Equity release lender more2life has introduced semi-automated valuations across the majority of its product lines.
Advisers can now offer access to Maximum Choice, Prime Choice, Tailored Choice and Capital Choice products without the need for a surveyor to visit their potentially vulnerable clients.
Dave Harris, CEO of more2life, said: “Having been monitoring the coronavirus situation carefully, it soon became clear that face to face valuations would simply not work in the world of social distancing and self-isolation.
“To help clients who are relying on the proceeds of equity release and support their advisers, we have been working closely with our funders to see how we can meet this challenge.
“We are therefore delighted to be in a positon to announce that we are now the first volume lender to be able to offer semi-automated valuations across the majority of its product range.
“This is a hugely positive step for the industry and clearly illustrates that by working together, we can continue to serve our customers even in these exceptional circumstances.”
more2life has also added some additional temporary lending criteria to some products.
While this varies by product, this may mean restrictions on properties with flat roofs or with none standard construction as they can be harder to value.
Advisers are urged to contact the more2life support teams if they have any queries.