more 2 life has cut rates to 4.49% on its Capital Choice Plan and is waiving the arrangement fee for applications received before the end of September.
Stuart Wilson, channel marketing director at more 2 life, said: “It is great to be in a position to reduce rates on our Capital Choice Plan even further, as this decision clearly demonstrates our commitment to putting our customers first.
“The waiver of the arrangement fee will enable more consumers to use our service and allow them to enjoy all the benefits of an equity release deal. We will continue to offer competitive deals for our intermediaries and their clients to ensure there is a wide range of choice out there in the market.”
The waiving of arrangement fees till the end of September will save customers £500. There is also a cashback option that gives clients a further 2% of their loan as a cash sum with a rate of just 4.99% MER, for loans over £35,000.
more 2 life predicts that the equity release market is likely to see a record-breaking year in 2016 with over £2bn of wealth unlocked. This is due partly to an increase in the number of brokers advising on equity release, competition from new lenders and an ever expanding range of products entering the market.