More 2 Life launches drawdown
Share
More 2 Life is adding drawdown to its equity release product range as it expands distribution to all specialist advisers.
It says response to the product since launch in June has shown more customers than expected qualify for the terms offered. Initially More 2 Life expected 30% of customers to qualify – sales so far show 45% of customers qualify.
More 2 Life, which initially launched a lifetime mortgage with rates of between 6.99% and 7.49%, is the first to offer higher loans-to-value to customers with medical conditions or lifestyles which could affect life expectancy and is the only lender that enables customers to protect a level of equity in their property for beneficiaries.
Paul Wilson of More 2 Life, says: “The addition of drawdown further strengthens our product range and is strong evidence that the equity release market is set for growth as confidence returns.
“It is significant that more customers than expected qualify for enhanced terms and the development of impaired life equity release will be important for the market as a whole.”
More 2 Life returned to the equity release market after agreeing an initial £250m funding deal with Partnership.
More 2 Life’s minimum initial cash release is £15,000. Minimum property values are £70,000 and there is no maximum.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
Readers' comments (1)
Simon Chalk | 15 Sep 2010 8:05 pm
The extension of More2life's product range to include a drawdown plan could prove vital to the equity release sector and just what we have been waiting for. The incidence of poorer health and liefstyle factors is greater for those in later life as More2life's experience shows so we welcome such an innovative product launch to help us fulfil client's needs more precisely. Simon Chalk, Later Life Planner - LaterLiving
Unsuitable or offensive? Report this comment