6 BROKERTALK “ ” Talk
JLT solution targets homebuyers
Jardine Lloyd Thompson (JLT) has launched a scheme to provide increased mortgage lending availability to fi rst-time buyers and others with small deposits who wish to buy new homes built by Bovis Homes.
The solution, created in response to the reduced availability of mortgage funding for homebuyers with small deposits, will reduce lender risk at higher loan-to-value (LTV) ratios and so allow lenders to offer more competitive rates to homebuyers.
The fi rst scheme has been set up with Barclays and will allow Barclays to offer Bovis Homes customers a competitive two-year fi xed rate of 4.99 per cent at 90 per cent.
As well as protecting the lender from risk, the package also includes unemployment insurance for the buyer. As long as they meet the scheme’s eligibility criteria, buyers receive three years unemployment protection from the date of exchange. This means that if they lose their job at any time during the three years, they should have their mortgage payments met for up to 12 months.
It is hoped that the scheme will be replicated for other housebuilders in the UK, said Steven Rance, partner for JLT Lending Risk Solutions: “Bovis Homes and Barclays were the fi rst companies to recognise the potential benefi ts for homebuyers in the current market.
“In the last quarter of 2006, Council of Mortgage Lenders’ fi gures show there were almost 8,000 new house sales in the UK at 90 per cent loan-to-value. By the last quarter of 2009 this fi gure had dropped to only 117 sales - a staggering fall of 98.5 per cent.
Until now, buyers looking to purchase a new home with a 10 per cent deposit have had few options other than shared equity schemes. Now, thanks to this product, purchasers can access a highly competitive mortgage product, with a much smaller deposit, and purchase their new Bovis Home outright. This is a timely development for lenders, builders and the UK housing sector.”
Kwik-Fit on their bikes for kids’ charity
Riding high: Kwik-Fit bikers (from left to right) Stevie Sutherland, Martin Ward, Tony Lynch and Colin Wallace with Abigail Stein of Yorkhill
A Kwik-Fit fundraising motorbike ride around the coast of Scotland has raised £20,000 for the Royal Hospital for Sick Children at Yorkhill in Glasgow.
Kwik Fit Insurance’s business development director Stevie Sutherland handed over the cheque to Abigail Stein, Corporate & Events Fundraiser for Yorkhill, at the end of the 1600 mile sponsored ride. Mr Sutherland said: “The support we had along the way was amazing. People were giving us donations everywhere we stopped and it gave us the chance to tell them about the wonderful work that Yorkhill does for children all over Scotland.”
Kwik Fit Insurance had pledged to double the riders’ fundraising total if they could reach £10,000 in donations. The money raised will go towards a much-needed new cardiac ultrasound machine for Yorkhill’s Cardiology Department.
Coversure sets up shop in Tamworth
Coversure Insurance Services has opened its latest branch in Tamworth, Staffordshire, and has announced it has a further fi ve further franchisees also poised to launch in the coming months.
The company is now the second largest national high street broker in the UK and has identifi ed a further 90 locations where it believes it could open.
Coversure Tamworth was opened by franchisee, Mark Cleaver, who has over 15 years experience in the insurance industry, working in several advisory, sales based and management roles.
Insurance Brokers’ Monthly July/August 2010
“After working for a high street broker for 16 years and dealing with all types if general insurance, I felt that I needed a new challenge and owning a Coversure franchise was a great opportunity to develop my own business.” he said. “With my determination and experience along with the Coversure brand, I could develop a very successful brokerage.”
Coversure said it looks to attract those who understand the needs of the local community and provide a personal and accessible service. There are currently over 80 branches run as franchises in the UK.
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