Dear Intermediary

As part of our objectives to simplify our range and to ensure the current product proposition and scorecard allow us to attract customers, whilst managing market risk, we will be launching a revised product range (0409) effective on Friday 23rd of January 2009.

In addition we will be making changes to our:

• Valuation instruction permissions
• Valuations documentation
• Product selector

Product Changes

A summary of the changes is as follows:

• All Self-Employed applicants must proceed on a Full Status basis.  No changes have been made to the following forms of verification:
  1. Last year’s finalised accounts
  2. Accountant’s Certificate of Income
  3. Last year’s HM Revenue & Customs Self Assessment Tax Calculation (SA302)
  4. Copies of our Accountants Certification of Income template and accompanying letter are available from Knowledge Base on FNOL
• The maximum LTVs for both Employed and Self-Employed applicants is up to 80%
• Self-Certified for Self-Employed, Light2Medium and Medium have been removed from the range
• The maximum loan size is now £250,000

Click here for our latest Product Guide.

Our Mortgage Application Form has also been amended to reflect these changes.

Please note: all applications will need to be submitted on a First National application form. To receive new stocks complete the attached form and email it to UKHLBrokerOrders@ge.com or alternatively fax your order to 020 8909 7563. It will also be available to download from Knowledge Base on FNOL from Friday 23rd January 2009.

Valuations Policy Update

As part of this refresh we have updated our Valuations Policy, click here for a summary of the changes.  For full details of this policy and changes to our criteria, please refer to our amended Underwriting and Packaging Guide.

We recommend referring to the Underwriting and Packaging Guide for all applications that you process.

Pipeline Arrangements

The following rules will apply to managing pipeline business:

New Applications

We must receive fully packaged applications for the 0209 range in our offices by close of business on Friday 30^th January 2009. To speed up processing of your packs you must ensure your packs meet the minimum submission standards. Packs not meeting minimum standards will be returned to you.  This also will apply to any existing unworked packs.

Minimum pack requirements are:

• Fully signed and completed Mortgage Application form with satisfactory Know Your Customer (KYC)
• Copy of IDOL submission form
• Proof of last 12/24 months mortgage payment (if not shown on IDOL)
• Proof of last 24 months rental payments (where applicable)
• Proof of Residency for last 12 months (if not on Voters Roll)
• Proof of income (if required)
• Valuations report (plus 4 photos)

If applications are submitted to an onsite underwriter please be aware of their availability on Friday 30^th January 2009 ensuring that full packs are submitted either before or by this deadline.

Please note:  ALL applications will need to be submitted through IDOL.

Pre-Offer

All packs that have been submitted on the 0209 range will need to be offered by close of business on Friday 13^th February 2009.  If packs on the 0209 range are not offered by this date they will be subject to criteria, rates and fees prevailing at the time, and will need to be reassessed via IDOL if you want them to proceed.

Post-Offer

All packs submitted on the 0209 range or previous will be honoured on present terms, however, if the offer period expires and customers still wish to proceed with the loan, the reoffer will be subject to criteria, rates and fees prevailing at the time.

There will be no exception to these rules

Valuations instruction permissions

Following a comprehensive review of our Valuations process we have taken the decision to only allow accredited packagers and brokers to instruct valuations. 

All valuations must continue to be instructed from the approved GE Money Panel.  Please note that this panel has recently been reduced to reflect the current levels of demand. Click here for the latest GE Money Panel listing.

Valuations Form

We have also reviewed our Valuations Documentation and now only have one GE Money Valuations Form.

Questions have been added to this document to reflect the additional information that we consider to add value in the current climate.  Please click here to show all the changes made to this form.

Product Selector Removal

Following the introduction of IDOL, as a tool to select the most appropriate product for your customer and score applications, with effect from Friday 23^rd January 2009, Product Selector is being removed from FNOL.

If you have any questions please do not hesitate to contact your Account Manager or our Sales Liaison Team on 0845 610 6574.

Kind regards

-

Mark Snape

Sales Director Packager Channel

PLEASE NOTE THAT THE ATTACHED IS FOR INTERMEDIARY USE ONLY AND SHOULD NOT BE DISPLAYED WHERE CUSTOMERS MAY VIEW IT NOR SHOULD IT BE SHOWN TO CUSTOMERS.

For intermediary use only.
This promotion is intended to provide information on First National products for mortgage professionals only and is not intended as a promotion to prospective First National customers. Prospective customers interested in First National products should first seek professional mortgage advice from an authorised intermediary before applying for a First National mortgage.

First National is a trading style of GE Money Home Lending Limited. Registered office Building 4, Hatters Lane, Croxley Green Business Park, Watford, Hertfordshire, WD18 8YF. Registered in England no 3770763. GE Money Home Lending Limited is authorised and regulated by the Financial Services Authority.

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