More 2 life bid for health transparency

More 2 life bid for health transparency

Lifetime mortgage provider more 2 life has launched a campaign to urge advisers to make sure clients fully disclose details about their health before making a product recommendation.

The lender has produced material to help advisers tackle the subject of health with clients, including an online medical reference generator to check the level of enhanced loan-to-value clients can qualify for.

More 2 life’s research indicated as many as three out of four people aged 65 or older have conditions that could qualify them for an enhanced loan-to-value ratio.

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Stuart Wilson, marketing director at more 2 life, said: “Enhanced equity release is a relatively new concept in the UK, compared to enhanced annuities that have been around for decades.

“We often find that advisers and, especially, clients do not fully appreciate the extent to which existing medical conditions can improve the size of loan available.”

According to Mr Wilson, this lack of awareness about existing medical conditions could be a “significant barrier” to higher sales of enhanced loans, which could provide greater financial freedom and flexibility to clients.

Adviser view

Sebastian Hurst, a mortgage adviser with London-based Plutus Wealth Management, said: “By and large there are that many enhanced equity release providers, but I am doing one at the moment and it is pretty crucial if you need to release more money for health reasons.”