More2life has announced the launch of a new automatic redemptions service, which will be joined by a limited-time-only service promise.

Under the new automatic redemption service, advisers will gain 24/7 access to an online form, allowing them to request figures and statements whenever they wish.

In addition, more2life has committed to a 48-hour turnaround, provided the form is fully completed. As a result, the process can unlock further time savings, enabling advisers to see if a further advance is possible for their clients.

The later life lender has also unveiled a new service promise, available through Air, which will run for four months. The proposition will cover all more2life product lines. If one of the customer excellence service conditions is left unmet, customers will be offered £1,000 in compensation.

The conditions include:

• An ‘agreement in principle’ made by 5pm the following day once the enquiry has been submitted to the lender (notwithstanding the valuation results, if they flag complexity and more work is required then the case will be excluded from the service promise)
• Application to Offer in 10 days
• Completion is cancelled on the day

The maximum to be paid per case is £1,000 and the promise will be available on any case with a loan size of more than £200,000. The new Flexi Payment Term Lifetime Mortgage product will not be included in the current offering.

Ben Waugh (pictured), managing director at more2life, said: “As the later life lending market responds to regulatory change and the rapid expansion of innovative products, our clients deserve a streamlined service with airtight assurances. Our automatic redemptions service, supported by our service promise, will ensure advisers and customers can enjoy the best service.

“At more2life, we are committed to setting the standard for customer service excellence, and today’s announcement is yet another step in our journey to deliver on our pledge.”