The Apex Zero product has been designed for borrowers who expect their circumstances to change within the period ERCs would typically apply.
The range is open to borrowers aged between 55 and 95 years old, with loan to values (LTVs) between 23% and 51% on both a joint and single life basis. It has an interest rate of 9.24% monthly equivalent rate (MER).
Borrowers can make unlimited optional repayments at any time during the loan term without incurring penalties, with a minimum monthly payment of £50. The ERC exemption window is indefinite for joint life cases, enabling the second borrower to repay the full balance without any ERCs when the first borrower dies or enters long-term care.
The lifetime mortgage is available solely on a lump sum basis and offers further advance options, as well as downsizing protection from day one.
There is an arrangement fee of £1,495 on initial advances and £395 on further borrowing.
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Dave Harris, CEO of More2life, said it was “exciting” to continue innovating in the later life lending space and response to feedback from advisers.
He added: “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.”
In 2024, More2life launched Maxi Zero, its ERC-free product.
