Canada Life has introduced remote valuations on its Lifestyle Options range.
The remote valuations will be subject to a new KFI and application, based on new interest rates, loan-to-values (LTVs) and product availability and a satisfactory on site valuation within six months of completion, which is free of charge.
The lender has also made temporary modifications to its lending criteria, including a capping its maximum property value at £1m in Greater London and £750,000 elsewhere.
Other changes will see Canada Life only accepting properties built post-1850, up to 2.5 acres and with lease terms above 100 years.
Additionally it will no longer be accepting listed properties, new build properties or properties built within two years of the date of valuation, non-standard construction properties or properties which are adjacent to, or surrounded by, non-residential properties.
Alice Watson (pictured), head of marketing, insurance, Canada Life, said: “Our teams are working hard to support advisers and customers during these unprecedented times.
“We’re pleased to have introduced remote valuations on our Lifestyle Options, so that we can continue to progress applications to meet customers’ needs during this period.
“We’re working closely with our funding partners to agree a way forward with valuations on our other product lines.
“At times like this collaboration is vital, and it’s great to see the equity release industry pulling together to deliver solutions for advisers and ultimately their clients.”