Anything like the Halifax Retirement Home plan?

Comyface

yelf wrote: »

Also, non exisiting Halifax customers can take out a FTB or HMV product on a Retirement Home Plan basis

No, they can't.

I'm not looking for an argument, you understand. But I don't want loads of people coming into our branch to ask for something we don't do! That would be a waste of everyone's time.

yelf

page 3 of this:
http://www.halifax-intermediaries.co.uk/pdf/mortgage_guide.pdf

Broker - HMV & FTB
1st August 2009
Product fees can be added on completion
These products are also available to Retirement Home Plan customers

My IFA showed me an email from his Halifax regional BDM stating that any of the products on this page are available on a RHP basis???

opinions4u

yelf wrote: »

To confirm (and this is 100% accurate as of today) you can still get the Home retirement Plan uoto 95% LTV

I think page 19 of this linky may help.

"Retirement Home Plan (RHP) Mortgages

A Retirement Home Plan mortgage is a Lifetime mortgage scheme conducted on an interest only basis. No deduction is made in the affordability calculations for the cost of an investment. RHP mortgage is only normally available to applicants over the age of 65. There is discretion for applicants under 65, in circumstances where they are retired with no earned income. Funds can be used for any purposes. Maximum LTV – 75%.

Retirement Home Plan has been classed as a lifetime mortgage scheme by the FSA so is subject to the specific sections of MCOB. "

Pretty clear that you can't exceed 75%.

This is from a document for intermediaries only. From their retail web site there is no mention of the scheme, so I wouldn't wander in to a branch looking for it!

Comyface

Ah, okay.
This lets me know that brokers can still offer RHP to new customers (as I said in post #7, I wasn't sure about that).

I'm certain the maximum LTV is still 75%, though, for any new borrowings. I'm no longer allowed to advise on RHP, but additional lending (including for a new property) is allowed through branches on a non-advised basis if you already have an RHP mortgage.

Edit: Opinions, you beat me to it!

yelf

excellent - we seem to have got some where - although page 10 oif the product guide does state 95% LTV for RHP for existing customers??

Cheers for the reponses

lise61

yelf wrote: »

excellent - we seem to have got some where - although page 10 oif the product guide does state 95% LTV for RHP for existing customers??

Cheers for the reponses

the 95% is available for further lending on rhp mortgages. the mortgages are no longer available to new customers although existing rhp customers can apply for a new mortgage on the plan through a specialised department within the callcentre. independent brokers can still apply for rhp mortgages for new customers but the branch and callcentre network have not been able to do so for the past couple of years. used to work for hbos mortgages until they closed our department

opinions4u

lise61 wrote: »

the 95% is available for further lending on rhp mortgages.

Absolutely not. RHP has never allowed lending over 75%.

No borrower will get a 95% "further lending" amount either. The top amount for additional borrowing currently appears to be 80% and they wouldn't stretch to that for RHP.

yelf wrote: »

excellent - we seem to have got some where - although page 10 oif the product guide does state 95% LTV for RHP for existing customers??

It said that RHP customers could have the rate. But to be an RHP customer you can't exceed 75% LTV.