It said it plans to expand to other specialist advisers in Scotland during 2012 to back its growth, having seen its market share of new equity release business grow to 9.3% of the total market in Q3 2011 since its launch a year ago.
In the last quarter, its market share has increased almost a third it said, up from 7.2% in Q2 2011.
More 2 Life’s enhanced equity release loans, available to customers with medical conditions or lifestyles that affect life expectancy, have rates between 6.99% and 7.49% on minimum property values of £70,000 and no maximum. Deals will protect a level of equity in a customer’s property for beneficiaries.
Jon King, managing director of More 2 Life, said: “We have wanted to lend in Scotland since launch last year, as it is a key market for equity release and a strong growth area.
“The differences in the legal systems meant we had to make sure we had the systems in place to handle demand before expanding into Scotland and are confident we will see further success.
“Experience so far shows around 60% of customers are qualifying for the highest level of enhanced LTVs ranging, from 34% at age 65 to 44% at age 75 as brokers focus on health issues in their equity release fact find.”
