The later life mortgage lender said this would help cases progress when they would typically stall.
Under the partnership, VBS will assess, price and manage agreed essential repairs through verified contractors, with payment either settled from the loan proceeds at completion or self-funded by the client.
This will allow More2life to consider cases where spray foam is present.
VBS will manage each stage of the work until it is signed off by More2life’s valuers, allowing the case to continue.
Clients will benefit from no upfront cash payment, a fixed quotation and support from VBS, as well as works completed to the valuer’s satisfaction and within the quoted price.
More2life said it hoped this would allow more people to make use of lifetime mortgages.
Ben Waugh, managing director of More2life, said the lender was pleased to announce the partnership, as it reinforced its commitment to helping advisers deliver more for their clients.
He added: “Our internal analysis suggests that more than half of the cases we see affected by property condition or spray foam concerns could benefit from this service, creating a potential route forward for more customers and widening access to later life lending.
“Clients thinking they’ve found a way to achieve their financial goals, only to have the case declined, is naturally incredibly disappointing for them, and in partnering with VBS we hope to ensure that as many people as possible get to benefit from the opportunities afforded by modern later life lending products. We’re also pleased to be able to consider properties with spray foam going forward, providing solutions on what has historically been a restrictive criteria point.
“In VBS, we’re pleased to have found a knowledgeable and trusted partner that can support us in delivering our vision.”
Tim Waterlow, managing director at VBS, added: “We’re pleased to be partnering with More2life, delivering our expertise and project management capabilities to the later life lending space. Homes undoubtedly hold a certain sentimental value among over-55s and being able to help applicants to carry out essential works, enabling them to access housing wealth to achieve financial goals without downsizing, is a major win and something we’re proud to stand behind.
“We’re excited for what this partnership will bring and look forward to playing our part in delivering for the UK’s later life borrowers going forward.”
Last week, the Property Care Association (PCA) created a membership for contractors that specialise in removing spray foam insulation in a bid to give homeowners, buyers and lenders confidence about the standard of work.