Template Enhancements including New Buy to Let Mortgage Options

We have completed the latest upgrade to ATEB Suitability on 13th March 2022. This update comes at no additional cost and provides a number of Mortgage Advice template related enhancements and updates to the Retirement Advice functionality.

Full details of the enhancements can be found in the tables below, but some of the highlights are:

New ‘Buy to Let’ product options

The existing ‘Buy to Let’ product option has now been replaced with two new product options – ‘Buy to Let – new purchase’ and ‘Buy to Let – remortgage’.

New ‘Agreed Objectives and Priorities’ for ‘Buy to Let’ and ‘Lifetime Mortgage’ recommendations

3 new sets of objectives for advice pertaining to ‘Buy to Let’ and ‘Lifetime Mortgage’ recommendations have been added, including a supporting suite of ‘More specifically…’ text.

New ‘Purchase Price (£)’ and ‘Property Value (£)’ fields

For ‘New Purchase’ mortgage recommendations, a new value field of ‘Purchase Price (£)’ has been added. For ‘Rate Switch’, ‘Remortgage’, ‘Second Charge’, ‘Buy to Let – remortgage’ and ‘Lifetime Mortgage’ recommendations, a new value field of ‘Property Value (£)’ has been added.

New ‘Source of Deposit’ table for ‘New Purchase’ recommendations

For ‘New Purchase’ mortgage recommendations it is now possible to capture the source(s) of deposit in table format.

New ‘Disposable Income’ table for ‘Buy to Let’ recommendations

For ‘Buy to Let’ mortgage recommendations it is now possible to capture a client’s net disposable income using our fully automated calculation table.

New ‘Repayment Strategy ‘ section for ‘Buy to Let’ recommendations

For ‘Buy to Let’ interest only mortgage recommendations a new ‘Repayment Strategy’ section has been added with optional ATEB standardised wording.

New ‘Flexible payments interest only’ option added for ‘Lifetime Mortgage’ recommendations

For ‘Lifetime Mortgage’ products that provide the facility to make monthly interest payments in order to keep the future balance of the loan level, a new ‘Flexible payments interest only’ option has been added.

Upgraded ‘Budget & Affordability’ section for ‘Lifetime Mortgage’ and ‘Home Reversion’ recommendations

The ‘Budget & Affordability’ section has been reformatted to provide a new range of ATEB standardised wording.

‘Mortgage Plans’ page reordered

A number of the sections and corresponding fields within the ‘Mortgage Plans’ page of the wizard have been reordered to accommodate the changes outlined above. Some of the table rows within the ‘Mortgage Details’ table of the generated word report have also been reordered to ensure clarity and coherence.

Template Change Details

Suitability Report: Mortgage Advice

Change at a glance Location Detail
New Buy to Let’ product options. Getting Started page Mortgage Advice Mortgage Plans page Product drop down Following customer feedback, the existing ‘Buy to Let’ product option has been replaced with two new product options – ‘Buy to Let – new purchase’ and ‘Buy to Let – remortgage’.
New ‘Agreed Objectives and Priorities’. Introduction to Advice page Agreed Objectives and Priorities x 2 new ‘BTL’ and x 1 new ‘Lifetime Mortgage’ objectives added including a complimentary suite of standardised text options.
New value fields added to the ‘Mortgage Plans’ page. Getting Started page Mortgage Advice Mortgage Plans page Mortgage Details New ‘Purchase Price (£)’ and ‘Property Value (£)’ fields added to the ‘Mortgage Details’ section of the ‘Mortgage Plans’ page.
New ‘Source of Deposit’ table added. Getting Started page Mortgage Advice Mortgage Plans page Select Product: ‘New Purchase’ or ‘Buy to Let – new purchase’ Source of Deposit For ‘New Purchase’ mortgages recommendations it is now possible to capture the source(s) of deposit in table format.
New ‘Disposable Income’ section. Getting Started page Mortgage Advice Mortgage Plans page Select Product: ‘Buy to Let – new purchase’ or ‘Buy to Let – remortgage’ Do you wish to include a Disposable Income section in table format? Yes For ‘Buy to Let’ mortgage recommendations it is now possible to calculate the net disposable rental income available to a client using our fully automated calculation table.
New ‘Repayment Strategy’ section. Getting Started page Mortgage Advice Mortgage Plans page Select Product: ‘Buy to Let – new purchase’ or ‘Buy to Let – remortgage’ Mortgage Details: ‘Interest only’ or ‘Part repayment and part interest only’ Repayment Strategy For ‘Buy to Let’ interest only mortgage recommendations it is now possible outline a proposed repayment strategy using ATEB standardised wording or personalised free text.
New ‘Flexible payments interest only’ option. Getting Started page Mortgage Advice Mortgage Plans page Select Product: ‘Lifetime Mortgage’ Mortgage Details: ‘Flexible payments interest only’ For ‘Lifetime Mortgage’ recommendations it is now possible to outline the optional interest payment a client can choose to pay monthly in order to keep the future balance of their loan level and maintain the current level of capital in their home.
Reworked ‘Budget & Affordability’ section. Getting Started page Mortgage Advice Mortgage Plans page Select Product: ‘Lifetime Mortgage’ or ‘Home Reversion’ Budget and Affordability The ‘Budget & Affordability’ section  has been reworked for recommendations pertaining to ‘Lifetime Mortgage’ and ‘Home Reversion’ schemes.
‘Attitude to Risk’ section now optional. Getting Started page Mortgage Advice Mortgage Plans page Do you wish to include an Attitude to Risk section? Yes/No The ‘Attitude to Risk’ section of the ‘Mortgage Plans’ page is now optional via a new ‘Yes/No’ wizard question.
The ‘Initial Interest Rate (%)’ and ‘Interest Rate (%)’ fields in both the application and the report when product type equals ‘Lifetime Mortgage’ have been reworded. Getting Started page Mortgage Advice Mortgage Plans page Select Product: ‘Lifetime Mortgage’ Interest Rate Type When recommending a ‘Lifetime Mortgage’ the ‘Initial Interest Rate (%)’ and ‘Initial Monthly Payment (£)’ fields have been reworded to ‘Interest Rate (%)’ and ‘Monthly Payment (£)’.
Sections and value fields within the ‘Mortgage Plans’ page have been reordered. N/A To accommodate the changes outlined above and to ensure uniformity and coherence in the structure of mortgage reports, we have reordered a number of the sections and value fields within the ‘Mortgage Plans’ page of the application and their corresponding table rows within the generated report.

Suitability Report: Retirement Advice

Change at a glance Location Detail
Upgraded ‘Personal Pension Switch Comparison’ table. Getting Started page Retirement Advice Retirement Plans page New or Existing: ‘Existing DC Plan’ Action Applicable: ‘Pension Switch’ Personal Pension Switch Comparison For pension switch recommendations it is now possible to also capture cash values when undertaking a cost comparison on an OCF or TER basis.
New Defined Benefit Scheme ‘permissions’ warning. Getting Started page Retirement Advice Retirement Plans page New or Existing: ‘Existing DB Scheme’ An onscreen warning has been added to the ‘Retirement Plans’ page to remind firms of the need to have relevant permission to provide advice on Defined Benefits Schemes before including this section in their report.

Please don’t forget we have a collection of ‘how to’ guides, articles and hints/tips via our FAQs which are available on our Help & Support Portal.

Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have support@atebsuitability.co.uk / 0191 338 8177.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

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About the Author

Doug has over 14 years experience in the financial services industry and works as a Product Consultant for ATEB Suitability. He provides training and support for our users and also looks after the content of our suitability report templates. He loves to catch up with customers and is always available for a friendly chat.

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