Finova has agreed a five-year contract extension with Key Group that will see the software provider support the delivery of lifetime mortgage products through the more2life brand.

more2life is part of Key and under the terms of the agreement will have access to Finova’s cloud-based lending technology.

Key said it will implement Finova’s pricing engine to enable faster and more flexible product and pricing changes. This will then support more2life to meet evolving market conditions and address advisers’ needs, while accelerating the launch of new and enhanced lifetime mortgage products.

Fully hosted by Finova, the service also includes security capabilities, enhanced escrow arrangements, data protection and regulatory assurance.

“This contract extension reflects the strength of our partnership with Finova and our shared focus on innovation in later life lending,” commented managing director of more2life, Ben Waugh.

“Moving to Finova’s latest technology enhances our technology in key areas, particularly with regards to the security of our systems and our ability act quickly when it comes to product price and criteria changes.”

Sales director at Finova, John Tilzey, added: “Key has been a longstanding and highly valued partner for many years. This five-year extension is a testament to their confidence in Finova’s technology and our ability to support complex, specialist lending at scale.

“We’re excited to start this next chapter together and to see Key lead the next wave of innovation in later life lending.”

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