Equity release lender more 2 life has unveiled a drawdown product and a lump sum plan.
The tailored plus plan is the lender’s new drawdown product and is an update of its tailored choice plan.
It is available through advisers for all homeowners aged 55 and over with a minimum property value of £70,000.
The lender has also launched its lump sum plan, prime plus, for all homeowners aged 60-84 years old with a minimum property value of £100,000. This is an update of its prime choice product.
Dave Harris, chief executive at more 2 life, said: “The launch of our two new plans once again highlights our commitment to driving innovation in the market and offering clients a range of products that include a number of useful features.
“By working closely with advisers, we have built on our popular tailored choice and prime choice products to develop our latest offerings and meet the changing needs of today’s retirees.
“Equity release continues to be a popular solution for older homeowners who are looking to boost their income.
“However, in order to sustain the growth that we have seen in the market in recent years, it’s vital for lenders to continue to create innovative products with modern lending features.
“As an industry, we need to keep challenging ourselves to innovate and give borrowers even greater choice when accessing the wealth tied up in their homes.”
The tailored plus plan product has a drawdown facility from £2,000 with cashback available for customers of up to £6,000.
It also includes a flexible partial repayment option to help customers manage their debt.
There is a 3-year ERC exemption for joint life cases in the event of a spouse/partner passing away or going into long-term care.
The partial repayment option allows ERC-free repayments of up to 10% of the initial loan from day one deducted from the outstanding balance, with up to six payments allowed per 12-month period.
The prime plus plan has a partial capital repayment option of 10% from day one with payments of minimum £50 and there is cashback available for customers of up to 3%.
LTVs of up to 56% are available and an early repayment charge exemption for those downsizing.