more2life has announced the launch of its ‘fastpath portal’ service promise, which can guarantee the lender will compensate customers £500 if it takes more than 14 working days to issue a loan offer from the date of application.

The equity release lender said its service promise will be offered through more2life’s end-to-end online processing portal and will apply to applications submitted from 13 February 2020.

Through its fastpath portal, more2life indicated its advisers can utilise the latest technology to make the equity release application process ‘frictionless’ – with a record application-to-offer time of under three hours – which more2life also believes is the fastest of any lender in the market.

The equity release lender indicated that it hopes the service promise can continue its commitment to delivering an efficient loan process and support for advisers in the equity release journey – by providing them with greater certainty about the timelines involved in a loan application.

more2life corporate marketing director, Stuart Wilson, commented: “This is just one of a series of tools and services more2life is looking to launch this year, as we continue to focus on the development of technology to accelerate success and support advisers in their mission to deliver better retirement outcomes to their clients through later life lending.

“By using cutting-edge technology, we’re making it quicker, simpler and more seamless than ever before to get from application to loan offer and we are confident in our ability to do this, which is why we have introduced our new service promise.

“Providing market-leading online support to champion advisers and the work they do has always been high on our agenda and it will continue to be so for a long time to come.”

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