Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
More2life and VBS Partner to Progress Cases with Essential Repairs
More2life has entered an exclusive partnership with Verified Building Services (VBS) to provide a route for clients needing essential repairs on their homes. The later life mortgage lender stated that this partnership aims to help cases progress that would otherwise stall due to property condition issues.
Under the new arrangement, VBS will assess, price, and manage agreed essential repairs using verified contractors. Payment for these repairs can be settled from the loan proceeds at completion or self-funded by the client. This process will allow More2life to consider cases where spray foam insulation is present, a factor that has previously restricted lending.
VBS will oversee each stage of the repair work until it is signed off by More2life’s valuers, enabling the mortgage case to continue. Clients will benefit from no upfront cash payment, a fixed quotation, and support from VBS, with works completed to the satisfaction of the valuer and within the quoted price.
More2life indicated that this partnership is intended to allow more people to access lifetime mortgages. The lender also noted that it will now be able to consider properties with spray foam, addressing a previously restrictive criteria point.
For UK letting agents and inventory clerks, this development may be relevant when dealing with properties requiring essential repairs or those with spray foam insulation, as it could impact the eligibility of such properties for later life lending products.
Last week, the Property Care Association (PCA) introduced a membership for contractors specialising in the removal of spray foam insulation, aiming to provide confidence to homeowners, buyers, and lenders regarding the standard of work.
Source: Mortgage Solutions