Equity Release  

More 2 Life hits £2bn in equity release loans

More 2 Life hits £2bn in equity release loans

Equity release lender More 2 Life has reached £2bn of loans, doubling its total loan size in just over a year.

The equity release lender announced the milestone after reaching £1bn worth of loans in July 2017 and expects to receive another £1bn in new loan applications this year.

More 2 Life attributed the growth to a buoyant market, product innovation and technological advancements.

Dave Harris, chief executive at More 2 Life, said targets were set high this year.

He said: "To have £2bn worth of loans under management, just over 12 months after reaching £1bn is a phenomenal achievement even in the current growing market.

"It has been achieved through a combination of new lending plus the acquisition of back-books we are now servicing on behalf of third parties."

Mr Harris said the lender intended to continue developing new products and technologies.

He said: "With this in mind we have recently launched Capital Choice Drawdown, which adds additional features to our popular Capital Choice plan and refreshed our adviser portal aptly called ‘fastpath’ to further assist advisers and widen the product choice for clients."

The market has seen significant growth this year with the Equity Release Council reporting a record of more than £1bn of property wealth unlocked in the last quarter, equivalent to £11m every day.

Meanwhile the number of products available in the market trebling in the past two years from 47 to 144.

rachel.addison@ft.com