Equity release provider More 2 Life has slashed turnaround times to just seven working hours with the launch of its ‘fastest ever’ application process.
The provider said its online portal will speed up applications from submission to offer and make the sales process easier and more streamlined for advisers.
The innovation comes amid a surge in demand for equity release products from people looking to unlock their housing wealth in later life.
The average amount released by UK homeowners jumped 158 per cent year-on-year to reach almost £80,000 in July, according to Responsible Equity Release.
Earlier this year, More 2 Life launched a commission payment system to shorten the time advisers are paid to within seven days and unveiled a ‘learning lab’ to provide information on equity release to intermediaries.
Dave Harris, chief executive of More 2 Life, said: “With a growing number of over-55s looking to equity release for their borrowing needs, there is a huge need for the industry to modernise and keep up with changing consumer habits.
“At More 2 Life, we have listened to the needs of advisers and their clients and as a result, we are now leading the market having invested heavily in our online processing systems.”
Mark Lloydall, director at Loughborough-based Cambourne Financial Planning, said: “With equity release, the key is always about the advice. Anything that makes the process faster is welcome, but we must always be careful about the advice and if it is appropriate to the client - there can’t be any short cuts to that.
“The whole process is definitely not about the speed of the processing and application, but about the quality of advice, which has to be as thorough as ever.”