The UK’s largest independent equity release lender, more2life, has today announced the launch of its latest product, Prime Choice, available to homeowners looking to access the wealth tied up in their homes. Prime Choice is a lump sum lifetime mortgage available for customers aged 55-84 years old, with a minimum property value of £100,000.
The newest equity release product from the lender offers customers a low rate of interest and a partial repayments. Other product features include:
- Early Repayment Charge (ERC) exemption for those who are downsizing
- An uncapped Guaranteed Inheritance Feature, allowing borrowers to protect a percentage of their home’s future value as inheritance
- Partial capital repayment option of 10% from day one
- ERC exemption for joint life cases in the event of a spouse/partner passing away or going into long term care
Prime Choice has been developed in conjunction with more2life’s latest funding partner, a large UK pension fund, and demonstrates the lender’s commitment to helping grow the later life lending market through new funding partners and product innovation.
The plan is suitable for homeowners who are looking to borrow between £10,000, up to a maximum of £600,000. The addition of Prime Choice to more2life’s product range comes after the launch of its Capital Choice Lite plans earlier this year and Maximum Choice last year.
Dave Harris, CEO at more2life, commented:
“We are committed to offering customers greater choice in the equity release market, which is why we are delighted to announce the addition of Prime Choice – and our fifth major funding partner - to our ever-expanding product range. With the equity release industry growing at an unprecedented rate, product innovation will be at the heart of expanding the market further and more2life is dedicated to being at the forefront of this.
“As a greater number of retirees realise the benefits of unlocking their property wealth to boost their income, it is vital for lenders to continue creating innovative and flexible solutions to meet the shifting needs of a growing ageing population. Through Prime Choice, we’re able to provide older homeowners with the modern lending features they want and need in order to live the retirement they deserve, and also ensure they have the finances they need to fund their later lives comfortably.”Back to newsroom