Network Remote

WHATS NEW FOR 2013

We wanted to start 2013 with bang and so have launched our brand new website, please have a look round and see the services we have to offer. The website has been created and will be managed by FTC Design and there is a link under the useful links page. FTC design specialise in websites for the Financial Services Industry and so if you are looking to upgrade its well worth a look. We are also able to link you to other product providers so you are able to offer even more benefits to your clients.

Also new for 2013 is our fantastic Client Management System. This will enable you to upload/download documents, add messages, notes and task and track your applications. This can be set up for sole Advisor’s or Companies where there are several Advisor’s. This is provided by Homebuyer Systems and again you can find a link on our useful links page. This system is designed for Financial Advisor’s and has several different aspects including a research facility and help with compliance. It has been operating for several years and so has a proven track record and many satisfied clients. As it is aimed at the Financial Services it is a secure system and also very user friendly.

So if your looking to up your game in 2013 we are here ready to help you take your business to the next level.

The Financial Services Authority have published new rules for homebuyers which will be fully in force by April 2014. This means banks and building societies will have to run tougher checks on clients and be stricter on how they lend in order to stop buyers taking on debts they cannot afford and to ensure they can cover mortgage repayments. A new affordibility test will be introduced so a new applicant will be expected to provide proof of income and comprehensive spending details to ensure all borrowing passes the new test. All lending will also be put through a stress test to ensure the mortgage repayments will still be affordable if intrest rates rise in the future. Anyone arranging a loan will have to be provided with full financial advice so applicants are fully aware of the costs and risks taking on a mortgage. Others changes include: Interest only mortgages will only be offered if the borrower can prove they have a 'credible stratergy' in place to repay the loan, Mortgages running into retirement will also be checked to ensure the client can afford the repayments once they are recieveing pension payments. Finally existing clients who cannot remortgage or move home as they do not qualify under the new rules will be able to switch as long as they are not borrowing any more money.
Many mortgage lenders have adopted the new rules already because although tougher checks are in place better rates on the loans can be offered.