More2life has announced the return of its 14 working day service promise which will see the equity release lender compensate customers with £500 if it takes longer than 14 working days to issue a loan offer from the date of application.

The service will be offered to applications submitted from today (20 July) onwards for both physical and remote valuations.

The 14 working day service promise, which originally launched in February 2020, was temporarily paused at the start of the nationwide lockdown due to the challenges facing the industry.

Stuart Wilson, corporate marketing director at more2life, said: “We know that advisers need to keep their clients appraised of how their application is progressing and part of this is setting realistic timelines. So having overcome some of the logistical challenges we faced due to lockdown, we are delighted to announce the return of our service promise.

“While lockdown is easing, we know that things have not returned to normal and we need to continue to focus on supporting advisers and helping them to in their mission to deliver a great service and outcome to their clients. We have worked through our applications backlog and continue to focus on how we improve our offering so that advisers find it as easy as possible to work with us.”