Equity release lender More 2 Life has announced its fastest-ever application process, with a customer receiving an offer of a loan seven working hours after their adviser submitted the application.

Earlier this year, the firm launched a commission payment system to shorten the time advisers are paid to within seven days. In addition, it unveiled its dedicated ‘Learning Lab’, a website that helps to inform and educate advisers about equity release.

Dave Harris, CEO of More 2 Life, said: “With a growing number of over 55s looking to equity release for their borrowing needs, there is a huge need for the industry to modernise and keep up with changing consumer habits. At More 2 Life, we have listened to the needs of advisers and their clients and as a result, we are now leading the market having invested heavily in our online processing systems.

“Historically, the retirement lending market has been slow to embrace modern technology. However, by making a significant investment to streamline our application process, we hope to encourage other lenders to improve their own offerings. Consumers are increasingly looking to manage their finances online and expect a greater efficiency as a result. By offering a truly market-leading application process, we can put our customers at the centre of our new innovations, build our business and continue to grow the lifetime mortgages sector.”