The change in criteria follows feedback from a survey of 300 advisers that asked how the lender could improve its plans.
Some 85% of advisers said they wanted more flexibility from ERCs.
Advisers who currently have a Maxi case in More2life’s pipeline can switch the ERC terms of their plan on request.
The Maxi range is available up to 49.5% loan to value (LTV) to borrowers aged up to 89 years old.
Partial repayment of the lifetime mortgage, which meets the Equity Release Council’s standards, is available from day one of the loan.
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Changes to the Maxi ERC term follow the lender’s launch of its no-ERC equity release mortgage last month.
The Maxi Zero ERC lifetime mortgage has no partial repayment limit, allowing the borrower to repay the mortgage in full at any time without incurring a penalty.
More product changes in pipeline
Ben Waugh (pictured), managing director of More2life, said: “We’re committed to ongoing product development and innovation, and we want to ensure advisers have the product choice and options they need in order to deliver a great customer outcome each and every time.
“This will not be the end of our product announcements in 2024, as we seek to continue raising the bar in the later life lending space.”
Last month, More2life announced a lifetime mortgage with no ERCs.
