The new plans will build upon more2life’s existing plan range, which offers customers competitive rates, a wide range of loan to values (LTVs), fixed early repayment charges and a variety of drawdown as well as lump sum plans. Other product features include ERC exemptions, the option to make partial repayments, and downsizing protection.
The new plans will be available with the same criteria and fully-automatic lending features as the rest of more2life’s Flexi Choice range. The products will be suitable for homeowners who are looking to borrow at least £10,000, up to a maximum of £1m, with LTVs ranging from 5% to 48%.
more2life’s existing Flexi Choice Lump Sum Max 1 plan features a 3.05% Monthly Equivalent Rate (MER) and 3.09% Annual Equivalent Rate (AER) when a fee is charged and a 3.08% MER and 3.12% AER when a loan is offered fee free. Details of the rates for the new lump sum only plans can be found below:
NEW FLEXI CHOICE LUMP SUM MAX PLANS
|Lump Sum Max 2 (with fee)||Lump Sum Max 2 (fee free)||Lump Sum Max 3 (with fee)||Lump Sum Max 3 (fee free)|
Today’s announcement reflects more2life’s 2020 manifesto, in which it committed to delivering the broadest range of modern lending solutions to further help advisers secure optimal outcomes for clients.
Stuart Wilson, Corporate Marketing Director at more2life, comments:
“With increasing numbers of people considering how their housing equity can support their long and short-term needs in later life, we are focussed on offering improved flexibility and support for our customers.
“Product innovation and development remain priorities at more2life and the addition of two new competitive lump sum Flexi Choice plans will help to ensure that more customers are able to find a plan which reflects their unique needs.
“Over the coming years, our aim is to continue pioneering the development of modern lending solutions to ensure advisers across the UK can secure the best possible outcomes for their clients.” Back to newsroom