Equity release lender, More 2 Life, is lowering the age limit of borrowers who are eligible to use its Capital Choice Plan.

This means that homeowners aged 55 and over are now able to apply for a lifetime mortgage through this Plan. It is a lump sum lifetime mortgage that offers a low rate of interest and a flexible partial capital repayment option, which can help borrowers avoid Early Repayment Charges (ERCs).

It is suitable for clients who are looking for a higher lump sum and the ability to make partial capital repayments from day one if they want to.

As a result of adviser feedback, Capital Choice became the first plan the lender offered with fixed ERCs, in addition to the plan’s 10% ERC–free partial repayment option.

Dave Harris, CEO at More 2 Life, said: “At More 2 Life, we are committed to offering innovative products that enable consumers to access the wealth stored in their homes. As such, we are pleased to announce the lowering of the age requirement of our Capital Choice Plan, which will allow more individuals to do exactly this. By continuing to work closely with our intermediary partners, we can develop better products and more flexible options that meet clients’ individual needs.

“The equity release market has seen record levels of growth recently – indeed More 2 Life has recently surpassed £1 billion of lending since launch – and it is important that lenders are at the forefront of innovation in the market, as this will enable more and more older homeowners to access the funds they require in their retirement.

“It is vital that retirees have a wide range of options available to them going forward. As such, lenders should not only be looking to launch new products, but must also ensure they are constantly looking to improve their current offerings to guarantee these remain relevant in the market. At More 2 Life, we are continually striving to make sure that we’re offering clients a range of products that include both useful and practical features.”