Equity release lender more 2 life has launched its Prime Choice product, a lump sum lifetime mortgage available for customers aged 55-84 years old, with a minimum property value of £100,000.
The product offers customers a low rate of interest and a flexible partial capital repayment option. There’s an early repayment charge (ERC) exemption for those downsizing and a partial repayment option of 10% from day one.
Dave Harris, chief executive at more 2 life, said: “We are committed to offering customers greater choice in the equity release market, which is why we are delighted to announce the addition of Prime Choice – and our fifth major funding partner – to our ever-expanding product range.
“With the equity release industry growing at an unprecedented rate, product innovation will be at the heart of expanding the market further and more 2 life is dedicated to being at the forefront of this.
“As a greater number of retirees realise the benefits of unlocking their property wealth to boost their income, it is vital for lenders to continue creating innovative and flexible solutions to meet the shifting needs of a growing ageing population.
“Through Prime Choice, we’re able to provide older homeowners with the modern lending features they want and need in order to live the retirement they deserve, and also ensure they have the finances they need to fund their later lives comfortably.”
The plan is suitable for homeowners who are looking to borrow between £10,000, up to a maximum of £600,000.
There is an uncapped guaranteed inheritance feature, allowing borrowers to protect a percentage of their home’s future value as inheritance.
In addition, the product has an ERC exemption for joint life cases in the event of a spouse/partner passing away or going into long-term care.
Prime Choice has been developed in conjunction with more 2 life’s latest funding partner, a large UK pension fund.