The new plans which provide LTVs of up to 59.28% and are open to borrowers between the ages of 55 and 95, sit within more2life’s wider ‘Maximum’ product suite which now includes 8 plan options. The new plans offer fixed early repayment charges (ERCs) and rates starting from 4.78% MER on loans between £10,000 and £750,000, against properties valued from £100,000 to £1,000,000.
Clients also benefit from downsizing protection, the ability to make up to 12% partial penalty free capital repayments from day one and ERC exemption on death or admission into long-term care in joint cases.
Today’s news follows the launch of more2life’s Prime Max Lump Sum product in April, which offers LTVs up to 58%. more2life remains committed to extending its range of flexible lending solutions to suit borrowers in later life and looks forward to introducing additional plans in the coming months.
Stuart Wilson, Corporate Marketing Director at more2life, comments: “Today’s product announcement reinforces our commitment to delivering a competitive and market-leading proposition to our adviser partners and their clients. By offering the highest LTV available in the lifetime mortgage market, we are confident that advisers serving older borrowers will be better equipped to support this demographic with their later life lending needs. Over the coming months, enhancing our proposition with this end goal in mind will continue to be a focus for us and we look forward to adding new plans to our extensive product range soon.”
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