News in brief w/e 9 March

Written by Oliver Wade

TMA Club launches AML checks through Smartsearch

TMA Club has recently launched Smartsearch, a tool that allows DAs to conduct electronic identification checks (EID), allowing advisers to provide the “most comprehensive” AML checks.

Smartsearch UK head of business Steven Taylor commented: “We are delighted to be working with TMA Club – it already has an extremely comprehensive and compelling proposition and the addition of the SmartSearch platform will only enhance this. SmartSearch will allow TMA Club advisers to quickly and efficiently undertake the ‘Know Your Customer’ checks and ensure compliance is fully aligned with the stringent Money Laundering Regulations 2017.”

NS&I introduces new phone service for advisers

Following feedback from financial advisers and colleagues, NS&I has introduced a new telephone service via its Adviser Helpline, granting advisers access to information on their clients NS&I over the telephone.

One of the primary benefits of this newly developed service is speed. Previously, advisers would have had to wait two to three weeks to receive the information. Now, they almost receive it instantly.

NS&I head of intermediary relationships said: “We know that advisers often recommend NS&I products and are very supportive of our unique security guarantee, but they also tell us we could make life easier for them when contacting us.”

Hanley Economic BS launched product to help Help to buy borrowers

As we are nearing the end of the five-year interest free borrowing period that the Help to Buy scheme, launched by the government in 2013, offered, many borrowers are looking for remortgage options to remove the equity element of the loan.

Hanley Economic Building Society are offering a two-year discounted rate product to help those borrowers. The initial rate is 1.94% and the offering includes £1,000 cashback (to cover legal fees) and a free valuation.

The firms’ head of marketing and business development David Lownds commented: “A wave of Help to Buy borrowers are currently evaluating their remortgage options and now is the perfect time for intermediaries to engage with such borrowers within their existing client bank.”

Masthaven’s new Buy to Let range exclusive to Buy to Let Club

Masthaven has launched a new Buy to Let mortgage product, initially available exclusively for brokers through Buy to Let club.

The new offering is available through both purchases and remortgages with two-year and five-year term fixed rate options available at 70% to 75% LTV.

Masthaven managing director of Mortgages Matt Andrews said: “With the help of our key partners we want to make sure our new Buy to Let products and the way we service them, are spot-on before rolling them out to the wider market. This new range brings with it some very exciting elements as we further expand our specialist lending offering, reflecting the long-term plans of Masthaven.”

Landbay double lending volumes in six months hitting £100m milestone

Landbay have announced that it had lent a total of £100million, as of 7 March 2018, to buy to let landlords since its launch in 2014.

In September 2017, the firm reported lending £59.56million, meaning that the firm has almost doubled its lending figures within a six month period.

The lender credits its growth to its technological advancements and their tailored approach to underwriting, allowing for “far more rapid processing than high street lenders are capable of achieving”.

more 2 life launches new equity release product

more 2 life has announced a Maximum Choice equity release product, offering rates of 5.65% for a one-off lump sum payment and 5.85% for drawdown.

The product doesn’t feature any application fees, valuation fees or arrangement fees, and it is free to enter. Those that are downsizing also avoid any early repayment charges, with LTV ratios of 25.5% to 54%.

more 2 life have said that the product is available for homeowners aged 55 or over, with homes valued at between £70,000 and £5m.

Kensington and New Street Mortgages announce full market launch in Scotland

Kensington Mortgages and New Street Mortgages announced yesterday a successful whole of market launch into Scotland.

Kensington are now offering an extensive range of products across England, Wales and Scotland, across both its residential and buy to let ranges. However, New Street Mortgages have launched a “tailored” buy to let range for those customers in Scotland.

Kensington Mortgages sales and marketing director Craig McKinlay commented: “Like the rest of the UK, Scotland is home to a growing population of contractors, self-employed workers and entrepreneurs. However, the mortgage market has not kept pace with demand from these borrowers, who don’t fit High Street lending criteria.”

AJ Bell launches 4 new portfolios within its MPS

AJ Bell has recently launched four new portfolios within its Managed Portfolio Service (MPS) that are targeted to provide a specific level of income, in response to the “ongoing demand for income solutions from advisers and their clients”. The new portfolios will be “particularly relevant to income drawdown clients”.

The firm has cut its annual management charge of its MPS to 0.15% and introduced two investment objectives; passive and active.

AJ Bell investments MD Kevin Doran said customers “can choose from capital or inflation protection with a target yield of 4% and as with the rest of the MPS”.

David Thorburn resigns from the Prudential Regulation Committee

David Thorburn has resigned from the Prudential Regulation Committee (PRC) with a view of returning to the private sector, the Bank of England reported today.

Commenting on his resignation, Thorburn said: “It has been a privilege to serve alongside my colleagues, first on the PRA Board and then the PRC, during the final stages of implementing the post-crisis reforms in banking and insurance. I am confident that the PRA’s forward looking, judgement based approach focused on the key risks is the right one. I have greatly enjoyed playing my part in putting that approach into practice.”

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