Improving the equity release process
Improvements to our Equity Release application forms
We asked for feedback on how our equity release application forms work, and you and your clients told us – what you like, and what could be better.
Because of this, we’re delighted to advise that we’ve updated our application forms for you to use with your clients. The improvements include a reduction in forms to choose from, more straightforward Power of Attorney questions and a simplified borrower declaration for you to read to your client.
Changes to medical information requests
During the pandemic we temporarily removed the client consent to obtain a GP Report on initial borrowing applications, to help ease the pressure on GP surgeries. As we’ve moved out of lockdown measures, we are reinstating this process. By providing health & lifestyle details, it could result in getting a lower interest rate or higher LTV. Any medical enhancements applied at initial borrowing stage will automatically be considered when calculating an interest rate on future withdrawals from a cash reserve.
Email, not snail mail
Waiting for documents to arrive in the post can slow the application process and lead to frustration if they don’t arrive when expected. The updated application forms now ask for your clients’, your client’s GP and solicitor’s email addresses, so that we can email the relevant documents to each party to speed up the application process.
Signature free forms
Feedback has made it clear that signature free forms are a major gamechanger. Unless we need consent to ask for medical records, you can now sign your client’s application form on their behalf, meaning you can send the application in that bit faster.
Defining the drawdown purpose of the loan
To help us understand how a cash reserve (if available) is going to be used, we’ve added a new section to the form. It asks for details of why drawdown will be requested, how much it will be each time and how often it will be withdrawn.
Of course, we know that plans can change and reasons for accessing a cash reserve could change too in the future. However, having this information will help us protect your clients when they come to draw from their cash reserve in the future.
The updated forms are available from 13 September 2021
Our updated application forms will be ready for you to download and use on 13 September. You will then have until 11 October to submit the old ones, after this date we will only accept updated forms.
For more information on how the new forms will help make your client’s equity release journey a smoother ride please contact your Aviva Account Manager.