Tomorrow launches online quotations

Tomorrow has launched an online quotation system for lifetime mortgages.

Brokers will be able to get quotes 24-hours a day and track the progress of their clients case from application receipt through to completion.

Tomorrow will also be reducing its minimum initial advance, 25,000 to 15,000, responding to the consumer need to release smaller amounts of equity from their property than previously.

The further advance amount available will be reduced from 10,000 to 3,000.

Policyholders will now be able to take out a further advance after nine months instead of two years.

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 at Tomorrow, says: Were 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.