Lifetime mortgage lender more2life has added a 58% loan-to-value (LTV) product, which it claims is the highest LTV currently in the market.
The Prime Max Lump Sum is open to borrowers between the ages of 55 and 84, sitting within more2life’s ‘Prime’ product range; more2life’s product plan offers fixed early repayment charges (ERCs) and rates starting from 6.64% MER and 6.85% AER.
Loans between the value of £10,000 and £600,000 are currently available with this product, which also allows for 10% partial annual repayments without charge, ERC exemption within three years of the death or admission into long-term care of first borrower in joint cases, inheritance protection and downsizing protection.
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Stuart Wilson, corporate marketing director at more2life, said: “This latest product launch is reflective of our commitment to helping advisers and their clients through the current crisis and beyond.
“As part of that aim, we are continually developing new products that suit the complex financial situations that many later life borrowers now find themselves in, particularly as a result of the pandemic.
“Ultimately, this will enable more advisers serving the equity release market to secure optimal results for their clients.
“Being able to offer the highest LTV in the lifetime mortgage market through our Prime Max Lump Sum plan is something we are incredibly proud of, and we are confident that this added flexibility within our Prime range will be met with great enthusiasm by advisers supporting clients in later life.
“Helping the adviser community in their conversations with older homeowners, particularly those who are unsure about their financial situation, is our top priority, so providing solutions that will enable them to do this effectively will continue to be a key focus for us.”