The automatic redemption service means advisers will have 24/7 access to an online form from More2Life so they can request figures and statements at their convenience.
More2Life will also commit to a 48-hour turnaround as long as the form is fully completed. This will mean that the process can “unlock further time savings, enabling advisers to see if a further advance is possible for their clients”.
The lender has also made a service promise, available through Air, that will run for four months and cover all its product lines.
If one of the excellent customer service conditions is not met, then the customer will be offered £1,000 in compensation.
The conditions include an ‘agreement in principle’ being made by 5pm the following day once the enquiry has been submitted to the lender, application to offer in 10 days and completion is cancelled on the day.
The first condition is notwithstanding the valuation results. If complexity and more work are needed, then that will be excluded from the service promise.
The maximum paid per case is £1,000 and applies to any case with a loan size of over £200,000.
The flexi payment lifetime mortgage will not be included in the current offering.
Ben Waugh (pictured), managing director at More2Life, said: “As the later life lending market responds to regulatory change and the rapid expansion of innovative products, our clients deserve a streamlined service with airtight assurances.
“Our automatic redemptions service, supported by our service promise, will ensure advisers and customers can enjoy the best service. At More2Life, we are committed to setting the standard for customer service excellence, and today’s announcement is yet another step in our journey to deliver on our pledge.”
The lender recently widened the distribution of its flexi-choice equity release plan, increasing the number of advisers that can access the products from 500 to over 4,500.
