We are working hard to ensure you have the latest information, resources and product updates in one handy location
Click here to see the latest on the Covid-19 responses from the industry

COVID-19 UPDATES & BUSINESS CONTINUITY RESOURCES

Here you can find all the latest information, resources and materials to help you stay up to date and as much possible, continue operating a successful business providing a valued service to customers throughout this COVID-19 epidemic.

Check back daily for the very latest news, updates, materials and resources. If you have any queries regarding the information posted here you can contact us here. If you have any suggestions for additional content that would be helpful, please email [email protected]

See the latest updates from The Equity Release Council here.

Lender Matrix

A "quick glance" summary of the latest information from all lenders on their current status and product criteria. For more detailed information on any lender, click on the relevant lenders "Product Changes" below. If sourcing products in Air Sourcing, all criteria is updated live by lenders. Use the COVID19 filters.

All Lender Product Changes

Covering all Equity Release Lenders, a document detailing each lenders Product Changes including main rate changes, LTV changes, lending criteria and details around any retentions or property devaluation.

Provider Product Range Desktop Valuations
Available?
Physical Valuations
Available?
Retention/Restrictions Product Changes Further Info
Aviva
All Yes No 10% property value reduction Product Changes External Link
Canada Life
All Yes Yes 10% for Capital Select Product Changes External Link
Hodge
All Yes No 0% Product Changes External Link
JUST
All Yes Yes 0% Product Changes External Link
Legal & General Home Finance
All Yes No 5% property value reduction Product Changes External Link
LV=
All Yes No 0% Product Changes External Link
more2life
Maximum Choice Yes Yes 10% retention on max LTV Product Changes External Link
more2life
Capital Choice Yes Yes 10% for Capital Choice and 25% for Plus Product Changes External Link
more2life
Prime Choice Yes Yes 0% Product Changes External Link
more2life
Tailored Plus/Lite Yes Yes Tailored Plus & Tailored Lite 4 & 5 ONLY 10% None on Lite 3 Product Changes External Link
more2life
Flexi Choice Yes Yes 0% Product Changes External Link
Onefamily
All Yes No Lite - 10% Retention on MAX LTV
Standard - 15% Retention on MAX LTV
Super - 15% Retention on MAX LTV
Product Changes External Link
Pure Retirement
Heritage Yes No 0% Product Changes External Link
Pure Retirement
Sovereign Yes No 0% Product Changes External Link
Pure Retirement
Classic Yes Yes 0% Product Changes External Link

To access this information you will need to be a registered user of Air Sourcing, simply log in to access the download section. If you are not yet a member you can register, for free here, where you'll find a wealth of additional resources and support for your advising needs.

ERC
Posted: 29 May 2020

Equity Release Council Webinar

The Equity Release Council are bringing you an up date on their position amid the Covid-19 pandemic. Join Chairman David Burrowes, Chief Executive Jim Boyd and Chief Operating Officer Donna Bathgate as the help advisers naviagting the Equity Release industry.

Click Here to Register for the Event

11am, Thursday 4th June

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L&G
Posted: 29 May 2020

Exclusive to Air Mortgage Club members: Legal & General's Senior Underwriter Live Session

We are delighted to bring you an exclusive session with L&G's senior underwriter Julie Haw, for an update and support on getting you through Covid-19 with L&G.

Simply email Amanda Day to register.

11am, Thursday 4th June

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more2life
Posted: 27 May 2020

Changes to Tailored Lite product range

As of 27th May, more2life will be increasing the rates on the Tailored Lite 5 products. The Tailored Lite 4 products will be temporarily withdrawn.

KFIs on the current Tailored Lite 5 rates and Tailored Lite 4 are available until 11:59pm on Tuesday 26th May.

Apps on the current Tailored Lite 5 rates and on Tailored Lite 4 are available until 11:59pm on Wednesday 10th June.

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L&G
Posted: 21 May 2020

L&G rate change

As of 21st May, L&G will be decreasing the rates on all of their products.

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Hodge
Posted: 20 May 2020

Changes to Hodge Lump Sum and Flexi product ranges

As of 20th May, Hodge will be increasing the rates on their Lump Sum and Flexi products

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Posted: 15 May 2020

Stuart in conversation with...JUST

Join Air Group CEO Stuart Wilson as he catches up on JUST's latest responses with Jonathan McCaffrey, JUST's Specialist Account Director.

View on YouTube

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Posted: 15 May 2020

Stuart in Conversation with...Canada Life

Join Air Group CEO Stuart Wilson as he is joined by Canada Life's Head of Sales, Les Pick to discuss the latest in Canada Life's response to the latest situation.

View on YouTube

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more2life
Posted: 14 May 2020

Knowledge Bank & Air Sourcing: 'Super Tech' demo available On-Demand

You can watch our on-demand version of the simple demo of the incredible industry first integration between award-winning criteria hub: Knowledge Bank and market leading technology: Air Sourcing here

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more2life
Posted: 14 May 2020

Changes to Capital Choice product range

As of 14th May more2life will be change the rates on their Capital Choice products.

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Care Box
Posted: 14 May 2020

Putting Care Advice into Action

Join CareBox from My Care Consultant as they host a webinar exploring the Care Box provisions for financial advisers. You can watch the session here.

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Canada Life
Posted: 13 May 2020

Changes to Canada Life rates

As of 13th May, Canada Life will be reducing the rates on their Lifestyle Lite and Lifestyle Gold products, including the Flexible variants.

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JUST
Posted: 13 May 2020

Changes to JUST rates

As of 13th May, Just will be increasing the rates on their J1, J3 and J4 products

They will continue to operate a desktop valuation approach, with an internal inspection of the property required once the valuers are able to recommence physical valuations. They are also extending this approach to Northern Ireland

They are also increasing the maximum property values we can consider as detailed below.

Greater London - £2m
Outside Greater London - £1m

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One Family
Posted: 13 May 2020

One Family launch a Hardship Grant

One Family have recently launched a new Temporary Hardship Grant in response to the coronavirus crisis. One Family customers who have been financially impacted by the pandemic can apply for up to £250 to help with essential costs such as bills, food and home-schooling equipment. Customers can find out more and apply here: https://www.onefamily.com/your-foundation/temporary-grant

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Posted: 12 May 2020

Stuart in Conversation with...more2life

Join Air Group CEO Stuart Wilson as he discusses more 2 life's response to the current situation with more 2 life CEO- Dave Harris and Director of Operations Ben Waugh.

View on YouTube

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Posted: 12 May 2020

Stuart in Conversation with... Later Life Advisers

Join Stuart in episode #2 of his conversational pieces with our members. An open dialogue where advisers can use the opportunity to hear the latest from the industry. Click Here to reserve your space for the next session

View on YouTube

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LV=
Posted: 11 May 2020

Changes to LV= Lump Sum+ Lifetime Mortgage

As of 11th May, LV= will be reducing the rates on their Lump Sum+ Lifetime Mortgage.

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more2life
Posted: 6 May 2020

Changes to more2life Tailored Lite 3 product range

As of 5th May more2life will be increasing the rates on their Tailored Lite 3 range.

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Posted: 6 May 2020

Air Group have Launched Knowledge Bank & Air Sourcing Integration

We are delighted to announce that we have launched an exciting new opportunity for later life advisers, by bringing together two award pieces of technology to create an exciting industry first! Find out more about the award winning criteria hub's integration with the markets leading sourcing tool here

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One Family
Posted: 6 May 2020

One Family release a new COVID-19 support document & other updates

OneFamily would like to ensure you are fully up to date with the interim measures they have taken recently to respond to the Coronavirus outbreak. Please find below the specific changes they have made so that they can continue to support you and your customers.

  • As a result of the social distancing rules they have now moved to using desktop valuations until further notice
  • They have accepted the guidance from the Equity Release Council regarding the legal advice process during the Stay at Home period
  • They are able to accept applications without a customer wet signature and will contact the customer to obtain their agreement to proceed, during the Stay at Home period
  • They have created a new document, which provides further details of these changes and the adjustments they have made to their lending criteria and operations. They have a dedicated COVID-19 Hub Page which they are updating regularly, so please visit and save to your favourites. This page also contains details of how you can get in touch with them.

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Posted: 1 May 2020

See our latest "Stuart in Conversation with..." Session with Later Life Advisers from the industry

See our latest episode of "Stuart in Conversation with...", where for this regular weekly slot, Stuart will invite you as Later Life professionals to join him for a live Q&A, answering your questions on the ongoing changes among the current pandemic. To join one of our upcoming "Stuart in Conversation with... Later Life Advisers" sessions click here

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JUST
Posted: 30 April 2020

Changes to JUST rates

As of 30th April Just will be increasing the rates across their J2 LTV range.

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Posted: 29 April 2020

Resources to Help Your Online Presence

We have created more resources to help you continue to be seen online by prospective clients, and to drive more results through your online platforms.

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Stuart Wilson
Posted: 29 April 2020

Join Air Group CEO for a Live Q&A

Join Stuart as he talks with our members on latest changes to the industry, and their impacts on advisers. He'll be taking your questions and enjoying a lively chat with all participants. Not to be missed: Thursday 30th April- 11am. Register here

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Care Box
Posted: 27 April 2020

FREE Email Marketing & Sales Training Workshop

Our friends at Popcorn, have developed a free training session on getting the best from your email marketing and sales at this uncertain time. Find out more and sign up here.

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Posted: 27 April 2020

More Support Tools and Handy Guides Available

We have a wealth of resources available for you to use amid the current pandemic, to aid you through the uncertainty and to help maintain and develop your business. From processes, to marketing and everything in between:

You can access all of these resources here if you are not yet a member, simply sign up at www.airsourcing.co.uk/register for free!

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L&G
Posted: 22 April 2020

L&G rate change

As of 22nd April Legal and General will be increasing the rates on all of their products.

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more2life
Posted: 20 April 2020

Changes to more2life Capital Choice product range

As of 17th April more2life will be making changes to their Capital Choice product range. Moving immediately to semi-automated valuations (SAV) and introducing some temporary lending criteria changes during this time.

  • Minimum property value - £150,000 (previously £100,000)
  • Maximum property value - £1m within the M25, £750,00 for the rest of the UK
  • Land – Up to 2.5 acres of land
  • Property type – listed, ex-local authority, barn conversions, new build or self-build properties are all unacceptable
  • Tenure – Flying Freeholds are acceptable subject to additional legal investigation
  • Proximity to commercial premises – Where in close proximity to commercial premises that do not affect resaleability (acceptable), adjacent to or above commercial premises (unacceptable)
  • Age of property – Properties built before 1850 or after 2017 are unacceptable
  • Construction type – Only properties of traditional construction are acceptable. Properties of non-traditional construction i.e. thatched or flat roof, modern methods of construction. Mundic is also not acceptable.
  • Property condition – poor condition is not acceptable
  • Coastal erosion – properties within 500m of the coast or known to be affected are not acceptable
  • Significant property alterations – not acceptable
  • Properties close to infrastructure projects i.e HS2, as noted by the valuer, are not acceptable
  • Structural/Environmental issues – not acceptable

Permanent lending criteria changes;
Age restricted properties are no longer acceptable

A full physical valuation will still need to take place, as soon as the time is right, therefore the following retentions will apply;

  • Capital Choice - 90% of the maximum loan amount available will be released following the SAV and the remaining funds will be retained (if the requested loan is greater than 90% of the maximum loan amount available) until a physical valuation can be completed.
  • Capital Choice Plus – 75% of the maximum loan amount available will be released following the SAV and the remaining funds will be retained (if the requested loan is greater than 75% of the maximum loan amount available) until a physical valuation can be completed.
  • Capital Choice Lite & Super Lite – no retentions.
  • Or drawdown plans, the retention can apply to the cash facility.
  • Cashbacks, where applicable, are not impacted by the retention and will be paid in full.
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more2life
Posted: 20 April 2020

Changes to more2life Capital Choice product range

As of 24th April more2life will be changing the rates on some of the Capital Choice products. KFIs on the current rates are available until 11:59pm Thursday 23rd April, apps on the current rates are available until 11:59pm on Friday 8th May.

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Care Box
Posted: 20 April 2020

FREE Online Stress Reduction Session

We all understand how stressful the current climate is, we have resourced some mindfulness and stress reduction support for you from Nimisa. This session has been popular among financial services professionals so we thought we'd share it with you. Email Adrian or give him a call on 07806570122 to book your session.

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Hodge
Posted: 16 April 2020

Changes to Hodge products

As of close of business 16th April, Hodge will be temporarily removing its extended LTV Equity Release products across both its Lump Sum and Flexible Lifetime Mortgages. Their standard Lump Sum and Flexible Lifetime Mortgages remain on sale with automated valuation.

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Aviva
Posted: 16 April 2020

Changes to Aviva products

As from 16th April Aviva will be reducing the LTVs on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option on new business and additional borrowing.

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more2life
Posted: 16 April 2020

Changes to more2life Tailored Lite 3 products

As of 16th April more2life will be decreasing the LTV on the Tailored Lite 3 products increase the rates on their Tailored Lite 4 and 5 products. They will be moving immediately to semi-automated valuations and introducing some temporary lender criteria changes during this time.

Minimum property value - £100,000 (previously £70,000)
Maximum property value - £1m within the M25, £750,00 for the rest of the UK
Land – Up to 1 acre of land (previously 5 acres)
Proximity to commercial premises – Where in close proximity to commercial premises that do not affect resaleability (acceptable), adjacent to or above commercial premises (unacceptable)
Flood risk area – Flood zones 1 & 2/Low & Medium risk are acceptable, flood zone 3/High risk are unacceptable where flood defences are not in place
Coastal erosion area – not acceptable for SAV
Age of property – Properties built before 1850 or after 2017 are unacceptable
Construction type – Only properties of traditional construction are acceptable. Properties of non-traditional construction i.e. thatched or flat roof, modern methods of construction
Office to residential conversions – not acceptable for SAV
Properties with an annex – not acceptable for SAV

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Posted: 15 April 2020

LV= Provide Doctor's Service Support to their Policy Holders

LV= have updated their Doctor's service function for their policy holders, to include Remote Physiotherapy and Remote Psychological Services as well as offering discounted health MOTs. These new services will also be available to clients who can already access LV= Doctors Services. Click here to find out more

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Posted: 15 April 2020

Stuart in conversation with: Jacqueline Berry of My Care Consultant

A conversation between two industry leads on ongoing changes and impacts on their relevant areas amid the Covid-19 pandemic.

View on YouTube

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Posted: 9 April 2020

Stuart in conversation with: David Burrowes of the Equity Release Council

A conversation between two industry leads on ongoing changes and impacts on their relevant areas amid the Covid-19 pandemic.

View on YouTube

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Care Box
Posted: 9 April 2020

Free live webinar: “Putting Care into Action with Care Box

Curious about Care Box? Join My Care Consultant for a free 20-minute webinar to see first-hand what all the fuss is about!

Content: 'Care Box' was launched just last year and has proven very popular with advisers. It delivers online, technical information and guidance to financial advisers and support staff on care-related topics and the ways to pay for care. It's been designed to help financial advisers offer joined-up care advice to clients and family members, saving you time, and giving you access to focused, up to date information and support whether you offer care advice in-house or out-source it to a specialist like My Care Consultant (MCC).

Part 1 - Founder, Jacqueline Berry will provide a summary of whats in Care Box, including how all advisers, whether you offer care advice in-house or not, can benefit from using it.

Part 2 - Technical Director, Tony Miles will take you on a short live demo to show what Care Box has to offer, how to use it, where to find everything, and how to get the maximum benefit from it.

4 live webinars - all are free and everyone is welcome:

Tuesday 28th April – 9.00am
Tuesday 28th April - 11.00am
Thursday 30th April - 1.00pm
Thursday 30th April - 4.00pm

REGISTER HERE FOR YOUR CHOICE OF DATE AND TIME:

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Posted: 8 April 2020

High Street to Home - Live Webinar

Join the Key Group team on a live insight into shifting work from high street to home working, exploring virtual meeting facilities and options available. Join the conversation live here using the following details: Meeting number: 145 345 271 Password: fcDPmMhJ227

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JUST
Posted: 8 April 2020

Changes to JUST rates

As of 8th April Just have changed the rates on their J2, J3 and J4 products.

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more2life
Posted: 7 April 2020

Changes to more2life Prime Choice products

As of 7th April more2life will be increasing the rate on the Prime Choice Lump Sum product. Prime Choice products will now offer semi-automated valuations with no retention applied (A full retention will be required when the time is right) Prime Plus products will become temporarily unavailable for new applications until further notices as this is not current moving to semi-automated valuations.

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Stuart Wilson
Posted: 7 April 2020

A Covid-19 Response Update from Air Group CEO: Stuart Wilson

We are now entering week 3 of restricted movement that is affecting us all in varying degrees, so I felt it may be a good time to update you on progress from Air Group and how we have focused our energies and resources for you as members.

Firstly, it is important to say our Primary focus is to provide answers for you in the fastest and most accurate format, a true challenge when so many things are constantly changing! The best and quickest way to contact the Air Team is now on airsourcing.co.uk and go to "chat" box.This gives you live access to the Air Team who can methodically deal with your questions quickly and efficiently. You can still call us on 01452 310777 but due to a massive increase on incoming calls there are peak time delays we may experience. If you try online chat we will always see your messages even if we can’t immediately respond. We have taken on additional staff and once completed training they will provide further support to our team to be able to help you with your enquiries. Additional resource has been put into our technology team who are now working on driving forward more online capabilities and information content for you.

We fully understand the day to day pressures, financial stresses and desire to get to the simple answers needed to be able to get your clients the monies they so urgently need, especially in the current circumstances.

We are all facing into this storm together, my team also face worries at home with loved ones and friends facing job loss, health concerns and other day to day issues, so please work with us, abuse cannot be tolerated in any circumstances, we must work as one. In the last week we have seen progress from Hodge, More2Life, Just & Legal & General, as well as the latest news from the Equity Release Council on the issue of legal process. BUT, all of the positive news is also coupled with confusion. Lending criteria and application processes have all changed, and many "what if" questions are flooding in. Our challenge now is to help ‘filter’ all this information into what you need.

We have now launched a new page (find it on airsourcing.co.uk/coronavirus ) to provide one location to find all the latest information that may affect your business and information you may find of use. We have also launched new filters to help you identify products and providers that ARE doing none face to face valuations , as well as updated criteria. Air Sourcing will be kept bang up to date on product rates as well. I'll wrap up this message by saying a MASSIVE thank you to you all, and to those behind the scenes who are trying their best to keep our sector moving forwards. We are a small but united sector, and together we can ensure we get you and your clients the information, answers and solutions you need.

Stuart Wilson

Stuart Wilson

CEO, Air Group

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Equity Release Council
Posted: 6 April 2020

Equity Release Council Announce Rule 8 Revisions

The Equity Release Council have today announced a revision to rule 8 of the "Rules and Guidance" to enable cases to complete without a face-to-face meeting with a solicitor, more details can be found here.

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more2life
Posted: 6 April 2020

PODCAST: Paul Glynn, more2life Sales Director: Supporting Advisers

Paul Glynn: Sales Director for more2life has created this podcast to discuss how he and his team are mobilising support for advisers throughout this difficult time. Watch it here now.

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JUST
Posted: 6 April 2020

Changes to JUST lending Criteria and LTVs

JUST appreciate that due to coronavirus many customers are reluctant to let surveyors carry out the usual physical property valuations and that many surveyors willl no longer conduct them. So JUST are continuing to help meet customers' needs; they have found an alternative approach: They will be valuing properties using a remote desktop valuation and to enable us to adopt this we need to make some changes to our lending criteria as outlined below.

  • Restricted their lending criteria for all new business and any existing applications in the pipeline which have yet to progress to valuation stage.
  • Restricted the maximum LTVs on the J3, J4 and J5 LTV series lending until a full valuation is available. Find more information on these changes here

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Legal & General
Posted: 3 April 2020

Legal & General's Webinar on the market's volatility

Legal & General have provided a webinar titled: "In conversation with Justin Onuekwusi"- detailing the market's volatility and how to navigate that as an adviser, access the webinar here.

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Posted: 3 April 2020

Stuart Wilson & Stuart Wilson Talk Covid-19 Responses in the Industry

Have a look at this informative video between Stuart Wilson (Air CEO) and Stuart Wilson (Corporate Marketing Director for more2life) on how Air Group and more2life are facing this unprecedented time

View on YouTube

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LV=
Posted: 3 April 2020

LV=

As of 3rd April LV will be increasing the rates on their Lump Sum+ Lifetime Mortgage products. For applications to be secured on the previous rates, they will need the application in by the 17th April.

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more2life
Posted: 2 April 2020

more2life have launched semiautomated valuations

more2life have today announced that they are able to carry out semi automated valuations on their products, the first volume lender to do so. You can find out more information here

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more2life
Posted: 2 April 2020

more2life

As of 2nd April, more2life will be making some changes to the Maximum Choice product range. Moving immediately to semi-automated valuations for Maximum Choice Lump Sum. Removing of the valuation paid Maximum Choice variants - All products will now be valuation fee free. A full physical valuation will still need to take place, as soon as the time is right, therefore 90% of the loan amount will be released following the semi-automated valuation and the remaining 10% will be retained. For drawdown plans (when available), the retention can apply to the cash facility.

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Posted: 31 March 2020

A Guide to Remote Working

We've created a handy 17 hints and tips for working from home successfully, your guide to making best use of your time and new environment in this unusual time. you can find the document in the 'Downloads' section of your Air Sourcing account.

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Posted: 30 March 2020

National Later Life Adviser Conference 2020 Postponed

Air Group has postponed its National Later Life Adviser Conference until 2021 due to public health concerns around the spread of COVID-19.

The conference was due to take place at the National Space Centre in Leicester on the 4 June but will now be held at the same venue on the 6 May 2021. The Air Awards have also been rescheduled for the same date next year.

Stuart Wilson, chief executive at Air Group, said: “Given the current situation and the public health advice and guidance that we all need to follow, it seems a common-sense response to postpone this year’s National Later Life Adviser Conference and our first Air Awards until May 2021.

“It’s clearly disappointing to have to do this but we must ensure the safety of all those who attend including our staff, delegates, speakers and sponsors, and therefore it is absolutely the right thing to do.

“We’ll be back next year with an excellent event and in the meantime we at Air Group are here to support all later life advisers and to provide them with everything they might need to keep working during this period.

“We urge everyone to stay safe and do everything they can to stop the spread of the virus. “Air Group staff are at the end of a phone or e-mail or live chat, and we are running business as usual albeit with staff working remotely.”

Click HERE to book tickets for the NLLAC 2021

Click HERE to book tickets for the Air Awards 2021

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Stuart Wilson
Posted: 25 March 2020

A message from our CEO about COVID-19

Hello,

In my last communication I set out to reassure you that, at Air Group, we are very much carrying on with 'business as usual', albeit under these exceptionally unusual circumstances. I know from talking to some of you over the past few days we are all still finding our feet in this new "socially distant" world. It's a challenge but also remarkable how quickly our industry is able to adapt.

And as I talk to more and more of our members, I know that as you adjust your own sales processes to meet the demands of social distancing and isolation, many of you are concerned about what happens next with regards to crucial aspects of the lifetime mortgage application process - namely valuations and conveyancing.

These processes of course rely on both the valuer and lawyer meeting a client face-to-face and/or entering their home - given the most recent control measures announced by the Government, that is now all but impossible especially for the conveyancing which (among other things) requires the mortgage deed signature to be witnessed.

Rest assured that, as ever, we at Air Group have the interests of our members at the top of our list and I am in daily contact with lenders to get updates on how the they and the connected parties to this process intend to navigate through this issue. There ARE innovative solutions being discussed and I expect to be able to give you some good news on this over the course of the next few days.

I will be in contact with you again soon to explain how we move forward on these points but in the meantime please do get in touch with me or a member of my team if you need any help or you have any further questions.

Kindest regards,

Stuart Wilson

Stuart Wilson

CEO, Air Group

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Posted: 24 March 2020

Later Life Lending Symposium

Event Expired

Due to concerns surrounding Covid-19 we have taken the decision to cancel the event at the Gherkin on the 26th March. This doesn't mean we've cancelled the Later Life Lending Symposium all together...

On the 26th March 2020, we will still run this fantastic event but in webinar format - so you won't miss out!

With our Symposium now available live and on demand after the event, you don't have to worry if you didn't register or book your agenda for the original event, because you can now enjoy the full symposium experience no matter where you are..

Click HERE to book tickets

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Stuart Wilson
Posted: 19 March 2020

A message from our CEO about COVID-19

Good afternoon,

Covid-19 is now affecting our Industry at all levels, but before outlining our contingency plans, I want to pause for thought for those families and individuals who may already be dealing with the very real issues of those who are already facing the health challenges and worries caused by this illness.

None of us know the length of time before we return to “normal”, or even what “normal” will be ….. so in the meantime we are planning through a series of measures within Air Group to ensure we are here to continue to support you and your business in the best ways possible.

We have now moved many of our team to working from home to ensure their safety and well being, postponed all field events and training and adapted to ensure we can deliver what you need.

For all contact initially the most effective way is to use our online chat , simply go to airsourcing.co.uk and log in to your account. At the bottom right of the screen you will see our chat team waiting to help you. You can also email us at [email protected]. Our phone lines will remain open at 01452 310777, but there will be a limited service due to our staff working from home. Out of hours you can still send a chat message and it will be dealt with in normal hours (Mon – Fri 9-5).

We are seeing various service issues developing with lenders due to their own staffing challenges and planning, so we will endeavour to keep you appraised as the situation evolves, keep an eye out on emails, social media and always at airsourcing.co.uk.

We also plan to run webinar workshops, as well as briefing updates on things that may affect your business in the Later Life sector.

So, for the time being, thank you all for your understanding and continued engagement during these challenging times, please do not hesitate in contacting my team if we can be of any help whatsoever.

Kindest regards,

Stuart Wilson

Stuart Wilson

CEO, Air Group

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Offer periods

Will lenders be extending offer periods if it is not possible for a client to meet a solicitor face-to-face and will valuations be extended beyond 6 months?

We will provide further clarity on this in due course but we are in ongoing discussions with lenders to try to agree a more flexible approach to offer and valuation periods during this crisis.

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Remedial building works

What happens if an offer is conditional on remedial building works but the client cannot get a builder to attend to the works during this period of lockdown?

We are in ongoing, positive dialogue with lenders about what they can do to provide more flexibility in the offer conditions to allow for situations like this for the benefit of you and your clients. We will be providing further guidance on this very shortly.

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Independent legal advice

What about independent legal advice…if a client can’t (or won’t) meet their solicitor face-to-face, what will happen to their application?

We have been talking to a range of specialist Independent Legal Advisory firms about this and Equilaw have provided the following, very helpful update in terms of their own approach:

  • The ER Council Rules require clients to be seen in person by a solicitor before their equity release plan can be completed.
  • As such, we have put strict social distancing and hygiene protocols in place for our mobile solicitors to minimise any risk of infection to our clients and to our solicitors.
  • Our offices are currently closed, in accordance with the Government mandate, so it is not possible for clients to visit us at the moment
  • For the time being, it is possible for our solicitors to travel for essential work, so they are able to conduct client appointments, enabling cases to carry on as usual (albeit with some changes, outlined below).
  • We are front-loading our advice process (by video call/telephone/email) so that client appointments are shortened as much as possible while the virus persists.
  • Our mobile solicitors are able to conduct appointments through windows/in gardens etc to ensure that they are contact-free. They will not shake hands, share pens, sit down, touch anything at clients' properties and they will sanitise their hands before and after appointments and wear masks and gloves. We will explain this to clients prior to the appointment so that they are not alarmed or surprised by this process. We have already received excellent feedback about the care and diligence shown by our agents during this difficult time.

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Signature on the mortgage deed

What about the signature on the mortgage deed which needs to be witnessed – can this be done electronically/remotely?

Currently, legislation requires a physical, wet signature with an independent witness. The industry is consulting with relevant stakeholders regarding temporary workarounds to this issue and we will update you in due course. The Equity Release Council is contemplating a temporary relaxation of the requirement for face-to-face legal advice and we are in regular dialogue with them regarding this. Indeed we expect a further announcement on this issue from the Equity Release Council shortly.

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Physical valuation

Is there an alternative to a physical valuation in the client’s home?

Is there an alternative to a physical valuation in the client’s home? Yes, there are alternative solutions that are being actively discussed and explored including desk-based valuations. You will appreciate that this requires considerable consultation with valuers as well as the funding partners of certain lenders but based on our discussions with lenders we believe we are moving closer to being able to provide a workaround that will see us through the COVID-19 crisis.

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on-site valuations

How long will valuations be cancelled for?

Physical on-site valuations have been cancelled across the industry since the Government’s announcement regarding new COVID-19 control measures were announced on Monday night. However, we have been working hard in consultation with lenders and the wider industry to explore alternatives that would allow the industry to continue valuing properties and issuing offers on new cases as well as existing cases currently paused in pre-offer pipelines of lenders.

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face-to-face legal advice

The ERC announced on Friday (27th) a relaxation of their standards in relation to face-to-face legal advice. Is there any more you can tell us about that?

We have been in constant dialogue with the Council since the onset of this crisis and we are delighted that they have announced this news. It is an indication of the many innovative ways the industry is pivoting to in order to keep momentum in the market and to allow clients to continue accessing the wealth locked in their homes. Independent legal advice remains one of the most important aspects of the equity release process and we continue to work with the industry to ensure the highest possible level of protection is maintained for customers going through an equity release application process during this difficult period. It is important to note however that the Mortgage Deed STILL requires a witness to the client signature and this currently cannot be done remotely. This is a LEGAL requirement and to change would require law change. We will keep you updated on this situation.

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Restricting LTV's

Are lenders restricting LTV's on products?

At this moment in time there have been few changes to LTVs on any lifetime mortgage products but we are in constant dialogue with lenders and we understand from talking to them that it may be necessary to make some downward adjustments on some products. It is also possible that there will be changes to some lending criteria and retentions put in place on certain products to reflect the temporary uncertainty caused by this crisis. If we are notified of any changes these will be reflected in Air Sourcing immediately and we will update you as soon as we possibly can and with as much notice as possible.

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Interest rates

Do you think lenders will be changing interest rates?

There have been some recent movements on rates on some product lines and it is quite possible there may be further changes in the coming weeks that are directly attributable to COVID-19. Again, any rate changes will be reflected in Air Sourcing immediately and we will keep you briefed on rate movements.

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more2life/Pure products funded by Rothesay

I’m an Air Club member that has access to the more2life/Pure products funded by Rothesay. Are they still accepting business? Pure’s BDM has told me they are suspending their Classic range.

We know from our conversations with both of these lenders that they are in ongoing dialogue with their funding partners to look at a remote valuation solution that will work across their existing pipelines as well as new business. Pure have announced that their Classic range is on hold and we are awaiting a further update from more2life who are looking at a range of solutions. We will keep you fully informed of any changes.

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