More2life has formed an exclusive partnership with Verified Building Services to help lifetime mortgage applicants complete essential property repairs that might otherwise prevent their cases from proceeding.
Verified Building Services (VBS) will assess, price and manage agreed repairs using verified contractors. Clients can settle the cost from their loan proceeds at completion or fund the work themselves.
The agreement will also allow more2life to consider applications involving properties where spray foam is present.
Once an adviser makes a referral, VBS will manage the work until it is approved by more2life’s valuers and the mortgage application can continue.
Clients will receive a fixed quotation and a named contact at VBS. No upfront cash payment will be required where the cost is settled from the loan proceeds, while the quoted price will cover the work needed to satisfy the valuer, including any necessary reviews.
More2life said its internal analysis suggested that more than half of the cases affected by property condition or spray foam concerns could benefit from the service.
Ben Waugh, managing director of more2life, said: “We’re pleased to announce our latest exclusive commercial partnership, reinforcing our commitment to helping advisers deliver more for their clients.
“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.
“We’re also pleased to be able to consider properties with spray foam going forward, providing solutions on what has historically been a restrictive criteria point.
“In VBS, we’re pleased to have found a knowledgeable and trusted partner that can support us in delivering our vision.”
Tim Waterlow, managing director of VBS, added: “We’re pleased to be partnering with more2life, delivering our expertise and project management capabilities to the later life lending space.
“Homes undoubtedly hold a certain sentimental value among over-55s and being able to help applicants to carry out essential works, enabling them to access housing wealth to achieve financial goals without downsizing, is a major win and something we’re proud to stand behind.
“We’re excited for what this partnership will bring and look forward to playing our part in delivering for the UK’s later life borrowers going forward.”
