more2life has launched a new lifetime mortgage product, Omni, which is aimed at expanding the lending options available to advisers and their clients.
Omni offers more2life’s highest LTV (55.3%), broadest criteria across age and property types, and enhanced overpayment flexibility.
Omni also includes a six-year early repayment charge structure - the lowest available at more2life - and allows clients to make up to 15% voluntary overpayments each year.
It supports loans from £20,000 up to £1.82 million on property values between £100,000 and £3.5 million.
Omni applications are accepted up to age 89, and it includes the widest property eligibility of any product in the more2life range.
Omni introduces a number of new lending criteria to accommodate a broader spectrum of clients, including:
• Annexes: Accepted where there are no more than three units in total (main residence plus two annexes).
• Studio and basement flats: Accepted where the internal area is at least 30 square metres.
• Ex-Local Authority homes: Including houses, bungalows, maisonettes, and flats, with a minimum property value of £100,000.
• Modern Methods of Construction (MMC): Accepted with an appropriate warranty (e.g. NHBC), BOPAS accreditation (if off-site manufactured), and compliance with building regulations.
• Multiple title properties: Accepted, subject to full valuation and legal conditions being met.
• Single skin wall construction: Permitted where single story limited to no more than 20% of the perimeter and compliant with building regulations.
Omni also permits personal business use of part of the home, where no structural change has been made and no more than 50% of the property is used commercially.
Unsatisfied CCJs are accepted if five or fewer are present and their combined value does not exceed £10,000. All must be settled on completion.
Land up to 10 acres is permitted where the land is consistent with residential use, subject to valuation based on five acres and no agricultural use or restrictions.
Advisers can also access tailored case support and book consultations with their more2life account manager to discuss client suitability.
Dave Harris, CEO of more2life, said: “As the later life lending market matures, advisers are rightly looking across the full spectrum of product options to deliver better outcomes for their clients.
“With Omni, we’ve built a product that responds directly to the needs advisers are seeing every day – whether that’s homes with non-standard construction, high LTVs, or those looking for greater flexibility around borrowing and repayments.
“This product sits alongside the broadest range of later life lending products in the market, with highlights such as Flexi Interest Reward and Tailored Interest Reward, and it reinforces our long-term commitment to providing the right lifetime mortgage solutions for every type of client. But we know advisers need more than just good products, they need great tools too.
“That’s why we continue to invest in innovations like ProView, helping advisers work more efficiently, save money, drive more income through more confident recommendations and ultimately deliver good customer outcomes. We’re here to help advisers make the most of the later life market, and with Omni, we’ve given them another powerful tool to do just that.”
