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More2life ups max LTV for Flexi Choice products

  • 15/04/2024
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More2life ups max LTV for Flexi Choice products
Later life lender More2life has increased the maximum loan to value (LTV) across all age bands in its Flexi Choice range for equity release deals.

The higher LTV option from More2life aims to help brokers “secure better and more affordable long-term outcomes for borrowers”.

The plan has two options: Flexi Choice for properties up to £2m, and Flexi Choice Premier for properties over £2m.

The maximum LTV will be 48%, which is for single life cases aged 80-plus, and loans range from £10,000 to £960,000.

The product comes with fixed early repayment charges (ERCs) and a three-year compassionate clause.

There is the ability to make ad-hoc repayments of up to 10% of the total cash advanced each 12-month period.

Ben Waugh (pictured), managing director at More2life, said: “As the later life lending sector evolves, we are continually expanding our support for advisers by making our market-leading range of low-rate products more readily available to those who need them most, no matter their stage in life or entry point into the later life mortgage journey.

“Not only are the rates once again among the lowest in the market for this product type, but Flexi Choice also travels with our ‘Core 4’ features: fixed ERCs, partial repayments from day one, downsizing protection, and ERC exemption for three years following death or entry into long-term care alongside a free Energy Performance Certificate [EPC], making it a compelling choice for suitable customers.

“As the industry continues to set new benchmarks for affordability-centred customer service, we look forward to working closely with a wide range of advisers to support their clients’ growing needs.”

More2life has expanded its range of high loan-to-value (LTV) deals, including its Tailored Enhanced and Maxi Choice propositions.

The firm also launched its flexible payment term lifetime mortgage product earlier this year to close the gap between an interest-serving and roll-up lifetime mortgage.

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