The Interest Choice Plan will allow borrowers to move from a standard mortgage to a lifetime product. Phoebus has provided systems for More 2 Life since 2008.
The new product will allow customers to choose the level of interest they wish to pay and tailors products for their circumstances.
More 2 Life said it has partnered with Phoebus due to its ability to provide a flexible service for its equity release services.
Paul Hunt, managing director of Phoebus Software, said: “This is a ground breaking new product which will change the equity release space and deliver the kind of flexibility this group of homeowners need.
“The More 2 Life team is renowned in the mortgage market for being technology focused and ahead of the game with its IT. The tailor made platform we have created will be perfectly capable of dealing with the high level of demand expected.”
Jon King, managing director of More 2 Life, commented: “Since we first started working with Phoebus four years ago we have found their experience in UK mortgage process platforms to be first class.
“We wanted a bespoke software solution and Phoebus’s software is highly compatible with our business.”
