"We have built on our popular Tailored Choice and Prime Choice products to develop our latest offerings and meet the changing needs of today’s retirees."
more 2 life has announced the launch of two new products - the Tailored Plus plan and the Prime Plus Lump Sum plan.
The Tailored Plus plan is an update of the lender's Tailored Choice plan and includes a flexible partial repayment option to help customers manage their debt.
The plan also offers a drawdown facility from £2,000 and a three-year ERC exemption for joint life cases in the event of a spouse/partner passing away or going into long term care
Cashback of up to £6,000 is also available to borrowers.
The Prime Plus plan is available to homeowners aged 60-84 years old with a minimum property value of £100,000.
The newest equity release product is an update of more 2 life’s Prime Choice offering and offers customers a low interest rate and a flexible partial capital repayment option.
The Prime Plus product offers LTVs of up to 56%, a partial capital repayment option of 10%, ERC exemptions for downsizers and cashback available for customers of up to 3%.
It also offers an uncapped Guaranteed Inheritance Feature, allowing borrowers to protect a percentage of their home’s future value as inheritance
Additionally, more 2 life has updated its Prime Choice product by increasing LTVs for homeowners aged 55-59 years old by 1%.
Dave Harris, CEO at more 2 life, commented: “The launch of our two new plans once again highlights our commitment to driving innovation in the market and offering clients a range of products that include a number of useful features. By working closely with advisers, we have built on our popular Tailored Choice and Prime Choice products to develop our latest offerings and meet the changing needs of today’s retirees.
“Equity release continues to be a popular solution for older homeowners who are looking to boost their income. However, in order to sustain the growth that we have seen in the market in recent years, it’s vital for lenders to continue to create innovative products with modern lending features. As an industry, we need to keep challenging ourselves to innovate and give borrowers even greater choice when accessing the wealth tied up in their homes.”