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The later life lender

04.20

Changes to Prime Choice

Semi-automated valuations (aka remote/desktop) will be acceptable for Prime Choice, but not for Prime Plus. To manage the extra risks from semi-automated valuations the following changes are required:

Rate change

to be available 00.01 on 7th April 2020:
 
PRIME RATES
  Prime Choice
Lump Sum
Prime Plus
Lump Sum
Prime Plus
Lump Sum
3% cashback
Prime Plus
Lump Sum
‚Äč5% cashback
MER 5.37% Unavailable Unavailable Unavailable
AER 5.50% Unavailable Unavailable Unavailable
APR 5.57% Unavailable Unavailable Unavailable
 

Product changes
Prime Plus, along with its cashback variants, will be temporarily unavailable.

Lending criteria changes
No change to lending criteria

Valuation
A semi-automated valuation will allow Prime Choice cases to move to offer and then completion.
Semi-automated valuations are not available on the following properties so will not be able to progress:
• New build properties
• Properties in Northern Ireland 
• Listed buildings
• Properties built before 1850
• Properties within 0.5 miles of the planned HS2 route
• Properties over £750,000 outside of the M25
• Properties over £1 million within the M25
There will not be a retention but a full physical valuation is still required on all properties when practical to do so.

Retention
There is no retention.
  
Commission
Commission will be disclosed and paid in full.
Club fees will be paid in full.

Pipeline Rules for Prime Choice
1. App already in, paused at val stage, KFI pre-07/04:
Will proceed now with semi-automated val (SAV)
Will get pre-07/04 rates 

2. App received by/before midnight on 14th April with KFI done pre-07/04:
Will proceed now with SAV
Will get pre-07/04 rates

3. App received from 00:00:01 15th April
Will proceed with SAV
Will be on the new rates

Pipeline Rules for Prime Plus
1. App already in, paused at val stage, KFI pre-07/04:
Will remain on pre-07/04 rates but cannot proceed until physical valuation. The application will expire after the normal 6 month period if a physical valuation cannot be completed in this time.

2. App received by/before midnight on 14th April with KFI done pre-07/04:
Will remain on pre-07/04 rates but cannot proceed until physical valuation. The application will expire after the normal 6 month period if a physical valuation cannot be completed in this time.

3. KFIs will not be available from 00:00:01 7th April.

4. No Applications will be accepted from 00:00:01 15th April.

 

This website is intended for intermediaries only and has not been approved for customer use. more2life Limited. Registered in England No 5390268. Registered Office: Baines House, 4 Midgery Court, Fulwood, Preston PR2 9ZH. more2life is authorised and regulated by the Financial Conduct Authority.