Equity release lender More2life has launched a criteria tool to help advisers assess the likelihood of a successful application.

Brokers enter details about the homeowner, the type of property and its approximate value and the tool will show them which of the lender’s five product ranges are most suitable. 

More2life says that by providing advisers with this guidance before the application stage, it hopes to streamline the process and eliminate unforeseen underwriting or criteria issues. 

In cases where the tool is unable to provide a clear outcome, advisers will be able to refer the case to More2life’s underwriting team to review in more detail. 

In 2019, the underwriting team was able to make an offer in around 80 per cent of cases that did not meet initial checks.

More2life corporate marketing director Stuart Wilson says: “We know that lending criteria can vary considerably between different lenders, funders and products, making it challenging for advisers to navigate the market. “Applying for equity release on behalf of a client and having this rejected at a late stage due to a lending criteria issue can be costly and time-consuming for advisers and disappointing for their customers. 

“It is for this reason that we have created our pioneering lending criteria tool – to make the equity release journey more efficient for everyone and take the administrative burden off advisers.”

Wilson says he is confident the tool will significantly improve application times for advisers and remove setbacks they may have otherwise encountered.