Equity release lender more 2 life has launched its lowest ever lifetime mortgage rate with a new monthly interest rate of just 4.69% on its Capital Choice Plan.
It is the latest innovation from the UK’s third largest lender, which has enjoyed record growth in 2016. As at the end of Q2, more 2 life had doubled its market share by volume compared to the same period in 2015 and this in line with the market in general which is on course for another record-breaking year of lending.
Stuart Wilson, channel marketing director at more 2 life, said: “At more 2 life, we are committed to offering innovative products that will enable consumers to access the wealth stored in their properties. By bringing new products and features to the market we are able to offer better options, and the Capital Choice Plan is a prime example of this, with it offering the best partial capital repayment option currently available on the market.
“Our recent rate reduction to just 4.69% clearly demonstrates our competitiveness in the market and we will continue to offer the very best deals for our intermediaries and their clients.”
With more funders and lenders entering the market and prices beginning to fall, 2016 is likely to be a record-breaking year for the market, with more 2 life predicting over £2 billion of wealth being unlocked by the end of the year.