The firm said the Omni lifetime mortgage was “designed to reflect the evolving nature of customer needs in later life” and offers its highest loan to value (LTV) at 56.3%.
The product also comes with a six-year early repayment charge (ERC), which is the lowest available from the company, and allows clients to make 15% voluntary overpayments each year.
The loan size ranges from £20,000 up to £1.82m, with property values set between £100,000 and £3.5m. The LTV range goes from 25.5% to 55.3%.
The Omni lifetime mortgage product age limit is 89 and it accepts a wide number of property types.
This includes annexes, studio and basement flats, ex-local authority homes, modern methods of construction, multiple-title properties and single-skin wall construction, subject to selected criteria.
The lifetime mortgage also allows personal business use of part of the home, where no structural change has been made and no more than half of the property is used commercially.
It will also permit unsatisfied county court judgments (CCJs) if five or fewer are present and their combined value does not exceed £10,000. All must be settled by completion.
The deal will accept land up to 10 acres, as long as the land is “consistent with residential use” and is subject to a valuation based on five acres. Land cannot be used for agricultural purposes.
The product can be accessed through More2life’s distribution partners and sourcing systems.
Dave Harris, CEO of More2life, said: “As the later life lending market matures, advisers are rightly looking across the full spectrum of product options to deliver better outcomes for their clients.
“With Omni, we’ve built a product that responds directly to the needs advisers are seeing every day – whether that’s homes with non-standard construction, high LTVs, or those looking for greater flexibility around borrowing and repayments.”
He continued: “This product sits alongside the broadest range of later life lending products in the market, with highlights such as Flexi Interest Reward and Tailored Interest Reward, and it reinforces our long-term commitment to providing the right lifetime mortgage solutions for every type of client. But we know advisers need more than just good products, they need great tools too.
“That’s why we continue to invest in innovations like ProView, helping advisers work more efficiently, save money, drive more income through more confident recommendations and ultimately deliver good customer outcomes. We’re here to help advisers make the most of the later life market, and with Omni, we’ve given them another powerful tool to do just that.”
More2life recently launched a tailored interest reward product along with personalised equity release interest rate discounts to lifetime borrowers.
The firm will also integrate Standard Life Home Finance’s Horizon lifetime mortgage into its offering, as the latter exited the market earlier this year.
