more 2 life adds drawdown option to Capital Choice Plan

more 2 life’s existing Capital Choice Plan is a lump sum lifetime mortgage with a flexible partial capital repayment option. The changes mean that rather than taking the entire sum immediately and paying interest on it, customers can draw down part of their loan as and when they need it.

The Capital Choice Plan also offers downsizing protection as well as a built-in guaranteed inheritance feature that allows borrowers to protect up to 50% of the value of their property on lump sum plans.

Dave Harris, CEO at more 2 life, commented: “At more 2 life, we are continually striving to make sure that we’re offering clients a range of products that include both useful and practical features. As such, it is great to be able to announce this new feature on our Capital Choice Plan as we continue to work closely with our intermediaries to develop products that they and their clients want. By offering a new drawdown feature, we aim to provide older homeowners with the flexibility they want and need.

“The equity release market has experienced record-breaking levels of growth recently, but it’s vital that we continue to drive innovation in the sector. Innovative products with an increasing number of options will help more retirees’ access the wealth tied up in their homes and more 2 life intends to be at the forefront of these exciting market developments.”