Equity release provider More 2 Life launched the plan at the start of November, offering borrowers the chance to move from a standard product to a lifetime product.
LTVs start from 20 per cent at age 60 to a maximum of 45 per cent from age 85 onwards. The interest rate is 6.17 per cent a month and is fixed for life.
Phoebus Software managing director Paul Hunt says: “This is a ground breaking new product which will change the equity release space and deliver the kind of flexibility this group of homeowners need. The More 2 Life team is renowned in the mortgage market for being technology focused and ahead of the game with their IT. The tailor made platform we have created will be perfectly capable of dealing with the high level of demand expected.”
More 2 Life managing director Jon King says, “Since we first started working with Phoebus four years ago we have found their experience in UK mortgage process platforms to be first class. We wanted a bespoke software solution and Phoebus’s software is highly compatible with our business.”