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The later life lender


Information on physical valuations

Following our announcement earlier this week that physical valuations will be returning with the easing of lockdown measures, we wanted to confirm that physical valuations for more2life plans will recommence from the middle of next week.

Clearing your pipeline of cases
Our priority is customer safety and suitable risk assessments will be undertaken as part of the booking process prior to any physical valuation being carried out. We will look to clear our pipeline of over 700 applications that could not proceed with a remote valuation in the first instance, and will work very closely with e.surv to ensure this is done as quickly as possible. We expect the pipeline to be cleared within about 2-3 weeks.

If you have cases that you feel are particularly urgent – perhaps a client who is vulnerable or in financial difficulty, for example – please let us know and we can ensure these higher priority cases are highlighted with e.surv.

Dual track process
From next week, we will be running both a remote and physical valuation process. This is great news because it means if you can get an application submitted via fastpath, we can get your clients the lending they require quickly and efficiently. fastpath, as far as possible, reflects the lending criteria and restrictions that apply to our plans but, as ever, you need to be familiar with wider underwriting criteria that may apply. You can find the full details of the new criteria in our Covid-19 Plan Update document.

For cases that proceed through a remote valuation, on average it is taking just 0.8 days to get a valuation back from e.surv, and this has helped us accelerate huge numbers of applications through to both offer and completion over the past few weeks.

Current service levels
The feedback from advisers and their clients on our remote valuation process has been superb – our latest service levels for week ending 8th of May are as follows:

Fastest App > Offer - 2 days
Fastest App > Completion - 10 days
Average App > Offer (90%) - 9.1 days

With some restrictions on physical valuations likely to remain in place for the foreseeable future (for example, clinically vulnerable clients or parts of the country where physical valuations are not currently permissible), our dual track process that includes an advanced and rapid remote valuation alternative means that more2life will continue to lead this industry in its response to the ongoing Covid-19 crisis, and offer resilience to advisers as this industry moves back towards a ‘business as usual’ environment.

More details to follow
You will no doubt have further questions about how to proceed with both new business and pipeline cases and, as ever, we intend to give you the clearest details on this to ensure you can proceed with confidence when making recommendations to your clients.

We will be issuing further detailed communications early next week to help you step through the process of an application with more2life, including any ongoing lending criteria changes and restrictions that apply.

This website is intended for intermediaries only and has not been approved for customer use. more2life Limited. Registered in England No 5390268. Registered Office: Baines House, 4 Midgery Court, Fulwood, Preston PR2 9ZH. more2life is authorised and regulated by the Financial Conduct Authority.