more2life has launched a new early repayment charge (ERC) free lifetime mortgage option.
The lender’s Apex Zero product aims to help borrowers who believe their circumstances might change within the period that ERCs would usually apply. Available to applicants aged between 55 and 95 years old, it offers LTVs between 23% and 51% on both a joint and single life basis and an interest rate of 9.24% MER.
Customers can make unlimited optional repayments at any time during the loan term without incurring penalties, with a minimum monthly payment of £50. Additionally, it has an indefinite ERC exemption window for joint life cases, allowing the second borrower to repay the full loan balance without any ERCs when the first borrower passes away or enters long-term care.
Available solely on a lump sum basis, Apex Zero also offers further advance options, as well as downsizing protection from day one. It has an arrangement fee of £1,495 on initial advances, and £395 on further borrowing.
The latest development follows on from more2life’s zero-ERC product, Maxi Zero, which launched in 2024.
more2life’s CEO, Dave Harris, commented: “It's exciting to be able to continue to innovate in the later life lending space, and actively responding to feedback from our adviser network around greater product choice for customers. People are increasingly looking for flexibility in their retirement planning, and the launch of Apex Zero reinforces our commitment to meeting these needs.
“Being able to provide the later life lending sector’s widest range of lifetime mortgages, suitable for a variety of customer circumstances, is something we’re really passionate about, and we’re pleased to continue delivering. This is just one of several key developments coming this year, and we’re proud to be continually evolving our offering to give over-55s as many options as possible.
“The latest launch sits as part of a constantly evolving landscape. Modern lifetime mortgages offer customers more choice than ever, allowing interest to be fully or partly paid, potential rate discounts for making regular payments or – as in this case - zero early repayment charges. Put simply, these are no longer fringe options for over-55 clients.”
