ADVISER MATTERS
LIFETIME MORTGAGE MEDICAL UNDERWRITING JUST GOT EASIER
A revolution is underway in the lifetime mortgage market with fast and efficient medical underwriting making it easier for advisers to create personalised solutions as unique as each client .
The logical case for medical underwriting when advising on lifetime mortgages is hard to argue with . Our experience shows that six in 10 clients could get a better deal with reduced interest rates or higher borrowing . Our vision is to transform the lifetime mortgage market by making medical underwriting the norm , enabling more clients to achieve a better later life , and helping advisers demonstrate personalised solutions as recommended by the FCA . What about the practicalities ? Medical underwriting does require gathering more information and clients must be comfortable disclosing their health histories . That information enables us to calculate a client ’ s medical age , and if that ’ s higher than their calendar age , their life expectancy reduces and they may be able to borrow more , or borrow at a lower interest rate . A lower interest rate can easily reduce borrowing costs by many thousands of pounds over the term of a lifetime mortgage . A higher LTV may make the difference between the client getting the funds they need , or not . We ’ ve added medical underwriting across the Just For You Lifetime Mortgage range and made it easier for you and your clients to take advantage .
Easy to answer questions We ’ ve developed health and lifestyle questions that are easy to answer and require no medical experience . There are around 20 and they cover , for example , weight and height , smoking , medical history and any prescribed medicines . The more questions you answer , the more personalised the solutions and the more accurate the calculated medical age will be . The questions are similar to others in your fact-find and are available through our online portal and the major sourcing systems .
Instant KFIs and online applications Medical underwriting doesn ’ t have to mean a slower process . Our questions will be accepted by other lenders , so they only have to be answered once . And they ’ re already loaded on to major sourcing systems and the Just Adviser portal so you can access instant KFIs in the usual way , then submit an online application when you ’ re ready . And the Just Adviser portal now features online applications and role management , making it easier and quicker to submit applications :
• Complete Just For You Lifetime Mortgage application forms online and submit them electronically , anytime , anywhere .
• Quicker and easier than offline applications as no need to scan all the paperwork and
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