more2life launches Prime Plus and Tailored Plus
The UK’s largest independent equity release lender, more2life, has today announced the launch of two new products as it endeavours to provide greater choice and flexibility for borrowers looking to unlock their property wealth.
The lender’s new product is an update of its popular Tailored Choice plan, and is available through advisers for all homeowners aged 55 and over with a minimum property value of £70,000. It also includes modern lending features such a partial repayments to help customers manage their debt. Other product features include:
- A three-year early repayment charge (ERC) exemption for joint life cases in the event of a spouse/partner passing away or going into long term care
- A drawdown facility from just £2,000
- Cashback available for customers of up to £6,000
- The partial repayment option allows ERC-free repayments of up to 10% of the initial loan from day one (deducted from the outstanding balance), with up to six payments allowed per 12-month period
Prime Plus Lump Sum
The lender has also launched Prime Plus for all homeowners aged 60-84 years old with a minimum property value of £100,000. The newest equity release product is an update of more2life’s Prime Choice and offers customers up to 10% ERC free partial repayments each year. Other key highlights include:
- Loan to value ratios (LTVs) of up to 56%, making it one of the highest available on the market
- Uncapped inheritance protection, allowing borrowers to protect a percentage of their home’s future value as inheritance
- Partial repayments of up to 10% from day one, with payments a minimum of £50
- Early repayment charge (ERC) exemption for those who are downsizing
- Cashback available for customers of up to 3%
more2life has also updated Prime Choice which, launched earlier this year, by increasing LTVs for homeowners aged 55-59 years old by 1%, making it one of the highest LTVs available on the market for younger equity release borrowers.
The arrival of Tailored Plus and Prime Plus Lump Sum follows a series of additional launches from more2life, including its Maximum Choice Lite and Capital Choice Lite plans earlier this year.
Dave Harris, CEO at more2life, commented:
“The launch of our two new plans once again highlights our commitment to driving innovation in the market and offering clients a range of products that include a number of useful features. By working closely with advisers, we have built on our popular Tailored Choice and Prime Choice products to develop our latest offerings and meet the changing needs of today’s retirees.
“Equity release continues to be a popular solution for older homeowners who are looking to boost their income. However, in order to sustain the growth that we have seen in the market in recent years, it’s vital for lenders to continue to create innovative products with modern lending features. As an industry, we need to keep challenging ourselves to innovate and give borrowers even greater choice when accessing the wealth tied up in their homes.”
Notes to Editors
For more information, please contact:
Director of Public Relations and Public Affairs
E-mail: [email protected]
E-mail: [email protected]
Taneesha Pawar, Eve Frayling
+44 (0)203 404 7700
more2life are equity release specialists and the third largest lender in the UK. They offer plans to help homeowners unlock tax-free cash from their home to boost their finances and improve their quality of life.
Due to their extensive knowledge of customer needs, more2life has designed and produced equity release plans with the customer in mind, plans that will enhance customer's lives, releasing cash safely and efficiently. To ensure these values are upheld, the safeguards and guarantees offered by the Equity Release Council Code of Practice are core to a more2life plan.
Taking an equity release plan is one of the major decisions a customer can make and more 2 life believe that they should have the best possible choice. So, more2life plans are only offered through FCA authorised firms who have suitably qualified advisers.