Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
More2life and VBS Partner to Enable Lending on Homes Requiring Essential Repairs
More2life has announced a partnership with Verified Building Services (VBS) to help lifetime mortgage applications proceed on properties where essential building works are needed. Under this arrangement, VBS will assess, price, and manage repairs identified during the valuation process that would otherwise prevent an application from moving forward.
The repairs will be carried out by verified contractors and can be funded either by the borrower or from the mortgage proceeds at completion. VBS will oversee the process from referral through to completion, including any further reviews required before More2life’s valuer signs off the property.
This partnership also allows More2life to consider properties where spray foam is present, which the lender states has historically been a restrictive criteria point. According to More2life, its internal analysis suggests that more than half of cases affected by property condition or spray foam concerns could potentially benefit from this new service.
For UK letting agents and inventory clerks, this development may impact the range of properties eligible for later life lending, particularly those with repair needs or spray foam insulation. The partnership aims to provide a route forward for more customers and widen access to later life lending products.
Source: Mortgage Strategy