In response to the need for social distancing during the Coronavirus pandemic, OneFamily has made some changes to its processes to ensure that its lifetime mortgage applications can still be progressed.
Advisers can now proceed with applications for all OneFamily Lifetime Mortgages without the need for customer signatures.
Additionally, surveyors who have knowledge of the area will be undertaking desktop valuations. However, given that this approach may provide less information than a physical valuation, OneFamily will operate an adjusted credit policy; retaining part of the agreed loan for release once physical valuations can properly resume and the value can be confirmed.
Legal advice to the customer can now also be given remotely, in line with recent updates to Equity Release Council guidance.
Paul Bridgwater, OneFamily’s Head of Lending Proposition said
“We wanted to find a way to enable people to make applications for our lifetime mortgages, despite the restrictions placed on them during the current crisis.
“Therefore, we are adjusting our processes so that, combined with the Equity Release Council’s temporary modifications on legal advice, customers can now complete our lifetime mortgages completely remotely.
“We’re all working in a challenging environment right now and, as an industry, the lifetime mortgage market has needed to think differently. We wanted to ensure we can keep supporting customers within the framework of the current government guidance. Hopefully this will help them to do that.”
OneFamily offers a range of lump sum lifetime mortgages with the option to make monthly interest payments or more flexible payments.
For more information or images, please contact:
[email protected]
Tel: 01273 061192
About OneFamily
We want to empower modern families through their financial lives.
We believe that finance isn’t just personal. Every decision you make affects the people you care about most. That’s why we believe in creating products for modern families. OneFamily is a customer-owned financial services company that offers lifetime ISAs, lifetime mortgages, junior ISAs, child trust funds, bonds and over 50s life cover. We are committed to enabling families to work together to meet the financial demands of modern life.
We have 40 years’ experience of being a trusted provider of financial solutions, with 2.6 million customers and 7.4 billion in funds under management.