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05.21

more2life enhances Capital Choice product suite with new plans and broader range of LTVs

Equity release lender, more2life, has today announced a range of updates to its Capital Choice product suite as it aims to provide a more competitive and broader range of lending solutions to later life borrowers. 

The product range now includes two new plans – named ‘Midi’ and ‘Max’ – and a refreshed ‘Plus’ plan, offering a greater range of loan-to-value (LTV) options and rates. As part of the update, more2life’s new ‘Max’ plan offers the highest LTV options within the Capital Choice range for clients aged under 85.

The details of the updates to more2life’s Capital Choice range can be found below:

Midi (new plan) - 
  • Available to borrowers aged 55-84
  • LTVs start at 21.5% for those aged 55, increasing to 50.5% for borrowers aged 84
  • Rates start at 3.26% MER

Max (new plan) - 
  • Three plan options available: Max 1, 2, or 3
  • Available to borrowers aged 55-84
  • LTVs start at 23.05% on Max 1, 23.53% on Max 2, and 24% on Max 3, increasing to 52.40%, 53.05%, and 53.70%, respectively – the highest LTV options within the Capital Choice range

Plus (existing plan) - 
  • Age range extended from 60-75 years old to 55-84 years old
  • New LTVs start at 23% for those aged 55, increasing to 52% for borrower aged 84
Additional benefits of the new ‘Midi’ and ‘Max’ plans include:
  • Loans available from £10,000 - £1.5m on either a lump sum or drawdown option
  • Fixed early repayment charges (ERCs) on a sliding scale of 5% in year one of the loan to 0% from year 11 onwards
  • Partial repayment options from day one
  • ERC exemption within three years of the death/admission into long-term care of first borrower in joint cases
  • Inheritance protection of up to 50% on lump sum products
  • Downsizing protection after an initial period of five years

Today’s news follows the launch of more2life’s Prime Max Lump Sum plan which offers the highest LTV in the equity release market and reaffirms the lender’s commitment to providing a range of innovative and flexible lending solutions to suit later life borrowers.
 
Stuart Wilson, Corporate Marketing Director at more2life, comments: “We are proud of the range of options that our Capital Choice plans offer and today’s raft of updates provides additional flexibility and choice for the older homeowners – and the advisers who support them.
 
“A broader range of plans and LTVs marks an exciting step in more2life’s development, as well as the wider later life lending industry’s growth.   We hope that advisers will welcome today’s news as an opportunity for them to further support older clients and provide this cohort with practical solutions that suit their modern-day needs.” 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.