The lender said that someone aged 65 on the maximum level of impairment can now access a maximum LTV of 45.1% compared with 34% previously. For someone aged 70, LTVs are a maximum of 50% compared with 39% previously.
More 2 Life said the focus on individual underwriting, taking into account factors such as weight, smoking, general health and early retirement on ill-health grounds, enables it to offer higher LTVs.
Recent figures from the Office for National Statistics (ONS) recently showed the average 65-year-old male has 9.9 years of healthy life expectancy compared with 11.5 years for women.
The lender said this highlights the need for increased flexibility in retirement income funding.
Jon King, managing director of More 2 Life, said: “Equity release needs to adapt to changes in lifestyles and increased longevity by providing more flexible and tailored solutions.
“Customers need access to higher LTVs than are currently available and we have designed our products to meet that demand and to address the issues customers and brokers face.
“Enhanced equity release has already demonstrated its value since launch and the improvements will help drive further growth.”
More 2 Life’s product range is available to customers aged 55+ with the lowest LTVs for 55-year-olds starting at 17.6% rising to a maximum 50% at age 70.
Customers are assessed for health and lifestyle issues with LTV rates rising on the level of impairment – at age 65 LTVs range from 28.6% to 45.1%.
Its equity release loans are available with rates of between 6.99% and 7.29% on minimum property values of £70,000 with a maximum loan of £500,000.
