More 2 life boosts LTV rates

More 2 life boosts LTV rates

Equity release provider more 2 life has changed the LTV rates on its Interest Choice plan.

Interest Choice is aimed at customers looking to move from an interest-only mortgage to a lifetime mortgage.

Dave Harris, managing director at more 2 life, said: “People need more flexible options for retirement income and the option of accessing property wealth as the cornerstone of retirement planning will continue to grow.

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“Lifetime mortgages are ideally suited to those who are near or at retirement with repayment shortfalls and low retirement incomes, and who wish to remain living in their property.”

Key features

Maximum LTV rates for 60-year-olds now start from 24 per cent at age 60, compared with 20 per cent previously

For 75-year-olds they start at 39 per cent at age 75 compared with 36 per cent hitherto

The maximum remains at 45 per cent at 85-plus

Adviser view

Steve Branch, an Aberdare-based adviser with national firm The Right Equity Release, said: “This Interest Choice plan definitely helps people because it gives them a little bit more.

“It is very competitive out there at the moment, and if you can have an edge, it’s fantastic for the client.”