Competitive LTV range and interest rates
Flexible lending options including partial capital repayments payable by Standing Order
Drawdown option available from just £500 per draw
The innovative equity release lender, more2life, has today announced the launch of Maximum Choice Lite; it's latest equity release product which offers lower rates and a wider range of loan to value (LTV) ratios.
Building on its popular Maximum Choice product portfolio, more2life is now offering Maximum Choice Lite which includes low interest rates from 4.72% MER for a one-off lump sum payment, and 4.88% MER for drawdown. An additional benefit is the range of new loan to value (LTV) ratios which range from 22.5% to 51%, enabling clients to maximise the equity in their homes.
This new product option contains all of the same modern, flexible lending features of the main plan:
- Partial repayment option of 12%, with payments of £50 or above allowed from day one, payable by cheque, debit card or standing order
- Minimum drawdown of just £500
- Early repayment charge (ERC) exemption for those who are downsizing
- Inheritance protection, allowing borrowers to protected a percentage of their home’s future value as inheritance
- Fixed early repayment charges (ERCs) for 5-10 years
- ERC exemption for joint life cases in the event of a spouse/partner passing or going into long-term care
Maximum Choice is available for homeowners aged over 55 with homes valued between £70,000 and £5m.
With this addition to their product range more2life now has the widest range of products, features and funders in the lifetime mortgage market. The lender enjoyed record growth within the last year, surpassing £2bn of total lending and this year more2life has launched its fifth product portfolio, Prime Choice, with its fifth funder.
Dave Harris, Chief Executive Officer, more2life, commented:
“The launch of Maximum Choice Lite highlights our commitment to product innovation within the equity release market, especially in the very high LTV end of the market where this product sits. It also clearly shows that we are listening to advisers and clients by providing new products to suit customer needs.
“The new LTV range provided by Maximum Choice Lite allows clients to release the most appropriate amount of equity from their home as cost effectively as possible whilst incorporating desirable product features such as early repayment charge exemptions, inheritance protection, and a low minimum drawdown. Product innovation in the equity release sector, such as Maximum Choice Lite, provides new opportunities for those either in retirement or planning their retirement finances.”