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The later life lender

04.20

Remote vals now on Tailored & Prime Choice

We are delighted to announce that Tailored Lite, Tailored Plus and Prime applications will proceed with semi-automated (desktop) valuations (SAVs). This follows the announcement last week that all Maximum Choice plans will proceed with SAVs, and we will have more positive news to share with you in the coming days regarding Capital Choice.

The exact process for SAVs can be found here. Be sure to check our Learning Lab and Newsroom for important updates and useful documents to help you through these unprecedented times.

Tailored Lite & Tailored Plus Plans

Tailored Lite and Tailored Plus applications will proceed with SAVs, subject to the following:
  • A 10% retention on Tailored Plus and Tailored Lite 5 and Lite 4 applications
  • No retentions are required for Tailored Lite 3 applications
  • The minimum property value for all Tailored plans is now £100,000
  • The maximum property value now acceptable is £1m within M25, and £750,000 for all other acceptable areas
  • Flats will still be acceptable subject to certain conditions
  • You will be required to complete and submit a Property Questionnaire
  • You will also be required to submit photographs of the inside of the client's property
  • We will communicate separately regarding pipeline/pre-offer cases
  • A full physical valuation will still be required when appropriate

Prime Plans
  • SAVs will proceed on Prime plans with no retentions or criteria changes
  •  At present Prime Plus plans will not proceed with SAVs
  • We will communicate separately regarding pipeline/pre-offer cases
  • There will be a Prime rate increase and this will be communicated separately
  • A full physical valuation will still be required when appropriate
  • Apps on the current terms must be submitted before 11.59pm 14th April
  • Prime Plus applications will not be able to proceed with semi-automated valuations (SAVs) and the application will be valid for the usual 6 months. If you wish to proceed with pipeline cases already submitted for clients, you will need to consider and advise appropriately on whether to re-apply for Prime Choice to proceed with an SAV, or pause with the current Plus application and wait for physical valuations to begin again.

How do retentions work?
You can find out exactly how retentions work in this newsroom article where we announced the retention processes.

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.