"With increasing numbers of people considering how their housing equity can support their long and short-term needs in later life, we are focused on offering improved flexibility and support"
The two additional plans – named Flexi Choice Lump Sum Max 2 and Flexi Choice Lump Sum Max 3 – will sit alongside the existing Lump Sum Max 1 option and further support older borrowers looking for innovative and flexible lending solutions.
The new plans will be available with the same criteria and fully-automatic lending features as the rest of more2life’s Flexi Choice range. The products will be suitable for homeowners who are looking to borrow at least £10,000, up to a maximum of £1m, with LTV ratios ranging from 5% to 48%.
Flexi Choice Lump Sum Max 2 has a Monthly Equivalent Rate (MER) of 3.51% and an Annual Equivalent Rate (AER) of 3.57%. A fee-free equivalent is available at 3.54% MER and 3.60% AER.
Flexi Choice Lump Sum Max 3 is available at 4.11 MER and 4.19 AER with a fee. Fee-free rates start from 4.14% and 4.22% respectively.
more2life’s existing Flexi Choice Lump Sum Max 1 product features a 3.05% MER and 3.09% AER when a fee is charged and a 3.08% MER and 3.12% AER when a loan is offered fee-free.
more2life’s range offers fixed early repayment charges and a variety of drawdown as well as lump sum plans. Other product features include ERC exemptions, the option to make partial repayments, and downsizing protection.
Stuart Wilson, corporate marketing director at more2life, commented: “With increasing numbers of people considering how their housing equity can support their long and short-term needs in later life, we are focused on offering improved flexibility and support for our customers.
“Product innovation and development remain priorities at more2life and the addition of two new competitive lump sum Flexi Choice products will help to ensure that more customers are able to find a plan which reflects their unique needs.
“Over the coming years, our aim is to continue pioneering the development of modern lending solutions to ensure advisers across the UK can secure the best possible outcomes for their clients.”
