More2life is adding a sixth range to its product proposition with the launch of Apex.
Designed to service those who need an equity release product with a high LTV, Apex is at the ‘pinnacle’ of all products for this segment currently available on the market. Initial LTVs are up to 31.7% for those aged 55 and up to 61.7% for those aged 84.
Apex is available to those aged between 55 and 84, loan amount begins from £10,000, with property values starting from £100,000 to £1,000,000. At launch the interest rates are from 6.88% MER.
In line with the Equity Release Council’s fifth standard launched in April 2022, the range offers the ability to make penalty free partial repayments of up to 10% each year from Day 1. Apex also offers the lowest fixed early repayment charge (ERC) period with clients able to pay off their borrowing without incurring any penalties after year five.
More2life claims that Apex offers the highest LTV in the equity release market. The lender plans to roll Apex out to the market on a phased basis to manage demand and build understanding amongst advisers.
Dave Harris (pictured), CEO at more2life, said: “Providing innovative products to the later life mortgage market is something which more2life has always prioritised. By adding another range to our product roster, it firmly positions us to lead from the front and signals our commitment to better supporting advisers and their customers.
“With increasing numbers of people looking to use equity release to manage their mortgage borrowing, Apex will help those who need a high LTV product with all the modern lending flexibilities. The market leading five-year ERC period combined with the ability to make capital repayments will provide customers with a host of options to choose from as they discuss their options with their adviser.
“We have seen substantial growth in the later life lending market in the first half of 2022 as organisations step up to support their customers and at more2life, we will continue to focus on taking innovative approaches to the challenges facing the market, its advisers and customers.”