News Review
Assurant targets rental market with new products By Robyn Hall
Assurant Intermediary has launched tenant referencing and rent guarantee products in a bid to bolster mortgage broker
business access by giving
them access to a new market. AssurantLet gives brokers to proprietary web-
based tenant referencing and rent guarantee
soſtware to
sell insurance products and services to estate and lettings agents, opening new cross- selling opportunities. AssurantLet’s Tenant Ref-
erencing Facility is soſtware that includes built-in complex algorithms that can query 27
Paying the rent Meanwhile Rent Guarantee covers up to £50,000 in un- paid rents and legal expenses and includes the option of nil excess and back-to-day-one cover. Te policy pays out un- til vacant possession has been
different databases within as little as 40 seconds; score a potential tenant based on in- formation returned and pro- duce an easy-to-use, detailed report. Te comprehensive reference check can also pro- vide references from the ten- ant’s employers and their pre- vious landlord.
obtained, ensuring that all
legal costs are met and land- lords continue to receive rent payments. Kevin Paterson, sales and
marketing director, Assurant Intermediary, said: “Mort- gage brokers and advisers are well aware of the need to diversify, cross-sell, up-sell and cut costs to survive in today’s market and general insurance
whole new market.” “Te lettings industry con-
has long played
an important part in main- taining brokers’ incomes. AssurantLet fulfils the need to diversify and bring an innovative new service brokers and a route to a
to
tinues to flourish, and in many ways is counter-cycli- cal to the depressed mort- gage market. We developed AssurantLet with a view to capitalise on this synergy and maximise the opportunities available to brokers. Our re- search indicates this service will offer significant income potential to brokers, so we are really excited to bring it to market. Tese products will provide
fresh options into
this sector and help address the unmet needs of the marketplace.”
Mortgage prisoners to be freed in 2013
Increased lending, innovative products and criteria from lenders will allow more mort- gage prisoners to move home in 2013. Broker Springtide Capital
says lenders such as Clydes- dale and Kent Reliance are coming up with more flexible underwriting solutions, help- ing those with an unusual or difficult financial position. Henry Knight, managing
director of Springtide Capital, said: “Te Funding for Lend- ing scheme will really begin to manifest itself as the year goes on. “Mainstream lenders will
be competing to lower their rates and smaller lenders will be taking advantage of this gap in the market by com- ing up with more innovative products for bespoke require- ments.
“Tis should see many
more so-called ‘mortgage prisoners’ finally able to ob- tain a suitable product to fund their move.
Rising activity “Consequently we should expect activity to gradually pick up across the UK and we are looking forward to teaming up with innovative lenders to find the right mort-
gage for all of our clients this year.” Research from Springtide
Capital has shown that many people in the UK have been unable to move home since the credit crisis of 2007 as they have been refused fi- nance on the grounds that they are self employed, have loan-to-value
restrictions,
credit impairment problems or employment changes.
Mortgages for customers
Aldermore provides mortgages for people who break the mould, meeting the needs of real people not banking stereotypes. That’s why we’re the place to turn to when others aren’t sure how to meet the mortgage needs of your clients. Our approach ensures we treat people as people, not computer profiles, with a straight-forward service, genuine expertise and great mortgages.
4 MORTGAGE INTRODUCER JANUARY 2013
www.mortgageintroducer.com
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