More 2 Life cuts equity release rates

The rate cut takes effect from July 16th for both drawdown and lump sum business with loan-to-value rates starting at 30% at age 70 and rising to 50% at age 90.

More 2 Life’s protected equity guarantee adjusts the LTV in line with the customer’s age if they withdraw more money and also protects against falls in property values of up to 5%.

The innovative lender has built a 14% market share of lump sum business through advisers in the three months to March 31st due mainly to higher loan-to-value deals available through enhanced equity release.

Jon King, Managing Director of More 2 Life, said:

"The advantages of protected equity guarantees is a major driver for standard equity release products and we’ve cut rates again to increase the focus on them. The equity release market is continuing to gain momentum and by offering a diversified product, we are helping to drive this popularity.

"We’ve received an overwhelmingly positive response from this product. Customers are benefiting from the flexibility and favourable terms offered by protected equity and we believe that by altering the product in line with customer demands, we will continue to help grow the equity release market."