more2life has announced it will be guaranteeing rates and terms for a period of six months from the date of application, so that customers who are finding that semi-automated valuations (SAVs) are not suitable can still access its products.
For customers who are keen to proceed, more2life added that SAVs are live across all five of its product lines, meaning the lender will be able to support advisers and their clients across all options.
The lender also stated that customers who are unable to complete can lock in product rates, features and LTVs now, then revisit the application process later, with the guarantee that the original terms they applied on will still stand.
As well as supporting borrowers, more2life suggested the new measure also reaffirms its commitment to helping advisers retain clients both during and after the coronavirus pandemic.
more2life CEO, Dave Harris, commented: “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.”
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