Equity release lender more 2 life has launched a maximum choice lite product.
This includes interest rates from 4.56% MER for a one-off lump sum payment and 4.71% MER for flexible drawdown. It covers a range of new loan-to-value (LTV) ratios, from 22.5% to 51%.
Dave Harris, chief executive officer, more 2 life, said: “The launch of maximum choice lite highlights our commitment to product innovation within the equity release market, especially in the very high LTV end of the market where this product sits.
“It also clearly shows that we are listening to advisers and clients by providing new products to suit customer needs.
“The new LTV range provided by maximum choice lite allow clients to release the most appropriate amount of equity from their home as cost effectively as possible whilst incorporating desirable product features such as early repayment charge exemptions, guarantee inheritance protection and a low minimum drawdown.
“Product innovation in the equity release sector, such as maximum choice lite, provides new opportunities for those either in retirement or planning their retirement finances.”
It’s available for homeowners aged over 55 with homes valued at between £70,000 and £5m.
There’s a partial capital repayment option of 12%, with payments of £50 or above allowed from day one, payable by cheque, debit card or standing order, a minimum drawdown of just £500.
There is also a guaranteed inheritance feature, allowing borrowers to protected a percentage of their home’s future value as inheritance.
The product comes with fixed early repayment charges (ERCs) for five to 10 years, an ERC exemption for joint life cases in the event of a spouse/partner passing or going into long-term care and an ERC exemption for those who are downsizing.