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Coronavirus: your Equity Release questions answered

Apr 1, 2020, 12:06 PM
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Coronavirus is having a huge impact on all our lives. As we’re adapting to our changing circumstances, we’re continuing to work hard to offer you the best service we can while looking after our people and customers.

As we shared last week, we’re taking measures to keep our people and customers safe and protecting our environment, please see our business update article for more details.

As we continue to navigate this situation together, we would like to thank all our teams for their dedication and support.  

Thank you for your patience and understanding in these exceptional circumstances.
Further information can be found in our FAQ’s below to support you during this time and will be updated with our latest information.

 

What plans does Aviva have in place to manage and maintain our service with advisers?

We have robust business continuity plans in place to ensure we maintain operational status.

It’s an incredibly busy time and we’re doing our best to handle your queries, however you may have to wait longer than normal.

From 23rd March have been dealing with pre-sales and new business enquiries by email and our telephone lines are temporarily closed. Please email all enquiries to:

- Pre-Sales/Quotes/KFI requests equityreleasefapresales@aviva.com

- New business enquiries LPEQREN@aviva.com 

- Existing business enquiries ercicdirect@aviva.com

In addition, to help with more frequent activity we have the following to support you: 

- Initial Borrowing quote template, for advisers who would normally contact Aviva to quote on their behalf, please contact equityreleasefapresales@aviva.com

- New Business application/KFI 

Additional Borrowing application

Guide to properties we will consider

- Flat Enquiry template, please contact equityreleasefapresales@aviva.com

 

How will Aviva communicate changes to service or process?

All the latest information will be made available via our website and where relevant we will contact you directly.

We are continuously monitoring the situation, taking advice from the World Health Organisation (WHO) and fully adhering to guidance from Public Health England. We recommend you keep checking Aviva for Advisers for the latest position.

Can we still submit applications?

Yes. Should you wish to, you can continue to submit applications to us in the current manner. However, to make it quicker and easier we have developed a signature free application form which is available in our document library. This can be emailed to us;

- Firms able to instruct valuations independently (packaging firms), where the valuation has been instructed to ERAPPS@aviva.com

- All other firms (non-packaging firms) to NBAPPS@aviva.com

Whilst we continue to accept contact by post, we would recommend using email in the first instance as there could be delays outside of our control.

 

How do I use signature-free applications with my customers?

New Business and Additional Borrowing applications are available on Aviva for Advisers for you to use with new customers. 

With each application you will be required to;

- Read the borrower declaration to the borrower (or to each borrower if it is a joint application)

- Gain verbal consent that the borrower(s) agree to the statements contained within the declaration and to Aviva processing their application

- Sign the application form (Digital signatures are accepted) to confirm you have followed this process, and obtained verbal consent from the customer to proceed  

- Provide a copy of the Power of Attorney document (where one exists) 

- Provide a signed copy of the Medical consent and Declaration form for enhanced cases

 

Are there any demands that advisers can self-serve?

Aviva for Advisers provides several helpful documents that you can access to self-serve with your new clients including;

- Initial Borrowing quote template, for advisers who would normally contact Aviva to quote on their behalf, please contact equityreleasefapresales@aviva.com

New Business application/KFI 

Additional Borrowing application

Guide to properties we will consider

- Flat Enquiry template, please contact equityreleasefapresales@aviva.com

In addition, if you have registered for Aviva for Advisers you can easily manage your customers’ existing Aviva Equity Release policies in one place to:

- Keep track of your clients’ policies. See the amounts borrowed and owed, any voluntary payments that have been made, any early repayment charges, and how much is available in their cash reserve, if applicable.

- 24/7 access to the information you need, whenever and wherever you are.

- See all your clients’ policy information in one place

 

Will customers be able to continue to request drawdown payments on existing loans? 

Customers can continue to contact us as they do today for drawdowns, however we are experiencing higher than normal demands and this may result in longer than usual wait times.

How do I register for Aviva for Advisers?

If you have already registered for our adviser site, select the log in button at the top right-hand side of the screen and input your online account number and Password to get access.

If you need to register, click on the register link located in the top right-hand corner of your screen and let us know your details and we’ll arrange access to be given.

If you have forgotten your password, click on the login button at the top of your screen and select the forgotten password and we will send you a temporary password to your email account.

 

What plans do Eversheds Sutherland have in place to manage and maintain their service?

Eversheds Sutherland have actioned their business continuity plans and remain in a strong position. 

From Monday 23 March the equity release team is working remotely, except for the post and scanning team. Secure remote working has been tested over the last week and the tests were successful. 

If your clients’ telephone Eversheds offices, they will receive a message asking them to contact by email using the usual email addresses. Government advice continues to be updated and Eversheds Sutherland’s plans will be regularly updated in response to advice. 

If you are asked to, provide correct email addresses for the clients’ solicitor with any applications for Offer packs to be issued by email rather than relying on the postal system.

 

What plans do E-Surv have in place to manage and maintain their service?

Following the Prime Minister’s speech on Monday 23 March, E-Surv have provided the following update:

- Our interpretation of the latest government advice means we must cease physical valuations, with immediate effect.

- Where relevant, we also have a duty of care to panel firms and our network of consultants, and we will not be asking them to complete any physical valuations.

- We will monitor government advice and in the event of a change of position/clarification, we will review our policy.

- We have made extensive preparations in recent weeks, with over 90% of support function colleagues already working from home. We are confident that we can maintain a robust level of service, albeit under revised conditions.

 

In this period where physical valuations are unable to be instructed, we are working hard with our funder to asses a wide range of considerations, including solutions presented by our valuation partner. We aim to ensure that process integrity is maintained, so that customers and advisers have confidence in an adjusted method of operating in exceptional times and will provide a further update as soon as we are able. In the meantime, we continue to receive Equity Release applications.

PF011497 03/2020

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