more2life has added two lump sum plans to its Flexi Choice range.

The Flexi Choice range is available to customers aged 65 and over.

The two additional plans are named Flexi Choice Lump Sum Max 2 and Flexi Choice Lump Sum Max 3.

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The Flexi Choice Lump Sum Max 2 product features a 3.51% monthly equivalent rate (MER) and 3.57% annual equivalent rate (AER) when a fee is charged, and a 3.54% MER and 3.60% AER when a loan is offered fee-free.

Meanwhile, the Flexi Choice Lump Sum Max 3 includes a 4.11% MER and a 4.19% AER, when a fee is applied, and a 4.14% MER and a 4.22% AER when fee-free.

According to the lender, the new products build upon its existing product range, which offers customers a wide range of loan-to-values (LTVs), fixed early repayment charges (ERCs) and a variety of drawdown as well as lump sum plans.

In addition, the products feature ERC exemptions, the option to make partial repayments, and downsizing protection.

Furthermore, the products will be suitable for homeowners who are looking to borrow at least £10,000, up to a maximum of £1m, with LTVs ranging from 5% to 48%.

Stuart Wilson, corporate marketing director at more2life, said: “With increasing numbers of people considering how their housing equity can support their long and short-term needs in later life, we are focussed on offering improved flexibility and support for our customers.

“Product innovation and development remain priorities at more2life and the addition of two new competitive lump sum Flexi Choice products will help to ensure that more customers are able to find a plan which reflects their unique needs.

“Over the coming years, our aim is to continue pioneering the development of modern lending solutions to ensure advisers across the UK can secure the best possible outcomes for their clients.”