more 2 life introduces flexible repayment plan

The option allows repayments of up to 10% of the lump sum loan each year without incurring early redemption charges, with minimum repayments of £50.

In a further development of the Premier Choice plan, a new lower interest rate of 5.38% (MER) has been introduced with LTVs of up to 55%.

The plan also includes the more 2 life ‘Guaranteed Inheritance Feature’ enabling customers to plan ahead and protect up to 50% of their home’s value as an inheritance for dependants.

Dave Harris, managing director at more 2 life, said:

“Growth in the equity release market is being driven by innovation and specialist advice and there is growing demand for increased flexibility.

“Many retired homeowners welcome the ability to make the repayments on their loans when they can afford to do so while retaining the ability to borrow more if needed.

“Brokers and clients tell us they value flexibility on repayments which is why we have designed Premier Choice to provide that facility.”