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12.20

more2life bolsters Flexi Choice range with two new lump sum plans

Equity release lender more2life has today announced the launch of two new lump sum plans within its Flexi Choice range for customers aged 65 and over. The two additional plans – named Flexi Choice Lump Sum Max 2 and Flexi Choice Lump Sum Max 3 – will sit alongside the existing Lump Sum Max 1 option and further support older borrowers looking for innovative and flexible lending solutions.

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)
MER* 3.51% 3.54% 4.11% 4.14%
AER* 3.57% 3.60% 4.19% 4.22%
*Correct at time of publication, 01/12/20


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
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This website is intended for intermediaries only and has not been approved for customer use. more2life Limited. Registered in England No 5390268. Registered Office: Baines House, 4 Midgery Court, Fulwood, Preston PR2 9ZH. more2life is authorised and regulated by the Financial Conduct Authority.