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More 2 Life unveils new equity release deal

More 2 Life unveils new equity release deal

Equity release provider More 2 Life has launched a product called Maximum Choice, which it claims offers their widest ever range of features.

The lender is offering rates of 5.65 per cent for a one-off lump sum payment and 5.85 per cent for drawdown.

The features of the product include early repayment charge (ERC) exemption for downsizers, a guaranteed inheritance feature - which allows borrowers to protected a percentage of their home's future value as inheritance - and a partial capital repayment option of 12 per cent a year.

Early repayment charges (ERCs) are fixed for five to 10 years and the loan-to-value (LTV) ratios available range from 25.5 per cent to 54 per cent.

There is a partial capital repayment option of 12 per cent and also an ERC exemption for joint life cases in the event of a spouse/partner passing or going into long term care.

Maximum Choice is available for homeowners aged 55 plus with homes valued at between £70,000 and £5m.

The minimum drawdown that must be taken is £500.

Dave Harris, chief executive of More 2 Life, said: "We are committed to offering innovative products that will enable consumers to access the wealth stored in their properties. 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. We are committed to delivering more choice to consumers and deepening the quality of advice on offer from the specialists in this market."

Dean Mirfin, group and technical director of Key Retirement Solutions, said that More 2 Life always tries to lead on new features and innovation.

Mr Mirfin said: "This is what lots of people want. For some people it will always be about the rate, but for many, what has put them off equity release is the lack of features like inheritance protection.

"What is important for advisers is that most features come with a cost so they have to make sure that the features are needed and aren't red herrings."