Equity release lender more2life has committed to guaranteeing rates and terms for a period of six months from the date of application.
The move will help those customers who are finding that semi-automated valuations (SAVs) are not suitable can still access these products during the coronavirus crisis.
This is the case on particularly high value properties, those with non-standard construction, or those that have not been sold for a significant time, so that few records exist for them.
SAVs are live across all five of more2life’s product lines.
Customers unable to complete can lock in product rates, features and loan-to-value rates (LTVs) now, then revisit the application process later with the guarantee that the original terms will still stand.
Dave Harris, chief executive officer at more2life, said: “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.”
The lender’s work to support brokers also includes enhancing its product range and operational approach to ensure advisers are supported at every stage of application.
It has also released a comprehensive guide for advisers detailing the ways in which they can manage different scenarios.
More2life’s fastpath portal aims to deliver shorter application times and helping advisers serve customers efficiently during the remote working period.
Harris added: “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.”