more2life launches lending criteria tool
Stuart Wilson, Corporate Marketing Director at more2life, comments: “At more2life, we know that lending criteria can vary considerably between different lenders, funders and products, making it challenging for advisers to navigate the market. Applying for equity release on behalf of a client and having this rejected at a late stage due to a lending criteria issue can be costly and time-consuming for advisers and disappointing for their customers. It’s for this reason that we’ve created our pioneering lending criteria tool – to make the equity release journey more efficient for everyone and take the administrative burden off advisers.”
The online tool compares customer data against more2life’s lending criteria and outlines which of its plans borrowers are likely to be accepted for based on details about their property. By providing advisers with access to the tool even before the application stage, it aims to streamline and improve journey times by reducing any delays due to underwriting challenges and eliminating unforeseen lending criteria issues.
In addition, for any cases where there is an unclear outcome using the tool, advisers will be able to refer the case to more2life’s dedicated expert underwriting team who will help to resolve any queries and consider these harder to place cases in more detail. In 2019, this team managed to get a positive outcome with a loan offer in around 80% of cases that did not meet initial lending criteria checks.
Stuart Wilson continues: “We are confident that this platform will significantly improve application times for advisers and remove any setbacks they may have otherwise encountered due to underwriting issues. We already get over 90% of applications to offer in under 14 working days and today’s launch reinforces more2life’s commitment to making an adviser’s experience as smooth and hassle-free as possible - we hope to see more of the market follow suit in the future.”
The new tool can be accessed via the more2life website: www.more2life.co.uk/tools