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Nine out of ten lifetime mortgage applications approved through OneFamily’s bespoke underwriting approach

Posted in: Products

  • OneFamily offers a fully flexible underwriting solution for advisers who have clients looking for a lifetime mortgage
  • As a result, in nine out of ten (90%) applications for OneFamily’s Lifetime Mortgages an offer is made
  • This high approval rate is a result of OneFamily’s unique approach of reviewing each property and homeowner’s situation individually
  • Advisers can speak to the experienced underwriting team directly at any point

As a result of its unique underwriting approach, OneFamily now approves nine out of ten applications for Lifetime Mortgages. Meaning advisers can be confident that the majority of their clients, even in different properties or unusual circumstances, will have a positive outcome.

With OneFamily’s bespoke underwriting proposition, each application is reviewed individually by a fully qualified underwriter. To whom advisers can speak to at any given time. Each case is allocated to an individual underwriter meaning the adviser has consistent support throughout.

In addition, OneFamily offers a broad range of lifetime mortgages, which attract homeowners looking for a cash lump sum from the equity in their home. As well as traditional roll up mortgages, customers can choose to pay interest monthly. Or the interest and some of the capital (up to 10% per annum total) as and when they wish.

Nici Audhlam-Gardiner, Managing Director of Lifetime Mortgages at OneFamily commented:

“We know the equity market continues to change, and is attracting a much broader range of over 55s than ever before. We want to work together with advisers to ensure they can help their clients with their individual needs.

“Our underwriting team is willing to go the extra mile to work with advisers to find solutions. The team is just a phone call away and are happy to discuss all scenarios and suggest the best possible solution, for the specific query.

“For example, we recently had a case where the valuation report on a property came in below our minimum property value of £70,000, due to timber and damp issues. Investigation work showed that to bring the value of the property up it would only take minor work. So rather than reject the case we allowed for the work to be done. Once completed the property met our lending criteria and we proceeded with the mortgage.

“We will also consider properties in locations that other providers won’t, and properties that may have different building materials used in construction that wouldn’t usually qualify.

“By offering a bespoke, personal service we hope to give the advisers the support they need to help in some way address the ‘one approach fits all’ equity release products available elsewhere.”

To find out more visit: www.onefamilyadviser.com/