more2life has announced it will now offer its customers access to physical valuations, in line with the Government's safety guidelines on social distancing.

The equity release lender had been the first volume lender to offer remote valuations, and will be introducing a dual track system alongside its valuation partner, e.surv, using a combination of both physical and remote valuations to help customers move forward with equity release applications.

more2life’s dual track process will ensure homeowners can move rapidly through the application process to a loan offer via its advanced remote valuation process, with physical valuations available where necessary.
 
The return to physical valuations follows the Government’s announcement last week that it was starting to lift restrictions on home visits, as part of a gradual easing of the UK’s lockdown.

more2life indicated its physical valuations will continue in accordance with the latest guidance on safe home inspection practices and that suitable risk assessments will be undertaken as part of the booking process prior to any physical valuation being carried out in a customer’s home.

more2life CEO, Dave Harris, commented: “With the later life lending market facing significant challenges, more2life is working hard to be as flexible as possible with regards to valuations – an area that we know from our own research is a real cause for concern for advisers.

“more2life’s dual track process will ensure homeowners can move rapidly through the application process to a loan offer via our advanced remote valuation process, with physical valuations available* where necessary. It is all about helping advisers help their clients and keeping the market moving at a time of huge uncertainty.” 

Changes to legal advice rules last month enabled the equity release market to introduce fully remote processes for the first time in the sector’s history, providing a solution to customers who needed to access their housing equity during the lockdown.

While more2life announced that it would guarantee rates and terms for a six-month period, which it suggested could provide these customers with much needed certainty, the reintroduction of physical valuations will now enable more customers to move forward with their applications.
 
Harris continued: “Over the coming weeks, it will be up to lenders and trade bodies to provide intermediaries with the tools they require to ensure they are aware of how to handle property valuations and the remote advice process amid government restrictions.

“The cooperation of the industry will better help many advisers in their conversations and dealings with older clients, especially as the government announces further updates and the industry starts moving back towards a more ‘normal’ working environment.”

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