The online quote system will enable financial advisers to receive live quotes 24 hours a day.
The online quote facility has been designed to help advisers save time and deal with the increasing demand for equity release quotations. In addition to the quote facility, financial advisers will also be able to track the progress of their client’s case right from application receipt through to completion.
Tomorrow will also be reducing its initial advance, responding to the consumer need to release smaller amounts of equity from their property than previously.
As a result the minimum initial advance will be reduced from £25,000 to £15,000. Added to this, the further advance amount available will be reduced from £10,000 to £3,000. Previously available after two years, existing policyholders will now be able to take out a further advance after nine months. And if the original property valuation for an initial advance is less than 12 months old, a new one will not be required for further advance applications.
Simon Little, equity release product and marketing manager for Tomorrow, said: “We’re confident that our enhanced lifetime product really responds to consumer demand to release smaller amounts from their property on a more frequent basis. This in itself is reassuring, showing how consumer attitudes are changing towards equity release – and becoming significantly more savvy.
“We are also confident that the speed at which advisers will be able to update their clients will offer reassurance to the consumer that they are being looked after professionally and responsibly by all parties concerned.”
