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More2life offers highest LTVs in equity release market

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Later life lender More2life has launched a new high-LTV equity release product range.

This range will offer LTVs of up to 31.7% for those aged 55, rising to LTVs of 61.7% for hose aged 84 or over.

This range, known as Apex, will be available for loan amounts starting from £10,000, and available on properties priced between £100,000 and £1m. Interest rates on these products are from 6.88% MER.

Those taking out these equity release products will be able to make penalty free partial repayments of up to 10% each year from the start of their contract. Borrowers will also be able pay off their borrowing in full, without incurring any penalties after year five.

More2life says this new range offers the highest LTV in the equity release market. The lender will be rolling out this Apex range to the market on a phased basis to manage demand and build understanding amongst advisers.

More2life CEO Dave Harris says the company is looking to provide innovative products to the later life mortgage market. He says this new range signals the company’s commitment to “lead from the front” while supporting advisers and their customers.

“With increasing numbers of people looking to use equity release to manage their mortgage borrowing, Apex will help those who need a high LTV product with all the modern lending flexibilities.

“We have seen substantial growth in the later life lending market in the first half of 2022 as organisations step up to support their customers and at more2life, we will continue to focus on taking innovative approaches to the challenges facing the market, its advisers and customers.”

Finopulse

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Finopulse.
Publisher: Emma Simon

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