Frequently Asked Questions

The Just For You Lifetime Mortgage has been created to enable your clients to live better lives in retirement. Below are some FAQs relating to the proposition.

How do I access medical underwriting?

Medical underwriting is an option within the normal key facts illustration (KFI) and application process of the Just For You Lifetime Mortgage which must be chosen at the outset. You can request an instant KFI with simple and immediate underwriting on the Just Adviser portal if you have a Just agency and are registered to the portal. Our KFIs are also available through the major sourcing systems – Iress, Air and Advise Wise.

Will my clients always get better terms with medical underwriting?

We estimate around six in 10* of your clients could qualify for a better outcome with medical underwriting, such as lower interest rates or an increased LTV compared to standard terms - sometimes both. The only way to know for sure is to ask the questions.

*Just Group analysis from proprietary database of circa 2 million person years.

Is the application process different to a standard one?

There are some new, simple to answer questions about your clients medical conditions and lifestyle factors. We may choose to request a General Practitioners report to confirm the medical information provided. And for some conditions we are able to accept repeat prescriptions or other customer provided evidence. Please contact your account manager for further information.

Why does life expectancy matter for lifetime mortgages and what difference does it make to a client?

The maximum available lifetime mortgage amount is usually determined by a person's age and the value of their home. The actual loan amount is determined by the underlying needs of the client. 

If your client has a health condition and/or lifestyle that could impact their health, their life expectancy is less than the average for their age. That means they may be able to borrow more, or get a lower interest rate than our standard rate.

We’ve added medical underwriting across our lifetime mortgage range, so you can provide better deals to more clients.

Will my clients be disadvantaged if I don’t ask them for their basic health information?

They could be because you may fail to give them our best deal.

Every lifetime mortgage client is different. Medical underwriting enables you to offer them a lifetime mortgage solution that’s personalised to them, their health and circumstances.

And it can help you respond to the FCA's challenge to demonstrate improved personalisation. The best way to offer truly personalised advice is by taking your client’s health and lifestyle into account.

Does medical underwriting impact a client’s ability to select other lifetime mortgage options?

No, it doesn’t. Your clients can choose flexible options like servicing interest, cashback and drawdown to tailor solutions that are specific to their needs and circumstances.

Doesn’t medical underwriting involve answering lots of questions, and doesn’t each lender use different questions? 

We’ve developed a set of questions that are easy to answer and require no medical experience. None of which are mandatory, but the more you answer, the more personalised the solutions and the more accurate the calculated medical age will be. To view our medical questions, check section 16 in our lifetime mortgage application form. 

Requesting medical information from my clients will mean a change and addition to my process? How will this benefit me/my client?

Our underwriting questions are aligned to the other questions in your fact find. We’ve made them as easy to answer as possible and you don’t need to be a medical specialist to answer them.

By providing your client’s health and lifestyle information, they could qualify for enhanced/better terms and it can help you respond to the FCA's challenge to demonstrate improved personalisation of advice.

Why have you developed an interest serviced option? Isn't this a tiny area of the market?

We've developed this option to offer flexibility for your clients in a growing market. It could appeal to those who have an interest only residential mortgage with no means of paying it off.

It could also benefit clients that have a surplus income. Servicing interest can help them control the overall cost of borrowing, reduce the impact of compound interest and could provide more lending options in the future.

What is the impact of interest servicing on interest rate?

If the interest servicing option is chosen, there may be a reduction to the roll-up interest rate as documented in the client's offer letter. Clients choosing to pay 25.01% or more of the monthly interest amount can benefit from a reduction ranging between 0.2% to 1.0% to the roll-up interest rate depending on the Just For You Lifetime Mortgage chosen.

Can my clients start servicing interest on an existing lifetime mortgage?

Clients with an existing lifetime mortgage can't simply switch to servicing the interest as this is a new product feature with different Terms & Conditions. If they wish to take advantage of the monthly payment option, and this is recommended following financial advice sought in the first instance, they'll need to redeem and re-apply.

Can someone else contribute towards my client’s mortgage each month?

Although family or friends could contribute to payments, we can only accept the monthly payments by Direct Debit from the client's own personal bank account.

Will interest rates differ depending on the amount of repayments made every month?

Yes. Clients choosing to pay 25.01% or more of the monthly interest amount can benefit from a reduction ranging between 0.2% to 1.0% to the roll-up interest rate depending on the Just For You Lifetime Mortgage chosen.

What is an Energy Performance Certificate (EPC)?

An EPC is an energy efficiency rating scheme that gives a property a rating from A (most energy efficient) to G (least efficient) and is valid for 10 years.

It provides details about a property's energy consumption, costs, and suggestions for energy-saving improvements.

How do I get an EPC rating for my lifetime mortgage client?

If your client’s property doesn't have a valid EPC, or has a current EPC rating of D or lower and they'd like a more recent one, they can request it for free as part of their application.

What happens with the results?

We’ll apply the discount automatically at offer stage if the property achieves an EPC rating of C or above.

Following completion of your client’s EPC, the report will be available on the public register (England, Wales & Northern Ireland) or (Scotland).

What are the costs?

We’re offering a free EPC to new lifetime mortgage clients without a valid certificate or to those who have a valid certificate with a rating of D or below. Please note that the free EPC offer is not available for new clients looking to buy a property, existing clients moving homes, or those seeking to release more equity.

What if my client already has an EPC?

We’ll apply the discount automatically and adjust the rate at offer stage if your client already has a property with a valid EPC rating of C or above (They will not be eligible for a free EPC as the property already qualifies for the discounted rate).

Clients who have a property with a valid EPC rating of D or below are eligible for a free EPC.

How can I check if Just have applied a discounted rate for my client?

It will be reflected in the offer document.

Am I able to see a revised Key Facts Illustration (KFI) that shows the applied discount?

We’re not able to generate a KFI before submission that includes a discount. The discount is applied at offer stage.

Is my client obliged to carry out the recommendations of the report?

Absolutely not. The EPC will include a range of options that your client may wish to consider to help make their home more energy efficient and reduce their monthly energy bills, but they don’t need to do anything. We want our clients to better understand their homes and their options, no strings attached.

Is my client's property eligible for equity release? 

We have clear eligibility criteria based on property type, location, value, condition and much more. Read more in this handy lending criteria guide. If you’re unsure about anything, contact your usual account manager.

Will I be paid on any subsequent drawdowns clients make if they don’t access their full facility at the outset?

Yes, providing it meets your current terms. There are no plans as part of our product refresh to change the drawdown process.

Can I submit applications to you electronically?

Yes you can, we have launched a portal where you can produce online KFIs, submit an application electronically and track the progress of your case.