More2life has partnered with Verified Building Services (VBS) to help lifetime mortgage applications proceed where essential building works are required.

Under the arrangement, VBS will assess, price and manage repairs identified during the valuation process which would otherwise prevent an application from progressing.

The works will be carried out by verified contractors and can either be self-funded by the borrower or paid for from the mortgage proceeds at completion.

VBS will manage the process from referral through to completion, including any further reviews needed before More2life’s valuer signs off the property.

The partnership will also allow More2life to consider properties where spray foam is present, which the lender says has historically been a restrictive criteria point.

More2life says its internal analysis suggests more than half of cases affected by property condition or spray foam concerns could potentially benefit from the service.

More2life managing director Ben Waugh says: “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.”

VBS managing director Tim Waterlow adds: “We’re pleased to be partnering with more2life, delivering our expertise and project management capabilities to the later life lending space.”