Advantage has launched e:lect, its direct to lender website which gives brokers access to its recently launched product range funded by Morgan Stanley.The e:lect website will sit alongside e:valuate, the branded mortgage packager offering. Peter Bass, sales director at Advantage, says: “The vast majority of brokers like to deal direct with lenders and e:lect allows them to do that while still being able to use e:valuate.” Bass says the products it launched in May have been well received by brokers and it will consider launching further ranges. John Burnard, principal at New Life Financial Planning, welcomes the website and says going direct to lenders has advantages. He says: “I prefer to deal with lenders directly. I find it works better that way as there are fewer complications.” Advantage’s ADV product range covers most of the sub-prime sector and offers a choice of fixed or discounted rates based on an affordability-based lending model. A number of enhancements have been made to the ADV range since its launch, including new rates across the seven credit categories and alterations to underwriting criteria. Selected fixed rates have been cut across all categories and proof of the past three months’ payments is no longer required on the un- limited scheme if moving from a prime lender. If moving from a sub-prime lender, only the past three months’ proof of payments are required. The proof of residency requirement has also been cut to 12 months. The ADV range is now available in Scotland and Northern Ireland.
Brokers have been warned that advising borrowers to pay arrangement fees upfront could put them at risk of hefty charges if they change their minds before completion. The problem was highlighted by a broker whose client opted to pay a 599 arrangement fee upfront for a fixed rate product from Abbey. But before this completed, […]
TFC Homeloans has launched a range of exclusive sub-prime products funded by Platform.The products are three-year deals fixed until September 1 2009, and are 0.3% lower than Platform’s core range.Rates start from 5.50% and apply to all Platform’s sub-prime products from near prime to heavy adverse, including Right to Buy.Simon Snape, head of products and […]
Packagers have emerged from regulation stronger than before and can continue to add value in the mortgage chain, says David Copland
Speaking at the Mortgage Summit in Jerez today, Michael Lord, head of mortgage and credit unions at the Financial Services Authority, admitted that it is possible for a broker to comply with all its rules and still not be treating the customer fairly.He says: I accept that it is possible for a broker to abide […]
As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.
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