Its Tailored Plus plan is an update of its Tailored Choice product and is available through advisers for all homeowners aged 55 and over with a minimum property value of £70,000. It now includes a flexible partial repayment option to help customers manage their debt.
Other product features include a three-year early repayment charge (ERC) exemption for joint life cases in the event of a spouse/partner passing away or going into long term care.
The parts of the plan which were not available on the old Tailored Choice product include: cashback of up to £6,000; and the partial repayment option which allows ERC-free repayments of up to 10 per cent of the initial loan from day one, with up to six payments allowed per 12-month period.
The new Prime Plus Lump Sum plan is for all homeowners aged 60-84 years old with a minimum property value of £100,000. This is an update of More 2 Life’s Prime Choice offering and offers a flexible partial capital repayment option.
The product also includes loan to value ratios (LTVs) of up to 56 per cent; an uncapped guaranteed inheritance feature, allowing borrowers to protect a percentage of their home’s future value as inheritance; and a partial capital repayment option of 10 per cent from day one, with minimum payments of £50.
There is an ERC exemption for those who are downsizing as well as cashback for customers of up to three per cent.
More 2 Life has also updated its Prime Choice product by increasing LTVs for homeowners aged 55-59 years old by one per cent.
Dave Harris (pictured), CEO at More 2 Life, said it worked closely with advisers to build its existing products and develop its latest offerings in order to “meet the changing needs of today’s retirees”.
“Equity release continues to be a popular solution for older homeowners who are looking to boost their income. However, in order to sustain the growth that we have seen in the market in recent years, it’s vital for lenders to continue to create innovative products with modern lending features.
“As an industry, we need to keep challenging ourselves to innovate and give borrowers even greater choice when accessing the wealth tied up in their homes.”