For an applicant aged 70, the product will offer a maximum LTV of 47.2 per cent, with the option of a fees package offering an additional five per cent cashback additionally increasing the maximum available borrowing.
The addition to the Heritage range is available on the lender’s core products and offers maximum LTVs of up to 57 per cent depending on the applicants’ age.
The product will have a minimum age of 60 and a maximum of 85, or 80 if the applicant chooses the five per cent cashback option, with a minimum property value of £100,000 and no maximum. The product offers minimum loans of £10,000, or £20,000 if a cashback option is selected, with a maximum loan facility of £800,000. It also has drawdown and porting facilities and the ability to choose between fixed and variable early repayment charges (ERCs).
Moneyfacts confirmed today that More2Life offers the highest listed LTV on the market at 59.28 per cent with One Family on the market with 58.5 per cent.
Head of product Brendan Gilligan (pictured), said: “In an increasingly diverse market, it’s really important – and gratifying – to be able to continue to offer new and innovative products, including those with high LTVs. The new addition to our Heritage range acknowledges and recognises that people are looking to release larger sums of money, whether that’s to help family members via gifting, improve their homes, or to support their lifestyle. It underlines our commitment to providing attractive solutions to fit a range of circumstances, and offers advisers another great option to offer their clients.”
Meanwhile, Anna Thompson was promoted to sales operations manager at the start of the year and in October 2021, Pure Retirement launched the Emerald range giving customers the option to repay up to 12 per cent of the initial amount borrowed annually with no early repayment charge (ERC). The product targets those aged between 55 to 95 for properties valued between £120,000 and £2m.