More2life has relaunched two high loan-to-value product later life ranges.
The lender says its Tailor Enhanced deals will provide eligible clients with expanded access to some of the highest LTVs available in the market.
The product sets aside complicated paperwork and instead requires the clients to answer thirteen medical and lifestyle questions, which can allow borrowers to gain access to LTVs at up to 54%.
Areas covered include:
- If the client is an active smoker
- If the client has experienced cardiovascular problems
- If the client has a formal diagnosis of angina
The firm will also roll out its Maxi Choice range, aimed at older UK borrowers across the UK market.
Its Max Super 1 and Super 2 products will be relaunched, with the maximum age on all Maxi plans jumping to 89 years and 364 days old from 84 years.
The maximum size of the loan for this product will rise to £1.5m from £950,000, while the maximum property value will be uncapped.
Drawdown plans will also be relaunched. All Maxi plan rates have also decreased, widening access to the product.
More2life managing director Ben Waugh says: “As more and more older UK homeowners look to use equity release as a tool to enhance their income and fund financial gifts for younger relatives, it’s important that borrowers can access a wide spectrum of competitive LTV options.
“At more2life, we pride ourselves on providing a wide range of options for customers, and the relaunch of our Tailored Enhanced and Maxi Choice ranges is the latest step in our long-term strategy to set a new benchmark in later life lending offerings.
“Product ranges will continue to evolve, so customers must seek a comprehensive conversation with an expert, who can often provide access to suitable products that are otherwise unavailable on the direct market.”