more2life has today announced that it will be guaranteeing rates and terms for a period of six months from the date of application so that customers who are finding that semi-automated valuations (SAV) are not suitable can still access these products*. For customers who are keen to proceed, semi-automated valuations are live across all five of more2life’s product lines**. This means that more2life will be able to support advisers and their clients across all options.
Customers who are unable to complete can lock in products rates, features and loan-to-value rates (LTV) now, then revisit the application process later, with the guarantee that the original terms they applied on will still stand. As well as supporting borrowers, the new measure also reaffirms more2life’s commitment to helping advisers retain clients both during and after the coronavirus outbreak.
Dave Harris, Chief Executive Officer at more2life, comments: “Having spoken to advisers from across the later life industry, we know that this is a very uncertain time for firms as well as their clients so we have been looking to see what we can do to provide reassurance. This new guarantee will mean that customers whose applications can’t proceed right away will still have their loan available to them on the current terms for the next six months. We hope that it will not only benefit customers but will also help brokers to retain their clients and mean that when we do return to more normal trading, the industry can hit the ground running.”
more2life was the first volume lifetime mortgage lender to introduce semi-automated valuations and recently completed the first cases using this method. It is continuing to work hard to support brokers which includes a focus on enhancing its product range and operational approach to ensure advisers are supported at every stage of the application process. To help advisers better navigate any changes, a comprehensive guide for advisers detailing the ways in which they can manage different scenarios, such as upcoming cases and feedback on Service Level Agreements (SLAs) has been produced - click here.
more2life’s fastpath portal – the equity release industry’s only online, end-to-end, paperless and signatureless Key Facts Illustration (KFI) and application system – continues to deliver shorter application times to advisers and end-customers during the current crisis. The portal is helping advisers serve customers more efficiently, particularly throughout the remote working period. Certain product lines are delivering same day offers, including more2life’s Prime and Maxi ranges.
Additional highlights of more2life’s proposition which will better help advisers during this time include:
• For customers with high LTV requirements, Prime Choice is the only product available in the lifetime mortgage market with no retention or LTV reduction for a SAV viable property
• The Flexi Choice product range currently offers the lowest rates in the equity release market
Dave Harris continues: “Monitoring the current crisis as it progresses is our top priority, and we will continue to work closely with other key players in the industry to ensure we can meet any new challenges that we are faced with. In the meantime, we hope that today’s new measures will better equip advisers to serve their clients – especially in these exceptional circumstances.”
* = Particularly high value properties, those with non- standard construction or those which have not been sold for a significant amount of time so few records exist for them may not be suitable for semi-automated valuations.
** = Flexi, Capital, Prime, Maxi and Tailored
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