More 2 Life increases maximum LTVs

Maximum LTVs have been raised to 55% with the gap between a typical equity release plan at age 60 and enhanced Equity release now 9%, with customers who qualify for enhanced deals able to withdraw a maximum 29%.

The increase in LTVs is across all age ranges starting from 24% at age 55 and rising to 55% at age 86.

More 2 Life increased LTVs following strong demand for its products which offer brokers efficient online decisions on whether customers qualify for enhanced rates.

The lender, which secured a 6% market share in the first quarter of 2011, estimates around 25% of equity release customers would qualify for enhanced terms.

Jon King, managing director of More 2 Life, said: “Enhanced equity release is showing strong demand and we are committed to maintaining our market-leading role having created the market with our launch last year.

“Our online systems enable us to give brokers a quick decision on whether customers qualify for enhanced terms and that in turn enables us to regularly review our product range and improve terms where possible.”