This week’s Personal Column features:
Old £1 coin spending deadline looms | Accountant’s certificate update | Help-to-buy customers with DMPs | Online tools to help balance your workload | We need to talk about death | Buy-to-let Opportunities | More flexibility for your individual personal pension clients | State Pension age set to rise early for millions | September Workshops: coming to a location near you | Can you cope with the cost of kids this summer? |
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Old £1 coin spending deadline looms
Consumers have less than three months to spend, bank or donate round £1 coins, as the new 12-sided version outnumbers the old for the first time.
From 15 October, shops can refuse the old version of the coin. However, most banks and Post Office counters will continue to accept them from customers. They can be exchanged at any time in the future at the Bank of England in London.
“The clock is ticking. We are urging the public to spend, bank or donate their old pound coins and asking businesses who are yet to do so, to update their systems before the old coin ceases to be legal tender,” said Andrew Jones, the Exchequer Secretary to the Treasury.
The Royal Mint is striking 1.5 billion new 12-sided £1 coins, which were introduced to help crack down on counterfeiting.
The Mint has claimed the new £1 is the “most secure coin in the world”, replacing the previous £1 coin, of which about one in 40 are thought to be fake.
The new coin has a string of anti-counterfeiting details, including material inside the coin itself which can be detected when electronically scanned by coin-counting or payment machines.
Other security measures include an image that works like a hologram, and micro-sized lettering inside both rims.
Source: BBC News (published 26 July)
The article is now available to share with your clients! Here’s the link for you to share on social media: Old £1 coin spending deadline looms.
Accountant’s certificate update
- Version date at the top
- Sections C and D updated where percentage for the business / shareholder required
For pipeline applications, we’ll accept the previous accountant’s certificate (MORT0977 March 17).
If you have any questions, please call your dedicated contact.
Source: Santander e-newsletter (received 19 July)
Help-to-buy customers with DMPs
Precise Mortgages can now accept help-to-buy customers with active / recently satisfied DMPs.
What’s more, they’ve reduced rates and have a priority processing team who are committed to assessing cases within 48 hours and offering within 21 days.
- Rates from 3.74% up to 75% LTV
- Refund of valuation fee (maximum #630)
- Tracker 2, 3 and 5 year fixed rate products
- CCJs and defaults considered
- Up to 5% builder incentives accepted
Click here to see the help-to-buy product guide. Alternatively, to find out more contact Precise Mortgages’ priority processing team on 0330 024 0349.
Source: Precise e-newsletter (received 24 July)
Online tools to help balance your workload
We know that sometimes you work outside of ‘normal’ office hours and that it’s important that you get decisions quickly. That’s why we’ve added a pre-sales underwriting tool to our online toolkit.
At any time of the day or night you can get an indicative decision for your clients, access our range of online calculators, check our medical and financial underwriting limits, and search our medical definitions database. These tools are designed to help you work with a little more flexibility.
However, one size doesn’t fit all and sometimes the personal touch is needed. That’s why you can still contact us directly if you want to speak to someone here. We’re here to make your life easier.
Take a look at how we build long-term relationships.
Source: Royal London e-newsletter (received 24 July)
We need to talk about death
One way in which we add value to our life insurance products is through our partnership with Winston’s Wish, the leading provider of child bereavement services in the UK.
See how Winston’s Wish proved to be instrumental to Minal Spencer’s husband, James Spencer, and their two young children when faced with death. Read more.
To find out more about how Winston’s Wish could help your clients, please visit our more than financial support page.
If you have any questions at all, just give us a call
on 0345 600 6829.
Source: AIG e-newsletter (received 17 July)
General Insurance News
The withdrawal of Let Alliance from the intermediary market brings a fantastic opportunity. You can re-broke any buy-to-let cases at renewal that are currently sat with them.
Following the introduction of our client-facing template renewal e-mails, through Virtual PA, this couldn’t be easier. Let Virtual PA do the initial work for you.
The e-mails are automatically generated and encourage your clients to get in touch, so you can do the shopping around for them. This saves you and your clients’ time, while supporting in client retention and ensuring your clients’ have the correct cover in place for their needs.
Providers available through our fully integrated buy-to-let quote engine in Toolbox are:
- Legal & General
For further guidance on Virtual PA, view a full demonstration or download the user guide below.
Source: Personal Touch Update
More flexibility for your individual personal pension clients
Single income withdrawals option launched on individual personal pensions at Aviva.
As a result of our continued investment in our existing products, we’ve further enhanced our UK individual personal pensions, to give customers the flexibility they need to take money from their pensions as single income withdrawals. Read the full article on Aviva for Advisers.
Source: Aviva e-newsletter (received 20 July)
State Pension age set to rise early for millions
A large chunk of the population is set to work for longer than expected as the government has announced that the State Pension age will go up to 68 earlier than expected.
This final increase was meant to begin in 2044, but will now start seven years earlier in 2037. This affects anyone born between 6 April 1970 and 5 April 1979 as they will have to work one more year before they can claim the benefit.
And for anyone younger the state pension age could rise again, with reports earlier this year recommending workers under 30 may have to work until they are 70.
and encouraging more people to save for retirement.”
Source: Money Advice Service Blog (published 20 July)
The article is now available to share with your clients! Here’s the link for you to share on social media: State Pension age set to rise early for millions:
September Workshops: coming to a location near you
11 locations | 15 providers and lenders | 1 easy way to register
This September, we’re back out on the road to talk to you about all things buy-to-let related.
What’s more, we’ve listened to your feedback and added some fantastic new locations!
Join us to find out more about the:
+ Recent changes and how they’re being dealt with by lenders
+ Impact on you and your clients
+ Protection opportunities in the buy-to-let market
+ General insurance opportunities in the buy-to-let market
Dates and Locations
Venues will be announced soon – look out for updates in your inbox.
Providers and Lenders
A mixture of the following providers and lenders will be attending each event:
We look forward to seeing you there!
Source: Personal Touch Update (17 July)
Can you cope with the cost of kids this summer?
When the schools break up over the next few weeks, parents across the country know it means things are going to get expensive.
Last year the average family expected to spend £640 on activities and treats over the holidays. It could easily be higher in 2017 with inflation pushing up many prices in the last year. For many, it might be too much.
Days out are likely to be the biggest expense, while treats and gifts quickly add up. Camps and clubs won’t be cheap, nor will be paying for extra childcare.
And this doesn’t include the costs of a family holiday – usually more expensive during July and August than other times of the year.
Source: Money Advice Service Blog (published 18 July)