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More 2 Life drops early repayment charges for bereaved spouses

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  • 19/02/2018
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More 2 Life drops early repayment charges for bereaved spouses
More 2 Life is allowing surviving spouses to repay their loan within three years of the death of their partner, without incurring an early repayment charge (ERC).

The option is being introduced on its equity release Capital Choice Plan for joint borrowers and is the first time the lender has offered this feature on any of its products.

It said the option would allow borrowers more flexibility should they want to sell their home, for example, if they would prefer to downsize in the event that their partner passes away.

More 2 Life CEO Dave Harris (pictured) said he was pleased to be introducing the feature to help clients.

“The equity release market saw record levels of growth in 2017. However, it is vital for lenders to drive innovation in the market further to enable more borrowers to access the equity locked in their property,” he said.

“All the signs are pointing towards equity release becoming a more mainstream approach of accessing cash during retirement. Therefore, it is imperative older borrowers have a greater range of options available to choose from, which will provide them with the flexibility they require.

“Lenders must ensure they are continually innovating to both launch new products and enhance their current offerings to include valuable features for clients,” he added.

Following the launch of Octopus Lifestyles, Simon Chalk, managing director of later life lending broker Later Living Now, urged the sector to continue to innovate and create products for this growing section of the population.

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