more 2 life launches new lump sum equity release product

The product is available for customers aged 55-84 years old, with a minimum property value of £100,000.

Prime Choice also offers an uncapped guaranteed inheritance feature and an ERC exemption for downsizers and joint life cases where a partner passes away or goes into long term care.

The plan is suitable for homeowners who are looking to borrow between £10,000, up to a maximum of £600,000.

Dave Harris, CEO at more 2 life, commented: “We are committed to offering customers greater choice in the equity release market, which is why we are delighted to announce the addition of Prime Choice – and our fifth major funding partner - to our ever-expanding product range. With the equity release industry growing at an unprecedented rate, product innovation will be at the heart of expanding the market further and more 2 life is dedicated to being at the forefront of this.

“As a greater number of retirees realise the benefits of unlocking their property wealth to boost their income, it is vital for lenders to continue creating innovative and flexible solutions to meet the shifting needs of a growing ageing population. Through Prime Choice, we’re able to provide older homeowners with the modern lending features they want and need in order to live the retirement they deserve, and also ensure they have the finances they need to fund their later lives comfortably.”