Launched in conjunction with More 2 Life’s new funder RGA, a global provider of health and life reinsurance, the product is available for homeowners aged 55 and over with properties valued between £70,000 and £5m.
It is also comes without application fees, arrangement fees or valuation fees.
Product features include:
- Minimum drawdown of £500
- Early repayment charge (ERC) exemption for those who are downsizing
- ERC exemption for joint life cases in the event of a partner passing or going into care
- Guaranteed inheritance feature, allowing borrowers to protect a percentage of their home’s future value as inheritance
- Fixed ERCs for 5-10 years
- Loan-to-value (LTV) ratios ranging from 25.5% to 54%
- Partial capital repayment option of 12% annually
Dave Harris (pictured), chief executive officer of More 2 Life commented: “At More 2 Life, we are committed to offering innovative products that will enable consumers to access the wealth stored in their properties.”
He continued: “By bringing new products and features to the market we can offer better options. Maximum Choice is a prime example of this commitment, as it has the widest range of features we have ever launched.”
“We are committed to delivering more choice to consumers and deepening the quality of advice on offer from the specialists in this market,” he added.