The Coronavirus pandemic continues to affect us all on a daily basis as we gradually ease out of lockdown. The wide-ranging implications for the financial services industry and all of the companies within it are prevalent, and the impact of these has changed the way in which many of us are able to work and carry out our ‘usual’ activities. At Paradigm, we have been working hard since the beginning of lockdown to support you through this complex and challenging time in a variety of ways, and will continue to do so. On this page, you’ll find lots of useful information that we believe may be of interest to you, including our own criteria matrices for Mortgages and Protection that collate all the key Lender and Provider updates in one place.
We have been working closely with our Lender partners to create comprehensive COVID-19 Matrices which detail for you how Lenders will be dealing with both Intermediaries and also with your Customers in relation to COVID-19, including their approaches to the afforability of self-employed clients, furloughed workers and the maximum LTVs for BTL and Residential products. We will continue to add to these documents in the coming weeks.
Lender Maximum LTV Sheet - Residential & BTL - please click here to download the latest version. (Updated: 21.09.20)
COVID-19: Furloughed Workers Criteria Sheet - please click here to download the latest version. (Updated: 21.09.20)
Assessing Self-Employed Applicants - Mainstream Lender Criteria Sheet - please click here to download the latest version (Updated: 01.09.20)
Assessing Self-Employed Applicants - Building Societies & Specialist Lender Criteria Sheet - please click here to download the latest version (Updated: 11.09.20)
Product Transfer Sheet: COVID-19 & General Lender Information - please click here to download the latest version.
Lender SVRs Sheet - please click here to download the latest version.
The following sheets are no longer being updated due to how the pandemic has developed and no longer receiving relevant Lender updates. These matrices may however remain a useful reference point and you can see the date at which the information was correct in the far right column.
COVID-19: Mainstream Lender Matrix - please click here to download the latest version. (Updated: 11.06.20)
COVID-19: Building Societies & Specialist Lender Matrix - please click here to download the latest version. (Updated: 25.06.20)
- Roger Morris, Group Distribution Director at Precise Mortgages, Kent Reliance for Intermediaries & InterBay Commercial
- Richard Howes, National Key Account Manager at Santander for Intermediaries
- Hannah Withers, National Account Manager at TSB
- Jonathan Stinton, Corporate Relationship Manager at Coventry for intermediaries
- Joe Heayes, Corporate Account Manager at Nationwide for Intermediaries
- Craig Kerrigan, National Account Manager at the Key Group
- Helen Lewis, National Development Manager at Principality Building Society
- Robin Brennand, National Account Manager at Virgin Money
- Frances Taylor, Head of National Accounts at Kensington Mortgages
- NEW! Adrian Moloney, Group Sales Director at OneSavings Bank
We have collated all the key information regarding COVID-19 from our provider partners into a Protection Matrix, so you can see all the important details in one place, including each of their current stances for Applications, Product/Policy/Process Changes, Claims and the Support their offering at this time. We will continue to update this as and when we receive new details.
COVID-19 Protection Provider Matrix - please click here to download the latest version. (Updated: 13.07.20)
In light of the current COVID-19 situation, we have seen a significant increase in interest in our award-winning Protection proposition, Paradigm Protect. This offering gives you access to enhanced commission terms and we also provide a wide range of marketing and technology support to our firms who are active, or looking to become active, in the protection space. Please visit our website or call us on 03300 536061 to discuss further.
We have worked closely with Protection Guru for some time now, however particularly recently, we have found their updates regarding Coronavirus and how different Providers are dealing with this issue exceptionally useful. We've created a new dedicated page on our website which tells you more about Protection Guru and includes a link to their COVID-19 microsite.
Protection Top Tips
Our Head of Protection, Mike Allison, has collated 5 'Top Tips' detailing things to consider when discussing Protection with clients currently, and reasons to contact them and discuss their Protection needs. Click here to view these.
Paradigm: A message to our members
This short video from each member of our team outlines how we are working to help you, and assist you in continuing to support your customers
A message from Bob Hunt (28th April 2020)
A message from Bob Hunt (30th March 2020)
Practical Support for Intermediaries: both personally and professionally
We wanted to design something for our members, to support you during this difficult time and whilst you adapt to working from home. We have collated various types of practical information that will assist you both personally and professionally, as well as some tips on how you can further support your clients at this time.
What will you find in our Practical Support Hub?
- Useful Links: For the best ways to work remotely, keeping kids entertained whilst you're working, keeping active whilst at home etc. These can be shared with your team and your clients too help support others during lockdown.
- Staying in touch with others: including various video conferencing software you can use to contact clients & family or friends. It’s a great time to be proactively contacting clients to reassure them about the current situation and how you can support them through it.
- Going the extra mile for your clients: If you have any extra time on your hands, here are some top tips that you can work on and implement now, that will have long term benefits for your relationships with customers
- Support for others in your spare time: You'll find ideas on charitable work and volunteering (including some that you don’t need to leave your house to do) to consider in order to help and support others.
We would also love your input for our 'Sharing is Caring' section, where we would encourage you to share any useful tips for others to make the most of during this time, may that be useful resources, helpful tips or any other information that may benefit others.
Click here to access the Practical Support Hub.
We have taken the decision to postpone our CPD events in the coming weeks and months, in line with Government guidance and as a measure to protect our employees and our member firms’ health and safety.
Likewise, all other industry events, conferences and face to face seminars are being cancelled and postponed too for the foreseeable future. As such, now may be a good time for you and your team to register for our award-winning CPD Academy in which you can find a range of Protection, Regulatory and Mortgage related CPD content. Please click here to register.
In line with Government guidance, we have postponed and cancelled all of our upcoming events for the foreseeable future as a measure to protect our employees and our member firms’ health and safety. We have been working with our Lender and Provider partners on ways we can deliver CPD and practical, educational sessions to you. Over the coming weeks and months, we will be bringing a series of exclusive webinars to you as an alternative to our CPD events, which you can watch from the comfort of your own home. For more details about each webinar, and to register, please visit our Events page here.
In addition to our events, we also provide our members with access to a wide range of Protection, Regulatory and Mortgage related CPD content for free via our award-winning CPD Academy! You can also record all of your completed CPD on the Academy too. Please click here to register.
The Paradigm Insights short video interview series also counts towards CPD hours, take a look at the 'Lender Updates' tab above for more details, or visit the Paradigm Insights page here.
As many of you will know, Paradigm are keen advocates of technology that will create business efficiencies for intermediaries. We believe that the below tools and technology may be of interest to our members:
- Experian AML Tools - Paradigm members can utilise our exclusive rates to access Experian's AML ID&V Checks, Digital Documentation Verification and Credit Bureau Data tools. We have agreed exceptionally attractive commercial terms, which include no license fee. You can find out more details and how to register on their page here.
- MortgageBrain Anywhere – Offering at least a 90-day free trial for current MortgageBrain Classic users.
- Criteria Hub – Offering at least a 90-day free trial of their technology for new customers.
- Solution Builder – Available FREE for Paradigm Protect members
- Quality Analyser – Available FREE for Paradigm Protect members
New Guidance on Video Conferencing (Updated 10.07.20)
The ICO has provided further guidance for business owners, employers and managers on how to safely use video conferencing technology.
Privacy and security settings
Video conferencing technology must be transparent. Businesses and their clients need to know how data will be processed and have choice and control over it. Firms can do this by using privacy and security features which can restrict access to meetings using passwords, control when people can join the meeting or control who is allowed to share their screens.
Live chat features can be used by scammers to spread phishing messages so firms need to be vigilant and shouldn’t click on links or attachments that are not expected or come from unknown meeting attendees.
Staff may have their own preferred video apps when talking to friends and family but they should make sure they only use their firm’s preferred app which has been chosen in line with the firm’s their policies.
Keep software up to date
Video conferencing apps should be kept up to date by applying all available software updates regularly. Some firms may already configure their apps to do this automatically. Firms that use web browsers for video conferencing should make sure the browser is also kept up to date.
Firms may have made a short-term decision because of the crisis to use a particular video conferencing software but there is no reason to stick with that software because it was useful during lockdown. As we move into more ‘normal’ circumstances it may be time to review the software in comparison to others available if firms have the time and resources to do so.
FCA Phishing Email (Updated 26.05.20)
COVID-19 Phishing Scam
A new phishing campaign pretending to be from a local hospital in the US has been spotted in an unfortunate trend of coronavirus-related scams. Phishing is when criminals try to convince you to click on links within a scam email or text message, or to give sensitive information away (such as bank details). The scam email in question preys upon COVID-19 fears by suggesting the recipient has been exposed to the virus via a friend or relative. The victim is then prompted to open an attachment and select ‘enable content’ but this allows malware to be installed on the victim’s computer. You can see some examples of the scam here.
Unfortunately, cyber criminals are preying upon the fears of coronavirus and there have been scams spotted that claim to have a 'cure' for the virus, offer a financial reward, or encourage you to donate. Please remain vigilant and contact your IT support should you have any concerns regarding a communication you may have received.
During these challenging times, we know that it is important for firms to have compliance support and guidance in place, particularly if you are transitioning to remote working and not seeing your clients face to face.
If you are looking for that extra helping hand or a sounding board to help you pick your way through all the various changes and challenges thrown up by the coronavirus pandemic, Paradigm are here to help. We offer a wide range of compliance and regulatory support services which can be tailored to meet your firms’ needs.
Our Technical helpdesk is fully operational and on hand to answer all your compliance and technical queries. This vastly experienced team of consultants are available by email, phone or web chat. We won’t talk to you in technical jargon and we have the skill to convey the answers to your questions in simple, practical and understandable language. If you ask a question, no matter how simple or complex, we don’t just provide the answer, but also consider other areas that could be impacted by the question raised. We are also currently providing full support around the impact of Covid-19 on your business, your staff and your clients.
Our team of consultants continue to deliver all of their support, guidance and advice remotely. We have redesigned our audit and support programme to be completely appropriate for remote working. This includes, pre-meeting, talking you through the use of video conferencing and screen sharing tools. The FCA have made it clear that, whilst some areas of their work have been deferred for the time being, there are still key areas that firms need to consider and act upon in the current situation and our consultants have ready-made remote ‘visits’ available to deliver to you support in these areas.
Business Monitoring (File Review)
We acknowledge that life goes on and clients need advice just as much now as always. Our Business Monitoring Team are therefore all on hand as usual to help review the advice you provide to your clients. We conduct the majority of our work remotely anyway so we are well set with systems in place where you can upload files to us safely and securely for review.
The Paradigm Policy team continues to scan the industry to keep you fully updated and informed around regulatory changes. In particular, we are providing regular, practical updates (alongside our usual regulatory guidance) which are specifically aimed at keeping you informed of changes affecting you, your business and your clients brought about by the onset of the coronavirus.
If you would like to discuss further how Paradigm can support you at this time, please feel free to contact us by phone on 0161 486 4890 or email@example.com.
- Check if you can claim your employees' wages through the Coronavirus Job Retention Scheme, here.
- Claim for wages through the Coronavirus Job Rentention Scheme, here.
- A guide to the business support being made available by the Government, from Santander - click here to download it.
- Find Coronavirus financial support from the Government: Click here to access the 'Support Finder' tool, designed to help businesses and the self-employed determine what financial support is available to them.
View Aldermore Bank PLC's COVID-19 Guidance and Support document for brokers and SMEs.
The Department for Education has launched The Skills Toolkit, which is a collection of free job-related online courses, tools and resources to help you improve your digital and numeracy skills for when more businesses reopen.
The Government have released a document which provides guidance for employers, employees and the self-employed on how to work safely during COVID-19 in other people's homes.
The Governement have provided advice to people moving between private residential homes during the COVID-19 outbreak - read more here.
You may find the recent blog and video updates from our investment proposition, Tatton Investment Management, of interest if you have not yet seen them. Tatton Investment Management are constantly monitoring global economic activities and are therefore on the pulse of all the latest economic changes.
We are confident that we will be able to maintain our excellent customer service and you can continue to contact the team using their normal contact details listed here.
If you’d like to get in touch, please call us on 03300 536061 and select one of the following options:
Option 1: Mortgage Helpdesk
Option 2: Proc fees and commission queries
Option 3: Info on how to become member/general
Option 4: Paradigm Protect and Protection Helpdesk
Option 5: Events
Option 6: Marketing team
Or, if none of the above options match your requirements, please hold for further assistance and one of the team will do their best to assist.