OneFamily has revealed that it now approves nine out of 10 applications for lifetime mortgages.
With the firm’s bespoke underwriting proposition, each application is reviewed individually by a fully qualified underwriter to whom advisers can speak to at any given time. Each case is allocated to an individual underwriter meaning the adviser has consistent support throughout.
In addition, OneFamily offers a range of lifetime mortgages, which attract homeowners looking for a cash lump sum from the equity in their home, in many different circumstances. As well as traditional roll up mortgages, customers can choose to pay interest monthly, or the interest and some of the capital (up to 10% per annum total) as and when they wish.
Nici Audhlam-Gardiner, managing director of lifetime mortgages at OneFamily, said: “We know the equity market continues to change, and is attracting a much broader range of over 55s than ever before. We want to work together with advisers to ensure they can help their clients with their individual needs.
“Our underwriting team is willing to go the extra mile to work with advisers to find solutions. The team is just a phone call away and are happy to discuss all scenarios and suggest the best possible solution, for the specific query.
“For example, we recently had a case where the valuation report on a property came in below our minimum property value of £70,000, due to timber and damp issues. Investigation work showed that to bring the value of the property up it would only take minor work, so rather than reject the case we allowed for the work to be done. Once completed the property met our lending criteria and we proceeded with the mortgage.
“We will also consider properties in locations that other providers won’t, and properties that may have different building materials used in construction that wouldn’t usually qualify.
“By offering a bespoke, personal service we hope to give the advisers the support they need to help in some way address the ‘one approach fits all’ equity release products available elsewhere.”