Its range allows for a maximum loan of £1.5 million
Later life lender more2life has released an expanded range of high lifetime value (LTV) products for clients.
The offerings include Tailor Enhanced, which is designed to rid clients of complicated paperwork. Through the product, eligible clients to answer 13 medical and lifestyle questions. Once the questionnaire is processed, clients can access enhanced LTVs up to 54%.
The product is available for clients who meet one or more of a set number of conditions including:
- The client is an active smoker
- The client has experienced cardiovascular problems
- The client has a formal diagnosis of angina
more2life also announced the Maxi Choice range, which is for older borrowers in the UK market. In this offering, the later life lender will relaunch its Max Super 1 and Super 2 products. The maximum age on all Maxi plans will be changed to 89-years-old and 364 days from 84 years-old.
Additionally, the maximum loan will increase to £1.5 million from £950,000, with the maximum property value being uncapped.
More2life also announced that drawdown plans will be relaunched, with all Maxi plan rates decreasing to widen access to the product.
Managing Director Ben Waugh (pictured) said borrowers should have access to a wide range of competitive LTV options as more older UK homeowners use equity release to improve their financial income and fund financial gifts for younger relatives.
“At more2life, we pride ourselves on providing a wide range of options for customers, and the relaunch of our Tailored Enhanced and Maxi Choice ranges is the latest step in our long-term strategy to set a new benchmark in later life lending offerings,” Waugh said.
“Product ranges will continue to evolve, so customers must seek a comprehensive conversation with an expert, who can often provide access to suitable products that are otherwise unavailable on the direct market,” he added.
The new more2life products are available through the company’s fastpath system.
