Equity release lender more2life has reinstated its 14-working-day service promise, through which it will compensate customers with £500 if it takes longer than this period to issue a loan offer from the date of application.

The service will be offered to applications submitted from 20 July 2020 onwards for both physical and remote valuations.

It was originally launched in February 2020, but was temporarily paused at the start of the nationwide lockdown due to the challenges facing the industry.

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Through its fast-path portal, more2life previously reported an application-to-offer time, including valuation, of under three hours.

Stuart Wilson, corporate marketing director at more2life, said: “We know that advisers need to keep their clients appraised of how their application is progressing and part of this is setting realistic timelines.

“So having overcome some of the logistical challenges we faced due to lockdown, we are delighted to announce the return of our service promise.

“While lockdown is easing, we know that things have not returned to normal and we need to continue to focus on supporting advisers and helping them to in their mission to deliver a great service and outcome to their clients.

“We have worked through our applications backlog and continue to focus on how we improve our offering so that advisers find it as easy as possible to work with us.”