Equity release lender, more2life, has widened its extensive portfolio once again with the launch of its latest plan, Prime Max Lump Sum, offering the highest loan-to-value (LTV) available in the equity release market today. The new plan is available for up to 58% LTV and open to borrowers between the ages of 55 and 84, sitting within more2life’s ‘Prime’ product range.
more2life’s Prime Max Lump Sum plan offers fixed early repayment charges (ERCs) and rates starting from 6.64% MER and 6.85% AER, which reflect the market leading LTVs. Loans between the value of £10,000 and £600,000 are currently available with this plan.
Additional highlights of Prime Max Lump Sum include:
• 10% partial annual repayments without charge
• ERC exemption within 3 years of the death/admission into long-term care of first borrower in joint cases
• Inheritance protection
• Downsizing protection
This news follows the launch of more2life’s Prime Lite Lump Sum 3 & 4 plans, which offer rates from 4.36% MER and LTVs between 25.5% - 47.5%. As stated in its latest manifesto, more2life is committed to developing a wider range of innovative and flexible lending solutions to suit borrowers in later life – a focus that has been highlighted by the announcement today.
Stuart Wilson, Corporate Marketing Director at more2life, comments:
“This latest product launch is reflective of our commitment to helping advisers and their clients through the current crisis and beyond. As part of that aim, we are continually developing new products that suit the complex financial situations that many later life borrowers now find themselves in, particularly as a result of the pandemic. Ultimately, this will enable more advisers serving the equity release market to secure optimal results for their clients.
“Being able to offer the highest LTV in the lifetime mortgage market through our Prime Max Lump Sum plan is something we are incredibly proud of, and we are confident that this added flexibility within our Prime range will be met with great enthusiasm by advisers supporting clients in later life. Helping the adviser community in their conversations with older homeowners, particularly those who are unsure about their financial situation, is our top priority, so providing solutions that will enable them to do this effectively will continue to be a key focus for us.”
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