The mortgage provider OneFamily has announced that it is altering its lifetime mortgage applications process by removing the need to sign forms, to fit in with the new social distancing rules.
This change will mean that advisors will be able to move applications for these loans forward without needing to get forms signed by borrowers, before they then apply for the loans online. The decision by OneFamily is a response to the requirement for people to observe social distancing rules for as long as the coronavirus remains an active threat to public health.
It is not the only change that the company has announced in order to deal with the pandemic, as it has also stated that its surveyors with the relevant knowledge will now be carrying out valuations from the office using computers. The company recognises that these valuations will be less detailed than ones carried out in person, and will temporarily change its credit policy to keep part of the loan amount agreed. This will be released once the true property value has been confirmed through a normal valuation.
Speaking to Mortgage Introducer, Paul Bridgwater from OneFamily said:
“We’re all working in a challenging environment right now and, as an industry, the lifetime mortgage market has needed to think differently.”
He added that the company was keen to continue serving borrowers without breaching the current rules.
This is set to make the situation easier for any CeMAP mortgage advisor who specialises in lifetime mortgage applications just as much as for borrowers.