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More 2 life lowers age requirements

More 2 life has lowered its minimum lending age from 60 to 55.

The equity release provider has lowered the age limit for borrowers using its Capital Choice Plan.

Homeowners opting for equity release can now take out a product with the provider five years earlier than they previously could.

The Capital Choice Plan is a lump sum lifetime mortgage with a flexible partial capital repayment option. It also offers downsizing protection, which means borrowers can protect up to half of the property value.

More 2 life says it made the change after feedback from advisers. Its research found more than half of financial advisers believe inheritance protection is a problem for their clients.

More 2 life chief executive Dave Harris says: “We are committed to offering innovative products that enable consumer to access the wealth stored in their homes. The lowering of the age requirement will allow more individuals to do exactly this.”

More 2 life has made loans of more than £1 billion since it launched in 2008.

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