PARADIGM MORTGAGE NEWSLETTER WINTER 2023 www.paradigm.co.uk/mortgages
CONTENTS 4 Paradigm Mortgage Services Introduction from Paradigm Richard Howes 6 Halifax Protect your business by fighting fraud Paul Size 8 Paradigm Why TikTok could be a winning tactic for advisers Bob Hunt 12 Mortgage Brain A simple guide on how mortgage brokers can use AI today 14 Paradigm Mental Health Matters Riona Mulherin 16 Henry Dannell Hear from one of Paradigm's trusted referral partners Stephen Savill 20 NatWest Launching our new Broker Portal
For Intermediary use only. Content correct at time of publishing. YOUR MORTGAGE WILL BE SECURED ON YOUR PROPERTY AND YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Firm reference number: 157260. Assess many types of complex income Airbnb considered Top slicing available harpendenbs.co.uk/intermediaries SCAN THE CODE TO VISIT OUR INTERMEDIARIES PAGE HOLIDAY HOME/SECOND HOME • We consider a range of incomes, including pension, trust, investment and maintenance as well as 100% of bonuses, overtime and commission (2 years proof required) • We consider latest years income for self-employed applicants • No maximum age • 75% LTV available on IO and 80% available on repayment HOLIDAY LET • 90 days personal usage allowance per annum • We lend in town and city centres as well as coastal areas • We lend on properties above commercial units • Minimum income of £30,000 required • Up to 3 properties on one title considered • 75% LTV available on IO and 80% available on repayment If it’s complex, we might find a way
Hi everyone, and welcome to the last Newsletter for 2023! I am not quite sure where the year went, but once again it’s been quite a ride again in the mortgage market. We have had Consumer Duty land, the Mortgage Charter introduced at break neck speed, a cost of living crisis firmly embed itself into the market (and all that comes with it for advisers, Lenders and customers), announcements on rental reform, delays on introducing expected legislation for landlords leading to mass uncertainty, interest rates potentially having peaked and Lenders having to deal with rates bouncing up, down and even sideways, criteria, affordability and operational issues, at a time when for many their values and volumes are dropping. However, as I write this, there does seem to be - for the first time in a while - a sense that a sense of calm has settled over the market, and the sudden movements in rates have slowed down. Since we came out of the last financial crisis, the measures taken by governments to protect the financial system created a unique environment for Lenders and customers. But where we are now, and where we are going in 2024, is I think going to change the mortgage market. Inflationary pressures have forced banks to raise rates and halt quantitative easing. One could argue that the tools which in a way suppressed financial markets were withdrawn. Whilst rising interest rates were disruptive, and will probably continue to be, there have also been many changes as we emerge from the last 15 years. The move away from an environment of low interest rates, low inflation, strong liquidity, and ‘loose’ credit conditions has been replaced, and I think 2024 will see this new market exist as it is now. Many commentators are saying the Bank of England is not expected to increase rates again this year, the latest inflation figures and most importantly core inflation have started to consistently fall and this is expected to continue. It may well be that we are at the top of the interest rate cycle, indeed Saville’s are now saying “the UK’s housing market is past “peak pain” with average house prices forecast to fall by 3% next year as affordability pressures ease. It expects that the Bank of England base rate will stand at 4.75% by the end of next year, which will lead a sliding housing market “to bottom out in mid-2024,” in its five-year house price forecast”. It does seem from talking to Lenders about the number of applications coming through that there is a purchase market available and open, which bodes well if rates do stabilise. Richard Howes Director of Mortgages Paradigm Mortgage Market Update 04 WINTER MORTGAGE NEWSLETTER
At Paradigm we are continuing to look at new opportunities and new ideas with Lenders and suppliers, and have some exciting plans for 2024. In this newsletter we have some great contributions on a wide range of subjects. Indeed, it’s probably our most diverse newsletter for a while covering practical issues around fraud, AI, and social media, the aggregator model and its impact and influence as well as mental health. Thank you for reading this and I hope it allows you time to reflect, consider, and maybe act - but more than anything, I hope it informs. Finally, may I take this opportunity to thank you if you are a Paradigm business owner, adviser, administrator, Lender, technology company or any other partner of ours for your support this year. Paradigm have again exceeded expectations against our competitors, in our business and we are here to support 05 WINTER MORTGAGE NEWSLETTER and work with you for our mutual benefit. We can’t do it without all of you, so thank you! Our focus for 2024 will continue to be on developing our relationships with you, identifying new business opportunities, assisting you in accessing new revenue streams, guiding you on technology, supporting your CPD requirements and supporting you through regulatory change such as Consumer Duty reporting. We will be announcing our 2024 calendar of CPD events in the near future, and we really hope to see you there. I hope you have a great Christmas break and a happy new year, and look forward to going again with you in 2024! Please do not hesitate to get in touch if you would like any more information, I will do my best to assist. Finding ways to say ‘yes’ Specialist lending for your buy to let and residential mortgage clients. Find out more aldermore.co.uk/intermediaries/mortgages 0333 321 1000 FOR INTERMEDIARY USE ONLY Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 204503). Registered Office: Apex Plaza, Forbury Road, Reading, RGl lAX. Registered in England. Company No. 947662. Invoice Finance, Commercial Mortgages, Property Development, Buy-To-Let Mortgages and Asset Finance lending to limited companies are not regulated by the Financial Conduct Authority or Prudential Regulation Authority. Asset Finance lending where an exemption within the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 applies, is exempt from regulation by the Financial Conduct Authority or Prudential Regulation Authority. ARM925-0523-600424 If there’s a way to make it happen, we’ll find it.
Don’t risk your reputation by failing to put proper fraud processes in place, says Paul Size, Mortgage Controls Manager, Halifax Intermediaries. Fraud costs the UK hundreds of millions of pounds each year and impacts customers and businesses alike. Fraudsters are becoming more savvy when it comes to committing fraud on mortgage applications, so it’s important as an intermediary that you take extra steps to satisfy yourself that your customer’s circumstances are genuine. Where lenders identify fraud on applications that have been submitted to them it may ultimately lead to an assessment of your panel status. In other words, failing to prevent fraud can have a big impact on your reputation and your career. Spotlight on fraud In recent years lenders have invested in technology and fraud controls to strengthen their Intermediary, conveyancer and valuer panels, and to identify and disrupt attempted application fraud, from both borrowers and very occasionally intermediaries. As well technology helping to identify application fraud, our processing and underwriter teams are alert to potential fraudulent applications. Additionally, the Group undertakes proactive monitoring activity across our Intermediary and Conveyancer panels to assess accuracy of key disclosures made and to identify signs of application fraud. Thankfully, most of the application disclosures made intermediary are accurate. This helps the lender assess mortgage affordability and will help to deliver a sustainable lending decision for your clients. If Broker monitoring highlights risks, we move quickly to support the panel member improve standards for future submissions. This may involve a guidance letter or support from a local business development manager. For more serious concerns, formal warnings may be issued accompanied by an action plan which will be agreed with the panel member to deliver required improvement. In a small number of cases, it may be necessary to exclude a broker for our panel. This decision is not taken lightly and will only be reached if the level of risk is too high resulting in increased risk to the bank and our customers. Where do we find instances of application fraud? Common types of fraud We’ve analysed the type of application fraud that we tend to see, and the vast majority involves some form of income and employment manipulation, where an applicant has tried to inflate their income to access a bigger mortgage. As we have previously explained, you must be vigilant on fraud especially at this time when affordability is under increased pressure from the cost-of-living crisis. Protect your business by fighting fraud 12 WINTER MORTGAGE NEWSLETTER Paul Size Mortgage Controls Manager Halifax
Application fraud may involve fake payslips, rotating money across bank accounts to create illusion additional income streams or inventing a secondary job to boost income levels. Sometimes, the income and employment manipulations will take place a few months before the mortgage application is made. Pay close attention to recent changes. We also see increased application fraud risk take place when an intermediary uses the services of a third party, such as a new introducer or a lead generation business, so be particularly alert to this when accepting referred business and do not accept disclosures on face value. Conduct due diligence and be comfortable with your submission. What can intermediaries do? Due diligence at the early stages of the client mortgage journey will protect your client from overstretching affordability, protect your business and protect the lender. We know you’re busy, but these additional checks don’t need to be too timeconsuming. Once you embed anti-fraud measures into your processes, they will some become second nature. Investing additional focus at this key stage will ensure genuine applications are processed without delay by your chosen lender. You will be more confident about your application submission quality and better placed to answer any additional questions which the lender may have. Here’s where to start: 1. Put anti-fraud checks and processes in place throughout your business and ensure they are understood by all members of staff your processing team. 2. Make sure your data management is robust and secure, so that no one can get access who shouldn’t have it. 3. Conduct due diligence when recruiting staff – administrators are the backbone of many broker businesses and key to help support safe lender submissions. 4. Always sense check the income and employment information your clients give to you, as well as cross checking the information to help verify the facts. Ask yourself if the information and the and the client scenario is plausible? 5. Consider running additional background checks on clients, this can be as simple as a quick social media check or conducting a search on Companies House if self-employed. You can learn a lot about a person by their on-line presence. 6. Consider the use on-line ID&V technology to help identify your clients. 7. Ask your clients to provide a credit search covering all addresses resided at over last few years. This will help assess outgoings – loans and credit agreements when assessing affordability. 8. Where you have joint buyers, you may wish to speak to them separately to see if they have any additional information, they want to disclose but might have kept from their partner (such as previous credit problems). 9. With introduced business, know exactly where your leads are coming from and review application referral quality on a regular basis. 10. Look to your compliance manager or Paradigm for additional fraud prevention support – they will have resources and potentially technology to help you. 11. Lenders can help too. For example, Halifax produces a pack of useful material for brokers that you can get from your business development manager (BDM). Application Fraud remains prevalent, don’t be complacent. You will come across clients that forget key information, bend the truth, or attempt to commit application fraud. Application fraud shouldn’t be thought of as a little white lie – there can be potentially serious consequences for both customers and intermediaries. Make sure you embed fraud prevention processes into your daily routines now to protect your business as well as your clients. 13 WINTER MORTGAGE NEWSLETTER
The recent AMI Viewpoint research paper makes for interesting reading for advisers, particularly those who might deem themselves somewhat undercooked when it comes to all things social media-related. According to the research, while 88% of advisers said they use Facebook, 59% LinkedIn, and 59% Instagram, just 11% use TikTok or YouTube, and only 18% were active on Twitter. Each to their own of course, and firms might be determining that it is on those first three channels where they have the best chance of having content seen and picking up leads. However, when it comes to the younger generation, then you might surmise that the websites and social media channels that advisers themselves use, might be someway distant from those used by those younger potential clients. This appears to be a bridge which needs building because 90% of Generation Z use TikTok and YouTube, and it appears to be this younger generation who are more engaged with, for example, protection and who are less likely to use a price comparison site than older consumers. Perhaps they feel less confident in ‘doing it themselves’ but this research potentially opens up a new front for advisers, because if you can channel your content, marketing, services, etc towards this generation then you are likely to get a positive response. The big question however tends to be ‘How?’ I’ve attended various sessions on how advisers can build an online social media presence, and to say the general response amongst the room tends to be muted, would be something of an understatement. But, we neglect this communication channel at our peril, particularly when it comes to how younger people are engaging with financial services, and the ways and means by which they digest financial ‘advice’. I write ‘advice’ like this because it will be quite clear from a lot of content on TikTok that this is, for the most part, not being delivered by advisers, instead it is merely money-savvy people who have eyed a gap in the market and are filling it. The problem of course can perhaps be easily defined as the ‘Martin Lewis’ issue. You’ll recall similar arguments over the course of the last 20 years made by advisers who bemoaned Lewis’ influence and worried about his lack of professional qualifications or advice knowledge, when it appeared to many in the industry that he was delivering exactly this. Why TikTok could be a winning tactic for advisers 06 WINTER MORTGAGE NEWSLETTER Bob Hunt CEO Paradigm
Again, we have to acknowledge that there was a gap and Lewis filled it, and we might have the same issue here with social media in that many advisory firms have not been quick to recognise the potential audience, and in the meantime, many of those who have recognised it are not qualified advisers. AMI’s research is specifically about the protection space, but it appears to be relevant across other product areas, and again it comes down to recognising that the traditional ways and means by which firms have built relationships with new clients, are unlikely to be the ones that will deliver future generations to the business. With however a real focus on this area, with an understanding of what social media channel might work best, what content will get cut through, and where your resource is going to make the most difference in terms of maximising 07 WINTER MORTGAGE NEWSLETTER engagement and drawing potential clients to you, there is a real opportunity to go places where very few adviser firms have even contemplated going. I need not point out to you that last year, the biggest purchasing demographic group was first-time buyers, and of course while the average age of that group has grown, they are still younger consumers who are potentially engaging with financial services and advice in a very different manner to their parents. It will require time, effort and potentially some investment, but in terms of finding a new avenue to explore, which is immensely popular with the younger generation, and which has the potential to deliver clients and leads, then it is these social media channels which could deliver for many years to come. an extra special https://www.paradigm.co.uk/services/refer-a-firm
HANNAH’ A FINANCIAL ADVISER SERVICE AWARDS FIVE STARS, SAYS MONEYFACTS For intermediary eyes only
’S ON MISSION While Hannah works hard to get her clients the retirement they deserve, we work hard for Hannah. With market-leading technology, the widest range of lifetime mortgages and expert back up - Hannah has our total support. We’ve got you, Hannah. FOR ADVISERS ON A MISSION TO HELP HER LATER-LIFE CLIENTS
It seems that everywhere you look in 2023, AI, or Artificial Intelligence, has found its way into all aspects of our lives. But where once ago, we associated AI with human looking robots in a sci fi film, we’re now realising its practical benefits in helping us to work smarter, faster and more efficiently. Still wondering what all the fuss is about? Then this guide is for you. Our aim is to demystify AI for mortgage brokers, showing you how to incorporate it into your daily tasks, without replacing the invaluable human element of your profession. Understanding AI: the basics AI involves machines (such as smartphones or PCs) or software (the IT programmes that help operate machines) mimicking human intelligence to perform tasks. In addition, these machines constantly collect information and use it to improve their output. A simple example is how AI can analyse online shopping habits and then suggest recommendations based on your previous searches and purchases. This technology can range from simple automated responses, such as a message that responds to a client enquiry, to complex problem-solving capabilities, such as analysing and predicting risk. Mention AI and most will have heard of ChatGPT. This is an example of an AI application, where you can type in questions and it will generate an answer for you. For instance, ‘create a 2-day itinerary for visiting London with teenagers’. But this is just one of many AI applications! Want to create a poster for your staff notice board? Need a calendar scheduling tool? Interested in writing social media posts for your LinkedIn page? There are AI applications which can do all of these tasks and more. The role of AI in the life of a mortgage broker It’s important to emphasise that AI cannot replicate or replace the expertise and personal touch of mortgage brokers, particularly when it comes to building client and lender relationships. However, it can significantly help brokers complete daily tasks. Here’s how: 1. Organising your diary: AI-driven tools can manage your appointments, remind you of important dates, and help you to prioritise tasks, ensuring you're always on top of your busy schedule. 2. Promoting your business: AI can analyse what’s happening in the market and consumer behaviours, such as providing you insights on popular loan values or the types of loans which are in demand. You can use these insights to tailor your marketing and advertising more A simple guide on how mortgage brokers can use AI today 14 WINTER MORTGAGE NEWSLETTER
effectively. 3. Social media: Whether you’re new to social media or you’re a pro influencer, AI can help you to create social media posts (with hashtags, key messages and emojis) so that you can reach potential clients. Once your post is created, AI can schedule it to go live at a specific time and it can also tell you how many views and reactions it generated (otherwise known as audience engagement) so you can see how successful it was. 4. Streamlining communications: AI can help draft emails to clients, communicate 24/7 via chatbots, set appointments, and even manage routine enquiries, allowing you to focus on complex, client-specific issues. 5. Client Relationship Management (CRM): AI can be integrated into CRM systems to manage client data more effectively. It can track interactions, predict client needs based on past behaviours, and alert brokers to potential opportunities, helping you to find the most personalised lending solutions for your clients. Getting started with AI – the essentials 1. What do I need: which aspects of your work could benefit most from automation and efficiency? 2. Research AI tools: look for AI tools which are user-friendly and will help you to take your amazing client support to the next level! 3. Recommendations: ask friends and colleagues for their thoughts on AI tools that they use. 4. Start small: test one or two AI tools. For example, you might begin with an AI-based scheduling tool to help you manage your diary. 5. Training: many AI providers offer training and support for new users so make sure to sign up. Integrating AI into your daily operations as a mortgage broker doesn’t mean replacing the human touch that's crucial to your role. Instead, it's about helping you to be more efficient and effective, so that you can focus on what you do best: building relationships and finding the right solutions for your clients. 15 WINTER MORTGAGE NEWSLETTER
Following the introduction of our mental health section within our newsletters, I’m delighted to bring you the next instalment, this time looking at the menopause - following on from World Menopause Day on 18th October. Before you might think, ‘that won’t affect me’ and stop reading – please believe me, it will! I would encourage everyone to take the time to gain a greater understanding on this important subject that will inevitably effect you or someone you know at some point, whether that be family members, friends or colleagues. For a bit of background, the menopause is a natural stage of life which affects most women and other people who have a menstrual cycle. The menopause usually happens between 45 and 55 years of age, the average age being 51 years, but it can also happen earlier or later in someone's life. For many people symptoms last about 4 years, but in some cases can last a lot longer. There are 4 different stages to the menopause: pre-menopause, peri-menopause, menopause and postmenopause. Some of the statistics that were mentioned on World Menopause Day in October were astounding, here are a few that stuck with me which I feel everyone should be aware of: • More than 75% of women and other people who have a menstrual cycle experience menopausal symptoms • 67% of individuals who have experienced menopause said it had a mostly negative impact on them at work • 70% of those experiencing menopause feel uncomfortable discussing this at work • An estimated 14 million working days are lost to menopause each year in the UK (which equates to £1.88 billion in lost productivity) • 1 in 10 of menopausal individuals quit their job due to menopause symptoms (based on a survey of 4,000 women aged 45-55) • 67% of those who have experiences menopausal symptoms (aged 40 to 60 in employment) say they have had a mostly negative effect on them at work. • Many commonly reported symptoms include memory loss, anxiety, loss of confidence, panic attacks, reduced concentration, depression and low moods, amongst many, many more. Reading those statistics, it is clear this is an area which we can no longer ignore; we have got to change the conversation around menopause and start to take positive action to support those going through any stage of the menopause. Beyond the physical changes that are often discussed, the menopause transition clearly also significantly influences mental health. It's not just about hot flashes and night sweats; the hormonal shifts during menopause can create a complex interplay of emotions as demonstrated by the statistics outlined above. The menopausal transition is not a onesize-fits-all experience, and the impact on mental health varies from person to person. For some, the challenges may be fleeting, while for others, they may persist for an extended period. Seeking support from healthcare professionals, friends, or support groups can provide a crucial lifeline during this time. I believe Mental Health Matters 08 WINTER MORTGAGE NEWSLETTER Riona Mulherin Director of Marketing & Operations Paradigm
it's essential to recognise that mental health is as much a part of the menopausal conversation as physical symptoms. Practical tips: How can we support those going through the menopause? I thought it would be useful to outline some of the ways that we can support individuals within the workplace to create a better, more inclusive working environment. By fostering awareness, understanding, and open dialogue, we can ensure that individuals approaching or experiencing menopause are better equipped to prioritise and maintain their mental wellbeing and avoid the potential negative impact on their career. Please see below my ideas on ways you can support individuals impacted by the menopause. Can you implement any of the below with your team? • Increasing education and raising awareness – can you look at implementing training programs to educate employees and managers about menopause, its symptoms, and its potential impact on someone at work? • Encouraging open conversations and offering a safe space to discuss the menopause and its effects, thus reducing the stigma that surrounds this topic. • In addition to open conversations, it’s really important to also offer confidential communication channels where someone struggling can seek support if needed, without fear of judgment. • Flexible working arrangements – can you offer any flexibility to someone struggling with menopausal symptoms (e.g. fatigue, temperature, low moods, energy levels etc.). • Being aware of the temperature and ideally offering a quiet space or rest area where a menopausal individual could feel more comfortable • Signposting where individuals can get more support, such as explaining how your company can offer support (this may be via line managers, menopause champions if you have them, support groups) or sharing useful resources. • Support for line managers on how to 09 WINTER MORTGAGE NEWSLETTER support their team members in this area, helping them to be understanding and empathetic. • Encouraging health and well-being initiatives within your company, perhaps around stress management, physical exercises, nutrition or mindfulness – this can of course benefit other employees too! For most companies, this will be a journey to improve support and enhance the workplace experience for those effected – it is great to see many companies starting to take this into consideration, and I would strongly recommend asking for feedback from those who have direct experience and can help you to shape your policies. What is clear is that by fostering a workplace culture that recognises and accommodates the challenges associated with menopause, organisations can not only retain valuable team members but also contribute to the overall well-being and job satisfaction of their workforce and potentially attract new talent too. Christine Newell, our Mortgage Technical Director, Diane Jones, our Mortgage Helpdesk Manager, and I have been working hard on creating greater menopause support internally within Paradigm. We have a wealth of resources that you may find interesting or of help – if you’d like us to share these, please don’t hesitate to get in touch, you can email me at riona@ paradigm.co.uk. Finally, a note on International Men's Day (a global awareness day for many issues that men face, including parental alienation, abuse, homelessness, suicide, and violence) which takes place annually on 19th November. I thought I would share two particularly relevant resources of note that I’ve come across in the last couple of months that you may not have seen: A powerful video from Norwich City Football Club – ‘Check in on those around you’ An insightful event from YuLife - "Man Up": How to Support Men's Health in the Workplace
Henry Dannell has worked in partnership with Paradigm for over a year now, and were delighted to be added to their referral partner panel for member firms needing support with Equity Release and Later Life Lending. Stephen Savill is accredited by the LIBF and SOLLA for Later Life Lending and specialises in providing tailored Later Life mortgage advice for homeowners from age 55. At Henry Dannell, our mission is to educate clients to make Later Life finance as transparent as possible, ensuring they are fully informed and confident in their decisions. 2023 – Just when it was all going so well… What a remarkable year it has been in the Later Life market. We've witnessed a blend of eye-watering fixed rates, smaller loans, false starts, and at times, I’m sure I saw some tumbleweed. Client objectives have moved from aspirational to needs-based, with funding for domiciliary care a recurring theme. Many Later Life mortgage firms faced challenges in generating sufficient leads for their advisers, leading to ongoing cutbacks. This trend raises concerns about potential increases in setup costs for borrowers. 2024 – Stick or Twist? The recent period of remarkably low interest rates ended abruptly in Q4 2022. Rates 10 WINTER MORTGAGE NEWSLETTER Stephen Savill Later Life Mortgage Adviser Trusted partner for Equity Release referrals across all loans rose sharply and we now find ourselves in a transitional phase, where borrowers are adapting to the new normal. Some elder borrowers, with urgent capital needs and an aversion to downsizing, have no choice but to navigate current rates. Others are reconsidering their objectives, as borrowing at prevailing rates means a fixed rate for life with equity release. Waiting for lower rates poses risks for those requiring a relatively high loanto-value ratio with a Lifetime mortgage if property values decline, potentially hindering their objectives and bringing downsizing back as a solution, or perhaps maximum loans increase if rates decline. There’s plenty to consider. Product Enhancements for Improved Flexibility Some noteworthy Lifetime mortgage innovations have emerged in the Later Life market this year. • More2Life's Apex plan features early repayment charges lasting just four years • Legal & General's Payment Term Lifetime Mortgage accepts a spouse from age 50 and permits employed borrowers to make fixed-rate payments
11 WINTER MORTGAGE NEWSLETTER until retirement (or age 75), securing the loan-to-value today at their anticipated retirement age. • Pure Retirement's Freedom Lifetime mortgage plans allow penalty-free annual payments of up to 20% or 40% have also made a welcome return. However, there is always room for more... • Applying early repayment charges only to the capital released and not any unpaid interest, as already practised by some lenders, would be a welcome introduction. • Also, considering the Equity Release Council's product standards, funds are released at a fixed rate (or capped if variable), so how about a Lifetime mortgage with a variable or tracker rate and a cap, including the option to fix for life at will? • Lastly, some clients have expressed frustration when trying to make voluntary payments. This underscores the need for a more consumer-friendly approach, aligned with the principles of the Consumer Duty. Your Trusted Partner in Later Life Mortgages Should you have clients seeking Later Life mortgage solutions or advice, we welcome the opportunity to extend our partnership. We provide a unique service that doesn’t just focus on the short-term. Our advisers offer independent, impartial and transparent advice for long-term flexibility. We have whole-ofmarket access and a competitive Lifetime Advice fee. Giving you the trust that we will provide your clients with a service you'll both confidently recommend. For discussions on Retirement Interest-Only (RIO) or equity release options, you can reach Stephen directly at 07503 615000 or via email at [email protected]. We look forward to building a partnership with you and delivering tailored financial solutions to your clients.
16 WINTER MORTGAGE NEWSLETTER 2024 EVENTS WHAT’S NEW AT NEW Cybersecurity test on our CPD Test Zone Brand new Technology Hub to support firms whilst complying with the FCA. Paradigm Protect won Best Protection Network/Club at the Protection Review Awards 2023! Raised over £500 so far for The Trussell Trust as part of our Reverse Advent Continued fundraising for Mind throughout the year (over £3,600!) Running our popular Mortgage Helpdesk Advent Calendar 12 Days of Paradigm Protect on our LinkedIn Another addition to our PMI Panel Exclusive PI Partner Exclusive product range Our 2024 calendar will be released within the next week. Please ensure you are signed up to our mailing list for updates. Thank you for your continued support!
FOR INTERMEDIARY AND PROFESSIONAL FINANCIAL ADVISOR USE ONLY Our mortgages are provided by Coventry Building Society and or Godiva Mortgages Limited Coventry for intermediaries is a trading name of Coventry Building Society Coventry Building Society Principal Office Coventry House Harry Weston Road Binley Coventry West Midlands CV3 2TQ Godiva Mortgages Limited Registered Office Oakfield House Binley Business Park Harry Weston Road Coventry CV3 2TQ Find the certainty you seek at coventryforintermediaries co uk The certainty you’ve been looking for everywhere you look Here at Coventry for intermediaries we understand that by giving you better service by putting you first and doing the right things you’re able to do the same for your clients For us it’s about making sure our great people provide you with all the confidence and reassurance you’ve been seeking • We’ll give you the information you need when you need it • We’ll be proactive and helpful in every conversation • We’ll use tech to speed up common sense not replace it • We’ll recognise that your clients are your clients
NatWest have rolled out their new Broker Portal to all NatWest registered mortgage brokers, making it easier for them to submit and track new business applications. The Broker Portal has a new streamlined, easy to use design, it features less questions, saving intermediaries time and is also integrated with their internal systems increasing speed to offer for a broker’s customers. There are further new features which have been added based on broker feedback, such as a DiP certificate and an improved Case Tracking functionality, which makes it even easier for brokers to work with NatWest. Dedicated guidance webpage NatWest have created a dedicated webpage if brokers need support and have also set up a specific broker helpline on 0345 905 0002 (Relay UK 1800 0345 905 0002) for any portal related queries. The webpage provides various useful walkthrough videos and FAQ’s. The videos can help brokers with various important aspects of the new portal including; applicant details, income and expenditure, borrowing requirements and how to review and submit applications. Utilising the new portal Since unveiling the new portal to brokers NatWest have issued a range of updates and communications letting them know what to do with their cases submitted on the old system. To update further, brokers will now no longer be able to submit any applications on the old Broker Portal, and it’s important to note that they’ll need to ensure that the following actions are completed as soon as possible, due to NatWest’s old portal being removed: • Ensure they’ve stored all required Mortgage Illustrations. • Upload outstanding documentation for submitted cases. As Paradigm brokers, you’ve got access to our new Broker Portal, so please utilise this link for all your new applications to NatWest. “Working with brokers to support a better user experience” NatWest National Account Manager Luke Christodoulides says “NatWest are really proud to launch our new Broker Portal. We’ve worked with brokers to make sure the technology truly supports a better user experience, and this investment will ultimately support a more seamless customer experience. There is lots of support for brokers if they need it and we’ve got smooth transitional arrangements in place for cases placed on the old system too. We look forward to brokers using the new Broker Portal and their feedback so we can continue to make it easier and support them and their customers with mortgages.” NatWest launches new Broker Portal 20 WINTER MORTGAGE NEWSLETTER
ONLY FOR USE BY MORTGAGE INTERMEDIARIES Your customers could secure a new NatWest mortgage six months before their current deal ends. Make moves earlier with product transfers.
www.paradigm.co.uk/mortgages 0330 053 6061 [email protected]
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