Equity release lender More2life has developed a product with rates of 5.65 per cent for a one-off lump sum payment and 5.85 per cent for drawdown.
The lender’s new Maximum Choice product has several consumer options, all without any fees.
Maximum Choice is available for homeowners aged more than 55 with homes valued between £70,000 and £5m.
Minimum drawdown is £500 and downsizers are exempt from early repayment charges.
There is also a guaranteed inheritance feature, meaning borrowers can ringfence a percentage of their home’s future value as inheritance.
LTV ratios range from 25.5 per cent to 54 per cent. There is a partial capital repayment option of 12 per cent
More2life chief executive Dave Harris says: “By bringing new products and features to the market we can offer better options. Maximum Choice is a prime example of this commitment, as it has the widest range of features we have ever launched.