more2life launches six month product guarantee

The lender says the decision will help customers whose cases are not suitable for semi-automated valuations (SAVs).

Customers who are unable to complete can lock in product rates, features and LTVS, then revisit the application process later. As well as supporting borrowers, more2life says the new measure will also help advisers retain clients both during and after the coronavirus outbreak.

SAVs are live across all five of more2life’s product lines and the lender recently completed its first cases using this method.

more2life says certain product lines are still delivering same day offers, including its Prime and Maxi ranges.

Dave Harris, CEO at more2life, commented: “Having spoken to advisers from across the later life industry, we know that this is a very uncertain time for firms as well as their clients so we have been looking to see what we can do to provide reassurance. This new guarantee will mean that customers whose applications can’t proceed right away will still have their loan available to them on the current terms for the next six months. We hope that it will not only benefit customers but will also help brokers to retain their clients and mean that when we do return to more normal trading, the industry can hit the ground running.

“Monitoring the current crisis as it progresses is our top priority, and we will continue to work closely with other key players in the industry to ensure we can meet any new challenges that we are faced with. In the meantime, we hope that today’s new measures will better equip advisers to serve their clients – especially in these exceptional circumstances.”