More 2 Life has announced its Maximum Choice equity release product, offering rates of 5.65% for a one-off lump sum payment and 5.85% for drawdown.
All the product’s options are free to enter and come without application fees, arrangement fees or valuation fees.
Other product features include:
- Minimum drawdown of £500
- Early Repayment Charge (ERC) exemption for those who are downsizing
- Guaranteed Inheritance Feature, allowing borrowers to protected a percentage of their home’s future value as inheritance
- Fixed Early Repayment Charges (ERCs) for 5-10 years
- Loan to value (LTV) ratios ranging from 25.5% to 54%
- Partial capital repayment option of 12%
- ERC exemption for joint life cases in the event of a spouse/partner passing or going into long term care
Maximum Choice is available for homeowners aged over 55 with homes valued at between £70,000 and £5m.
Dave Harris, CEO of More 2 Life, said: “At More 2 Life, 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. 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.”