PROPOSITION
ConsumerDutymeanswemustensureeachcustomerreceivesthebest outcomepossibleandthisledustoreviewthedegreetowhichoursoletie arrangementsdeliverthat. Openworkhaveconcludedthatitisdifficulttoensurethatgoodclient outcomesarebeingdeliveredwhereadviserscanonlyrecommendthe productsofoneinsurer;productofferingsmaynotcaterforallclientneeds, pricingmaynotbeconsistentlycompetitiveandunderwritingmaybe restrictive.Forthesereasons,in2025,Openworkclosedallourcore protectionsoleties.
ThesamereasoningappliestothecurrentVitalityPMIreferralroute.It’snot possibletoguaranteethatclientsbeingreferredtoVitalitywillgetthebest solution,whenwehaveUsayCompareavailable,whooperateapanelof6 providers.Therefore,weareclosingtheVitalitysoletiePMIreferralrouteand thelastdayforyoutomakePMIreferralstoVitalitywillbeFriday27March. Anyreferralsmadeafterthisdatewillnotbeaccepted.Casesalready submittedwillproceedunaffectedandVitalitywillworkwithyouandyour clientsintheusualway.
UsayComparehasbeenonpanelforover4yearsandastheUK’slargestPMI intermediarytheyhaveunrivalledaccesstothebestPMIproductsandan enviablereputationforcustomercareandservice.
Youcanseefulldetailsoftheiraward-winningpropositionhereincluding detailsoftherecentcommissionincrease.Theaveragecommissionpaidfora successfulreferralisnowaround£500beforeJMdeduction.
The NHS waiting list for consultant lead elective care cases is over 7.3m, with over 6.1m individuals awaiting treatment, and with only around 12% of the population having Private Medical Insurance in place, the opportunity is huge.
Thisweeksawsignificantlender-drivenchange,withinnovationandcriteriaflexibility emergingdespiteabackdropofpricingvolatilityandproductwithdrawals.
Akeythemehasbeenthecontinuedexpansionofhighloan-to-valuelending, supportedbylendercriteriachanges.Industrydatareportedasharpriseinlendingat 90%+LTV,withvolumesreachingtheirhighestlevelsincebeforethefinancialcrisis. Thishasbeenenabledbylenderslooseningaffordabilityanddepositrequirements, improvingaccessforfirst-timebuyersbutincreasinglonger-termriskexposure.
Alongsidethis,lendersarecontinuingtoactivelyadjustcriteriatomaintainvolumein aconstrainedaffordabilityenvironment.Inthebuy-to-letsector,FleetMortgages implementedasignificantcriteriaoverhaul,includingtheremovalofminimumincome requirements,extendedtermsupto35years,andbroaderacceptableproperty types,alldesignedtowidencaseeligibilityandsupportlandlordaffordability.
Newsreportsintheweekconfirmthatover300mortgageproductswerewithdrawninasingleday, withlenderscontinuingtorepricerapidlyorpulldealsaltogetherasswapratesfluctuate Wewill bespecificallytrackingthisinJustanUpdateforthenextfewweeks…