Equity release lender, More 2 Life, has launched its fastpath portal Service Promise, guaranteeing that the lender will compensate customers £500 if it takes longer than 14 working days to issue a loan offer from the date of application.

The Service Promise will be offered through More 2 Life’s online processing portal and applies to applications submitted from 13 February 2020.

Through the fastpath portal, advisers can utilise an application-to-offer time (including valuation) of under three hours – which More 2 Life believes is the fastest of any lender in the market.

With its new 14 working day Service Promise, More 2 Life says it aims to continue this commitment to delivering an efficient loan process and support advisers in the equity release journey by giving them greater certainty about the timelines involved in applying for a loan.

Stuart Wilson, corporate marketing director at More 2 Life, said: “This is just one of a series of tools and services More 2 Life is looking to launch this year as we continue to focus on the development of technology to accelerate success and support advisers in their mission to deliver better retirement outcomes to their clients through later life lending.

“By using cutting-edge technology, we’re making it quicker, simpler and more seamless than ever before to get from application to loan offer and we are confident in our ability to do this, which is why we have introduced our new Service Promise.

“Providing market-leading online support to champion advisers and the work they do has always been high on our agenda and it will continue to be so for a long time to come.”