With £250m in funding, More 2 Life, owned by Key Retirement Solutions Group, is the first equity release lender to rejoin the market after what it described as a ‘turbulent two years’.
Released on 1 June, the equity release product is exclusively distributed through brokers and offers enhanced terms for customers with medical or lifestyle impairments, such as heart conditions, high blood pressure, smokers and cancer.
Available at high LTVs, the deal has an initial rate of 6.99% to 7.49%, offering a minimum initial cash release of £15,000 and minimum further advance of £10,000 on properties worth over £70,000.
Partnership estimates that around 30% of the over 60s will qualify for the new product.
Paul Wilson, managing director of More 2 Life, said: “The proposition will bring a streamlined enhanced lifetime mortgage option, which could be as crucial to the equity release sector as has been achieved in the annuity sector.”
Andrea Rosario, director-general of Safe Home Income Plans (SHIP), said: “It is great that More 2 Life has a product with so many exclusive features. The flexibility this offers, along with an equity protection element, is important.”
