It claims to offer the highest loan-to-value range in the equity release market
Later life lender more2life has announced that it is adding a sixth range to its innovative product roster with the launch of Apex.
more2life said Apex offers the highest LTV in the equity release market, with initial LTVs up to 31.7% for those aged 55, and up to 61.7% for those aged 84. Loan amounts begin from £10,000, with property values from £100,000 to £1,000,000. At launch, the interest rates are from 6.88% MER.
In line with the Equity Release Council’s fifth standard launched in April 2022, the range offers the ability to make penalty-free partial repayments of up to 10% each year from Day 1. Apex also offers the lowest fixed early repayment charge (ERC) period with clients able to pay off their borrowing without incurring any penalties after the fifth year.
The lender said it plans to roll Apex out to the market on a phased basis to manage demand and build understanding among advisers.
Dave Harris, chief executive at more2life, remarked that providing new products to the later life mortgage market is something which more2life has always prioritised.
“By adding another range to our product roster, it firmly positions us to lead from the front and signals our commitment to better supporting advisers and their customers,” he said. “With increasing numbers of people looking to use equity release to manage their mortgage borrowing, Apex will help those who need a high-LTV product with all the modern lending flexibilities.”
Harris added that the five-year ERC period, combined with the ability to make capital repayments, will provide customers with a host of options to choose from as they discuss their options with their adviser.
“We have seen substantial growth in the later life lending market in the first half of 2022 as organisations step up to support their customers. We will continue to focus on taking innovative approaches to the challenges facing the market, its advisers, and customers,” he said.
Part of Key Group, more2life is one of the UK’s largest equity release lenders with total loans under management surpassing £5 billion in November 2021.
