The ‘prime max lump sum’ product is open to borrowers aged between 55 and 84.
Rates begin at 6.64 per cent for a monthly equivalent rate (MER) and 6.85 per cent for an annual equivalent rate (AER). It also has fixed early repayment charges.
Loans sizes of between £10,000 and £600,000 are available.
Partial annual repayments of 10 per cent are permitted without additional charges. The product also offers inheritance and downsizing protection.
Stuart Wilson (pictured), corporate marketing director at More 2 Life, said the product was reflective of the lender’s commitment to helping advisers and their clients through the pandemic.
He added: “As part of that aim, we are continually developing new products that suit the complex financial situations that many later life borrowers now find themselves in, particularly as a result of the pandemic.
“Being able to offer the highest LTV in the lifetime mortgage market through our prime max lump sum plan is something we are incredibly proud of, and we are confident that this added flexibility within our prime range will be met with great enthusiasm by advisers supporting clients in later life.”
Wilson said: “Helping the adviser community in their conversations with older homeowners, particularly those who are unsure about their financial situation, is our top priority, so providing solutions that will enable them to do this effectively will continue to be a key focus for us.”
