More2life has expanded the distribution footprint of its Flexi-Choice equity release plan.
This will see the number of advisers able to offer the plan to their customers rise from 500 to over 4,500.
The plan is offered in two variants, Flexi-choice (properties up to £2 million) and Flexi-Choice Premier (properties over £2 million). These offer customers a range of benefits in addition to what the lender claims to be the lowest rates on the market (from 6.03% MER / from 6.01% MER for Premier) including:
- A service promise which guarantees a 10-day application to offer process, with the customer receiving £500 if more2life fails to meet this deadline. In addition, if the subsequent completion date is moved by more2life, the client receives an additional payment of £200
- Loan to Values (LTV) between 6% and 46%
- Free Energy Performance (EPC) certificate on completion to help customers better understand how to improve their energy efficiency
- Loans from £10,000 to up to £1 million (£2million on Flexi-Choice Premier)
- Fixed early repayment charges (ERCs) as well as a three-year Compassionate Clause
- Ability to make ad hoc repayments of up to 10% of the total cash advanced in each 12-month period
Ben Waugh (pictured), managing director at more2life, said: “With the recent figures from the Equity Release Council highlighted that we are starting to see green shoots in the market, more2life is keen to support advisers as they speak to customers by making this market-leading plan more readily available.
“Not only are the rates the best on the market but Flexi-Choice also offers a Service Promise, free Energy Performance Certificates and Fixed ERCs as well. This is a particularly compelling offering when rising rates mean that customers are scrutinising product flexibilities more than ever.
“We look forward to working closely with a wider range of advisers to support their clients’ growing needs.”
