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CPD: Protection

The latest edition of Newsbrief counts as 1 hour of structured CPD and covers the regulatory and marketplace changes which took place during March 2014. Visit the Money Marketing CPD Centre to answer 10 multiple choice questions and complete this CPD activity. Just click into your CPD Plan and you’ll find each month’s marketplace changes round-up in your activity list.

April CPD Newsbrief – Protection

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MMR affordability checks branded “illogical”

Devraj Ray

Advisers have reacted angrily to moves by lenders to include protection premiums in affordability checks under the mortgage market review (MMR), describing them as “illogical”.

Santander, Nationwide, Virgin Money and Newcastle Building Society all plan to include life cover premiums, pension contributions and student loan repayments when assessing a borrower’s affordability. It is likely that other lenders will follow their lead when the MMR is introduced next month.

Research carried out by Largemortgageloans.com looked at the effect life cover, pension contributions and student loan repayments can have on the amount consumers can borrow.
The company based its research on two borrowers each employed on £50,000 salaries, with no children, no debt except for a student loan, average household expenditure, with a good credit score and who are taking a 25-year repayment mortgage.

It found someone without life cover, a pension and a student loan would be eligible for a £500,000 loan from Santander but someone who had a life policy, pension and student loan would get only £444,918.

http://www.moneymarketing.co.uk/news-and-analysis/protection/advisers-slam-lenders-mmr-affordability-checks-on-protection-premiums/2007868.article

April Newsbrief

The latest edition of Newsbrief counts as 1 hour of structured CPD and covers the regulatory and marketplace changes which took place during March 2014. Visit the Money Marketing CPD Centre to answer 10 multiple choice questions and complete this CPD activity.

Just click into your CPD Plan and you’ll find each month’s marketplace changes round-up in your activity list.

Not yet registered? Join for free today at www.ifacpd.com and access over 35 hours of independent, accredited CPD learning content. 

Learning objectives (full list of ApEx standards covered below)

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