more2life has launched a pilot scheme for its new Omni Interest Reward lifetime mortgage.
The Omni Interest Reward product builds on the existing Omni range, which was launched last year. Omni brings together a combination of higher LTVs and short early repayment charge (ERC) terms.
Omni Interest Reward allows borrowers to secure an interest rate discount of 0.4% if they commit to paying 50% of the monthly interest charged on their lifetime mortgage. Borrowers are able to miss up to three months of payments before the discount is automatically removed.
Borrowers benefit from ERC periods of six years, some of the lowest available from the lender, while they can also make overpayments of up to 15%, providing borrowers with more flexibility and control over their borrowing.
Omni Interest Reward is available for borrowers aged up to 89, with LTVs ranging from 37% to 59.65%, and on properties valued from £115,000 to £3.5 million.
The pilot is initially open to a limited range of advisory firms, including One Stop 4 Equity Release, Retirement Solutions and Eadon & Co., ahead of a wider rollout.
more2life recently relaunched both its Apex and Apex Interest Reward product ranges, which provide higher LTVs for those aged 84 to 95 than the Omni product, with the Interest Reward version offering discounts of up to 0.75% should borrowers commit to making repayments.
In addition, more2life has reduced the ERCs on its Flexi range to 10 years, and integrated the Horizon product range into its suite of lifetime mortgage products.
Dave Harris, CEO of more2life, commented: “The Omni product range has been designed to address clients who are crying out for greater flexibility, higher LTVs and low ERCs. This is where Omni shines. The addition of Omni Interest Reward brings further flexibility, through the ability to secure a substantial interest rate discount when committing to making repayments.
“Omni Interest Reward is initially only available to advisers taking part in the pilot scheme, though we look forward to expanding its distribution to more of the market in the future. The launch highlights our innovative approach to product design in the lifetime mortgage space, building on our relaunch of Apex and Apex Interest Reward already in 2026.
“This is a significant year for the industry, with the FCA looking closely at the issue of holistic advice and the treatment of older borrowers. Innovations like Omni Interest Reward show providers are stepping up, designing new products which meet the needs of borrowers in a broad range of scenarios.
“The key now is for advisers to come on board, and ensure every client is assessed across all suitable options. Later life lending can no longer be viewed as a niche area of financial services, but instead a core (and normal) element of every adviser’s toolkit.”
