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In Focus Appointments & Updates
A webinar poll conducted by Mercantile Trust has revealed that brokers are facing a number of challenges on a regular basis when placing buy-to-let cases. Over half (55%) of broker respondents said they regularly come across diffi culties when trying to fi nd a solution for fi rst-time landlords, while 50% stated that adverse credit posed problems for buy-to-let applicants. 30% of respondents said they often found it diffi cult to get cases approved because of aff ordability issues and rental calculations. The same fi gure (30%) also cited problems when dealing with Consumer Buy to Let (CBTL) applications. In addition, 25% of brokers raised issues with fi rst-time buyers, while one-fi fth (20%) of respondents stated they have had problems with refurbishments for Energy Performance Certifi cates (EPCs). Maeve Ward, director of commercial operations at Mercantile Trust, said: “These fi ndings show there is a real need for more specialised buy-to-let lenders out there in the marketplace to help brokers fi nd real solutions for their clients.
Maeve Ward “There are many landlord applicants who are underserved by the market due to
adverse credit issues, rental shortfalls and background income security types that have capital raising needs but do not quite fi t the automated models of the high street lenders.”
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SaaS white label solutions to emerging market banks and NBFIs
(non-banking fi nancial institutions) that are newly active or seeking to expand their supply chain and receivables fi nance operations. As a secondary role, she will also assist the
origination and distribution teams in placing risk originated by Finverity with the network of funders who are current SaaS clients as well as with funders outside the SaaS client network. She was previously head of transactions
at Orbitt, the Africa-focused investment deal origination platform. At Orbitt, she led the transactions team and managed $1.3bn worth of investment transactions on the platform. Additionally, Ahanna oversaw the team handling investor liaison, transaction data and transaction support, directly working on deals in equity, debt, trade fi nance and mezzanine transactions ranging between $5m – $50m across Africa. Alex Fenechiu, COO and co-founder of
Finverity, said: “The SCF and receivables fi nancing landscape is changing rapidly, especially in Africa, where deep-tier supplier visibility is now mandatory in order to access capital from development institutions and ESG sources which will fuel growth for the next 10 years. Ahanna’s experience and ‘can do’ approach will prove invaluable as Finverity continues its growth trajectory.”
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Foundation Home Loans has announced a new buy-to-let product range exclusively for Expat landlords. Foundation’s Expat proposition is available to non-SPV individual landlords who are UK nationals living as Expats worldwide, as well as limited company borrowers. Products will be available for standard
buy-to-lets, short-term lets, HMOs and Green options all available up to 75% LTV for both purchases and remortgage with rates starting from 3.24%.
The range will be available to UK nationals
living as Expats from over 60 countries worldwide as well as to those based in EU, EEA, and Switzerland. Foundation can consider applicants that are employed and also those in retirement. ICR on the Expat range is calculated in the same way as Foundation’s core range – 125% for basic-rate taxpayers and limited companies, and 145% for all others. George Gee, managing director (commercial) at Foundation Home Loans, said: “We have broadened our Expat buy-to- let product range off ering, both in terms of the landlord borrowers we will accept, and the specifi c options available to them.”
Just Mortgages is training its advisers to off er expert business protection advice. Twelve advisers have completed the course already, and the fi rm will conduct regular inductions across 2022. Self-employed advisers from both Just
Mortgages and sister-wealth advice fi rm, Just Wealth, attended the two-day course. The course trained them in both the mechanics of business protection and how to approach clients to have these conversations. Some advisers have been reluctant to advise on business protection, so part of the course was dedicated to building the advisers’ confi dence. There is a signifi cant fi nancial opportunity for those who advise on business protection, as the average case size is £6,500. Designed by Sian Musial, training manager at Just Mortgages, the course helps advisers
Hodge has seen a 59% increase in 50+ mortgage completions since 2019, with applications peaking in November 2021. The average value of a 50+ mortgage with Hodge is now £187,827 – an 18% value increase since 2018. The bank also saw a 40% increase in completions from 2019 to 2020 and a 14% increase from 2020 to 2021 with the annual value of its mortgage completions doubling from 2019 to 2021. Hodge has also recently increased the LTV on its two and
fi ve year fi xed 50+ repayment mortgages to 85%. The previous LTVs on all fi xed products was 75%. Emma Graham, business development director at Hodge, said: “It is great to see that our 50+ mortgage is proving more popular than ever with our intermediary partners and their customers. “It is a great product that allows customers the freedom to release money to do
Emma Graham
everything from consolidate other fi nance and mortgages, to give a fi nancial gift to a family member, or increasingly during lockdown we saw customers using the mortgage to make improvements on their own homes.”
www.CCRMagazine.com March 2022
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