We’re living in unprecedented times, lockdown is in affect and we all have a responsibility to ensure a level of social-distancing. This isn’t something that can be ignored, particularly due to the clients within our sector, who by the very nature of the business unfortunately do fall into a high risk category.
So what changes does this pose to our day-to-day? Well besides working from home now being the norm, The Equity Release Council has actively encouraged Advisers to provide only remote advice such as over video call or telephone. Additionally we’re seeing an ongoing discussion on the changing legal process and how advice is delivered in that arena, so as not to invite any undue risk but also ensure business continues on through these unusual circumstances.
However arguably the largest hurdle we’ve faced is how to deal with the requirements of a valuation. For example, advice, both financial and legal is continuing, but there is an unavoidable need to obtain a report on the intended security property. How do we determine the value of someone’s home when a home visit is impossible?
This isn’t something completely foreign to the mortgage market as a whole, in fact desktop valuations offer a quick solution and have grown in frequency over the last few years, particularly in the residential market. These permit the lender to obtain a comprehensive report from a local surveyor without the need for a site visit, allowing the swift progress of more time sensitive cases. In conjunction with our valuation partner, e.surv, we are able to offer an additional level of valuation insight through what’s called a ‘semi-automated valuation’ or SAV.
So how do they work? Simply put, very similar to a home visit. The surveyor will have access to comparable sales data on your client’s local area, as well as their own knowledge. They will coordinate their report down to the accurate latitude and longitude, with added functionality of the land registry, being able to pull through the plan of the property’s boundary. As you would expect, there is also a considerable amount of information drawn from satellite data, street view and other public sources.
It is important to remember these valuations are still held to the same standards; it is a RCIS qualified surveyor taking their wealth of knowledge on the local market and supporting data to produce the best report available at this time.
As such, more2life has moved to a remote, semi-automated valuation process with our surveying partner E.surv across much of its range with immediate effect. Thanks to their vast distribution and coverage of the country, we are able to confidently offer an answer to the problem the market is currently facing. This is particularly complementary to our fastpath portal which can function completely remotely, allowing yourselves as TRMN advisers to engage with us as usual and also pre-populate your KFI and Application from the AiR Sourcing system.
To accommodate these new semi-automated valuations, there will be ongoing changes to some of our plans and criteria, and a requirement for a home visit valuation to occur in the future as soon as it is possible to do so.
Here at more2life we are committed to ensuring our evolving process is transparent and considered. Our new semi-automated valuations offer products to clients who may take this moment of isolation to consider their home life, security and financial future. Please be sure to keep in touch with our Newsroom at www.more2life.co.uk/newsroom for all our COVID-19 related updates, specific changes to criteria and lending conditions for each of our plans, and how we’re continuing to support advisers with technology-based solutions.
Craig Kerrigan
National Account Manager
More2Life / AiR Group
Key Group brands, more2life and AiR Sourcing are now available for TRMN Advisers using more2life as the Equity Release lender and Air for Sourcing and learning and development.
@more2lifeltd
@KeyPartnerships
@AIRSourcing
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Craig is the National Account Manager for Key Group with responsibility for TRMN and Adviser communication and education in the equity release and later life marketplace. He`s been in the financial services industry for over 20 years across pensions, life, mortgages, technology and now equity release. Craig lives in South Wales, has 2 children and his spare time is spent playing Golf (unfortunately not at the moment).
