Equity release lender More 2 life has launched an equity release product called ‘maximum choice’, offering rates of 5.65% for a one-off lump sum payment and 5.85% for drawdown.
Maximum choice is available for homeowners aged over 55 with homes valued at between £70,000 and £5m.
All maximum choice options come without application fees, arrangement fees or valuation fees. Other product features include a minimum drawdown of just £500 and an early repayment charge exemption for those who are downsizing.
There’s a guaranteed inheritance feature, allowing borrowers to protect a percentage of their home’s future value as inheritance.
Dave Harris, chief executive officer, more 2 life, said: “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 can offer better options. Maximum choice is a prime example of this commitment, as it has the widest range of features we have ever launched.”
There’s fixed ERCs for five to 10 years, loan-to-value ratios ranging from 25.5% to 54% and a partial capital repayment option of 12%.
There is also ERC exemption for joint life cases in the event of a spouse or partner passing or going into long term care.
Harris added: “We are committed to delivering more choice to consumers and deepening the quality of advice on offer from the specialists in this market.
“We’ve been able to launch maximum choice in conjunction with our new funder, RGA, which is a global leader in health and life reinsurance.
“This new funder has enabled us to be even more innovative and offer advisers and consumers the broadest choice possible and the very best deals. The breadth and diversity of our funding power is second to none in this market and will provide the fuel for further product innovation.”