Lifetime mortgage lender more2life has enhanced its adviser proposition through a newly announced exclusive partnership with Verified Building Services (VBS), providing a managed route to help clients to move forward with their applications when essential repairs would otherwise stop the case.
Under the arrangement, VBS assesses, prices and manages agreed essential repairs through verified contractors, with payment either settled from loan proceeds at completion or self-funded, by the client, if they prefer.
Through this relationship, more2life will now consider cases where spray foam is present.
Advisers will benefit from a pathway where, from referral onwards, VBS undertakes every element of the work, until more2life valuers sign it off and the case continues.
Clients, meanwhile, can benefit from no upfront cash payment, a fixed quotation, named VBS support, and works completed to the valuer’s satisfaction within the quoted price - however many reviews it takes.
The lender hopes that the move will enable more people to benefit from the opportunities afforded by lifetime mortgages to achieve later life financial goals – even in scenarios where essential repairs are identified by the valuer and require remedying before the case proceeds.
Speaking of the latest development, more2life’s Managing Director, Ben Waugh, said:
“We’re pleased to announce our latest exclusive commercial partnership, reinforcing our commitment to helping advisers deliver more for their clients. Our internal analysis suggests that more than half of the cases we see affected by property condition or spray foam concerns could benefit from this service, creating a potential route forward for more customers and widening access to later life lending.
“Clients thinking they’ve found a way to achieve their financial goals, only to have the case declined, is naturally incredibly disappointing for them, and in partnering with VBS we hope to ensure that as many people as possible get to benefit from the opportunities afforded by modern later life lending products. We’re also pleased to be able to consider properties with spray foam going forward, providing solutions on what has historically been a restrictive criteria point.
“In VBS, we’re pleased to have found a knowledgeable and trusted partner that can support us in delivering our vision.”
Tim Waterlow, Managing Director at VBS added: “We’re pleased to be partnering with more2life, delivering our expertise and project management capabilities to the later life lending space. Homes undoubtedly hold a certain sentimental value among over-55s and being able to help applicants to carry out essential works, enabling them to access housing wealth to achieve financial goals without downsizing, is a major win and something we’re proud to stand behind. We’re excited for what this partnership will bring and look forward to playing our part in delivering for the UK’s later life borrowers going forward.
