In response to the need for social distancing during the coronavirus pandemic, financial services provider OneFamily has changed its processes for lifetime mortgage applications.
Advisers can now proceed applications for all OneFamily lifetime mortgage products without the need for signed forms, before making the usual secure online application on behalf of customers.
Additionally, surveyors with knowledge of the area will be undertaking desktop valuations.
Given that this approach may provide less information than a physical valuation, OneFamily will operate an adjusted credit policy, retaining part of the agreed loan for release once physical valuations can resume and the value be confirmed.
Legal advice can now also be given to customers remotely, in line with updates to the Equity Release Council (ERC) guidance.
Paul Bridgwater, head of lending proposition at OneFamily, said: “We wanted to find a way to enable people to make applications for our lifetime mortgages, despite the restrictions placed on them during the current crisis.
“Therefore, we are adjusting our processes so that, combined with the Equity Release Council’s temporary modifications on legal advice, customers can now complete our lifetime mortgages completely remotely.
“We’re all working in a challenging environment right now and, as an industry, the lifetime mortgage market has needed to think differently.
“We wanted to ensure we can keep supporting customers within the framework of the current government guidance.
“Hopefully this will help them to do that.”
