More 2 Life cuts rates

More 2 Life cuts rates

Retirement lending specialist More 2 Life has reduced rates on its tailored choice plan and adapted criteria for enhanced loan-to-value rates.

The monthly interest rate is down by 0.35 per cent to 6.35 per cent and the firm is now offering higher loan-to-values to a wider range of customers with medical conditions or lifestyle issues that affect their health.

Higher enhanced rates up to 55.5 per cent are now available to anyone with a qualifying condition, including smokers and those with high blood pressure.

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The minimum age for joint lives has been reduced to 65 from 70 and minimum property value is £60,000 with a maximum of £750,000. The minimum loan is £15,000 and minimum additional drawdown amounts are £5,000.

Stuart Wilson, marketing director at More 2 Life, commented that medical underwriting should be a given in the equity release market, just as it is for annuities.

“Underwriting customers gives us more confidence that we can provide the most appropriate loan advances and all it takes is 13 simple health and lifestyle questions to see if a customer qualifies.

“Not only do we offer the highest LTVs in the market, we now offer even better LTVs to people who smoke, are overweight and have high blood pressure.”

Richard Overson, director of Key Retirement, added that they are finding that more and more customers now qualify for higher loans because of their health status.

“Asking health questions is just as important as gathering details about the home and the client’s lending needs.”