The lender’s popular equity release plan, Capital Choice, now offers lower rates option alongside market-leading product features
New products have a monthly interest rate as low as 4.02% for lump sum and 4.32% for drawdown plans
The UK’s third largest equity release lender, more2life, has today announced the launch of its ‘Capital Choice Lite’ plans, offering customers the lowest monthly interest rates (MER) within the Capital Choice range of drawdown and lump sum plans. The new products are available through advisers for all homeowners aged 55 and over, providing greater choice for borrowers to access their property wealth at lower rates.
Capital Choice Lite offers borrowers new rates and loan to values (LTVs), enabling them to release equity from their homes at an MER as low as 4.02% for lump sum and 4.32% for drawdown plans. Like the current variants of Capital Choice, Capital Choice Lite comes with the following features as standard; fixed early repayment charges, partial repayments from day one, downsizing protection and inheritance protection of up to 50% (lump sum plans only).
The plans are suitable for homeowners who are looking to borrow between £15,000, up to a maximum of £1.5m, with the ability to make partial capital repayments from day. Homeowners also have the option of the drawdown plan if they would like to take out further draws from their facility from just £2,000 up to a maximum drawdown of double the initial loan amount.
Dave Harris, CEO at more2life, commented:
”At more2life, we are driving innovation in the market and are continually striving to offer customers the widest range of products that have practical features. As such, we are delighted to announce the launch of our Capital Choice Lite products, which look to build on the popularity of our Capital Choice plan and meet the needs of the growing equity release market. We have worked closely with advisers to develop products that their clients want and that provide them with the flexibility they need.
”The lifetime mortgages market has experienced a staggering 25% annual increase in new loans over the last year, according to the Equity Release Council’s Spring Market Report. In order to continue this robust growth, the industry must continue to focus on creating innovative products with the modern lending features. Due to increased competition in the market this has driven equity release interest rates to some of the lowest they’ve ever been. Increased product innovation gives borrowers more choice when accessing the wealth tied up in their homes – and more2life intends to be at the forefront of these exciting market developments.”
Notes to Editors
For more information, please contact:
Director of Public Relations and Public Affairs
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E-mail: [email protected]
Hannah Polson, Taneesha Pawar
+44 (0)207 440 8672
Part of Key Group, more2life is one of the UK’s three largest equity release lenders with application levels reaching more than £1billion in 2018.
They offer a range of innovative equity release products with features that are tailored to help customers access their housing equity in a way which is best suited to their individual circumstances.
Constantly pushing for the later life market to evolve, more2life believes that a strong vibrant adviser community is vital to growing the sector and ensuring older customers can access their equity in a safe sustainable manner.
A committed advice advocate, more2life supports advisers with a range of tools, on demand webinars and technological advancements focused on helping them to better service the evolving needs of their clients.