More 2 life has announced the launch of a new equity release product called “maximum choice lite”.
The LTV within this range is from between 22.5 per cent to 51 per cent dependant on age; rates start from 4.56 per cent for one-off lump sum payments and 4.71 per cent for flexible drawdown.
The products include a partial capital repayment option of 12 per cent, with payments of £50 or above accepted and a minimum drawdown of £500.
There is also a guaranteed inheritance feature and fixed ERCs for five to 10 years.
In addition, the offerings are available for homeowners over 55 and on properties valued between £70,000 and £5m.
More 2 life chief executive Dave Harris says: “The launch of maximum choice lite highlights our commitment to product innovation within the equity release market, especially in the very high LTV end of the market where this product sits.
“It also clearly shows that we are listening to advisers and clients by providing new products to suit customer needs.
“The new LTV range provided by maximum choice lite allow clients to release the most appropriate amount of equity from their home as cost effectively as possible whilst incorporating desirable product features such as early repayment charge exemptions, guarantee inheritance protection and a low minimum drawdown.”