Equity release lender more2life has reintroduced physical valuations as government restrictions start to lift.
The lender will be taking a dual track approach, alongside valuation partner e.surv, using a combination of physical and remote valuations to support a wide range of later life lending customers.
More2life’s return to a physical valuation process follows the government’s move to lift restrictions on home visits as part of a gradual easing of the national lockdown.
In-person valuations will continue in accordance with the latest guidance on safe home inspection practices.
Risk assessments will take place as part of the booking process, prior to any physical valuation being carried out.
Physical valuations will not take place in homes where residents are clinically vulnerable, or in parts of the country where they are not currently permitted.
More2life has also launched a video series explaining how remote valuations work, designed to support advisers who find that a physical valuation is not possible for their clients.
Dave Harris, chief executive officer at more2life, said: “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.”
Harris added: “As our recent research shows, education and resources on how to navigate the ‘new normal’ is what many advisers are demanding.
“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.”