more2life has launched a new online lending criteria tool to help advisers assess the likelihood of a successful equity release application.
The tool, a first for the later life market, will allow advisers to enter basic information about a homeowner and their property – such as the type and value of the property – as well as see which of more2life’s five product ranges would be best suited for their client before they begin the application process.
more2life corporate marketing director, Stuart Wilson, commented: “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 tool will compare customer data against more2life’s lending criteria, and the equity release lender also outlined which of its plans that borrowers are likely to be accepted for, based on details about their property.
Furthermore, by providing advisers with access to the tool before the application stage, more2life added that it aims to streamline and improve journey times by reducing delays down to underwriting challenges while also eliminating unexpected lending criteria issues.
Wilson continued: “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.”
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