Equity release lender more 2 life has turned a case from application to offer in seven working hours – its fastest ever turnaround.
More 2 life attributed the faster application process to its online portal.
Dave Harris, chief executive of more 2 life, said: “With a growing number of over 55s looking to equity release for their borrowing needs, there is a huge need for the industry to modernise and keep up with changing consumer habits.
“At more 2 life, we have listened to the needs of advisers and their clients and as a result, we are now leading the market having invested heavily in our online processing systems.
“Historically, the retirement lending market has been slow to embrace modern technology.
“However, by making a significant investment to streamline our application process, we hope to encourage other lenders to improve their own offerings.
“Consumers are increasingly looking to manage their finances online and expect a greater efficiency as a result.
“By offering a truly market-leading application process, we can put our customers at the centre of our new innovations, build our business and continue to grow the lifetime mortgages sector.”