more 2 life cuts lifetime mortgage rate to 4.49%

This marks the lowest ever lifetime mortgage rate for the lender, who cut Capital Choice Plan rates earlier this month to 4.69%.

The Capital Choice Plan is aimed at clients who are looking for a higher lump sum and the ability to make partial capital repayments from day one.

In addition to this, more 2 life is waiving the arrangement fee for applications received before the end of September, saving customers around £500.

There is also a cashback option that gives clients a further 2% of their loan as a cash sum with a rate of just 4.99% MER, for loans over £35,000.

more 2 life predicts that the equity release market is likely to see a record-breaking year in 2016 with over £2 billion of wealth unlocked. This is due partly to an increase in the number of brokers advising on equity release, competition from new lenders and an ever expanding range of products entering the market.

Stuart Wilson, Channel Marketing Director at more 2 life, commented: “It is great to be in a position to reduce rates on our Capital Choice Plan even further, as this decision clearly demonstrates our commitment to putting our customers first. The waiver of the arrangement fee will enable more consumers to use our service and allow them to enjoy all the benefits of an equity release deal. We will continue to offer competitive deals for our intermediaries and their clients to ensure there is a wide range of choice out there in the market.”