End-of-life lender More2life has launched a new range of high LTV capital release products.
This range will offer LTVs of up to 31.7% for 55 year olds, up to 61.7% for flexible 84 year olds and over.
This range, known as Apex, will be available for loan amounts from £10,000 and available on properties priced between £100,000 and £1million. Interest rates on these products start at 6.88% MER.
Subscribers of these equity release products will be able to make partial repayments without penalty of up to 10% each year from the start of their contract. Borrowers will also be able to repay their loan in full, without incurring penalties after the fifth year.
More2life claims that this new range offers the highest LTV in the stock release market. The lender will gradually roll out this Apex range to the market to manage demand and build understanding among advisors.
More2life CEO Dave Harris said the company is looking to provide innovative products to the end-of-life mortgage market. He says the new line demonstrates the company’s commitment to “taking the lead” while supporting advisors and their clients.
“With a growing number of people looking to use equity release to manage their mortgages, Apex will help those who need a high LTV product with all of the modern lending flexibilities.
“We have seen substantial growth in the seniors loan market in the first half of 2022 as organizations step up their efforts to support their customers and at more2life we will continue to focus on adopting innovative approaches to meet the challenges facing the market, its advisors and its clients.”