More 2 Life is to guarantee 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 these products.
SAVs are live across all five of More 2 Life’s product lines.
Customers who are unable to complete can lock in products rates, features and loan to value rates (LTVs) now, then revisit the application process later, with the guarantee that the original terms they applied on will still stand.
Dave Harris (pictured), CEO at More 2 Life, 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.”