Underwritten ER is the way forward

On Monday the provider amalgamated its Enhanced and Protect Plans together into a new Tailored Choice range, offering customers higher LTV rates depending on the consumer’s lifestyle.

Harris said: “By underwriting the individual we are able to have more confidence that we can give you a bigger loan advance.

“There’s no need to feel shy about that because you are going to get a better deal.”

Around 90% of more 2 life’s deals are underwritten, but Harris estimates that in the lifetime mortgage market as a whole just 5% of products are tailored to the individual.

More 2 life also found that two fifths of mortgage advisers expect demand for equity to increase over the next three years.

Harris added: “We’ve barely scratched the surface.

“The equity release market is a tiny dot compared to the mainstream market.

“There is trillions of untapped equity.”