Equity release lender more2life has launched an online lending criteria tool to help advisers determine the likelihood of a successful application for equity release.
By entering basic information about a homeowner and their property, advisers will be able to see which of more2life’s five product ranges would be best suited for their client’s needs within minutes.
Stuart Wilson, corporate marketing director at more2life, said: “At more2life, we know that lending criteria can vary considerably between different lenders, funders and products, making it challenging for advisers to navigate the market.
“Applying for equity release on behalf of a client and having this rejected at a late stage due to a lending criteria issue can be costly and time-consuming for advisers and disappointing for their customers.
“It’s for this reason that we’ve created our pioneering lending criteria tool – to make the equity release journey more efficient for everyone and take the administrative burden off advisers.”
The online tool compares customer data against more2life’s lending criteria and outlines which of its plans borrowers are likely to be accepted for based on details about their property.
This launch aims to streamline and improve journey times by reducing any delays due to underwriting challenges and eliminating unforeseen lending criteria issues.
For any cases where there is an unclear outcome using the tool, advisers can refer the case to more2life’s underwriting team who will aim to resolve any queries.
Wilson added: “We are confident that this platform will significantly improve application times for advisers and remove any setbacks they may have otherwise encountered due to underwriting issues.
“We already get over 90% of applications to offer in under 14 working days and today’s launch reinforces more2life’s commitment to making an adviser’s experience as smooth and hassle-free as possible – we hope to see more of the market follow suit in the future.”